Australian Design Platform Canva Reaches $40 Billion Valuation

Australian graphic design business Canva has become one of the world’s biggest privately-owned companies when its valuation hit $40 billion (£29 billion) after raising $200 million in fresh capital.

T. Rowe Price Group Inc. led the funding round which included participation by Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, and Greenoaks Capital. Other backers also included Dragoneer Investment Group, Blackbird, Felicis, and AirTree Ventures.

“This milestone is a huge vote of confidence in what we’re doing and where we’re going,” said co-founder and Chief Executive Officer Melanie Perkins.

Canva also announced that they intended to give away the vast majority of the stake, about 30% of the company’s equity, to charitable causes.

Business data provider CB Insights ranked Canva as the fifth-most valuable start-up in the world after TikTok Chinese owner’s ByteDance, payment platform Stripe, Elon Musk’s rocket company SpaceX and Swedish financial technology firm Klarna.

Canva provides a digital platform for layout and design for people to make everything from greetings cards to posters, resumes, and calendars. It has seen its total monthly active users jump to 60 million during the pandemic.

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