Canva raises $60 mn co-led by Blackbird Ventures and Sequoia

Canva has raised $60 million in an investment round co-led by Blackbird Ventures and Sequoia China.
CanvaThe latest investment round values the Australian design start-up at $6 billion, CNBC reported.

Other existing investors such as Bond — the venture fund co-founded by former technology investment banker Mary Meeker — and Felicis Ventures have also participated during the round.

Sydney-based Canva offers easy-to-use app with free templates for designing everything from logos to Instagram posts. The platform now has over 30 million monthly active users across 190 countries, who have collectively made over 3 billion designs to date.

Canva’s paid offerings — Canva Pro and Canva for Enterprise – are the revenue generators for its business. The company is taking on industry giants like Adobe and Microsoft while, at the same time, aiming to make design and publishing more accessible than platforms from larger rivals.

Canva, which was previously challenging its U.S. rivals from abroad, is now looking to open a new office in Austin, Texas.

“The combination of a huge number of our users — particularly enterprises — being based in the U.S. and the amazing talent available in Austin was the driving force to set up an office there,” Canva chief operating officer Cliff Obrecht said.

Canva is investing in collaboration-focused tools, such as a feature that lets users work together on designs in real-time like they would on Google’s Docs, Sheets and Slides software. Canva’s recently introduced video-editing tool assists its customers to communicate internally with staff about Covid-19.

Canva CEO Melanie Perkins told CNBC last year that the firm had taken steps to ensure it could stand on its own two feet before taking on external capital that allowed it to become profitable.

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