Canva has raised $200 million in new funding at a $40 billion valuation and became the world's fifth most valuable private startup, behind Klarna and ahead of Instacart. It also stands apart by being profitable, led by a woman CEO (Melanie Perkins, picture above), based in Sydney, and women representing 42% of the workforce.
Melanie Perkins is a 2016 Forbes 30 Under 30 alum, and was on the cover of the magazine in 2019. Canva was started in 2012 by Perkins, now-husband Cliff Obrecht and Cameron Adams, as a tool to help anyone design, from better-looking resumes to menus, business cards and other graphic assets.
Perkins and Obrecht each own about 18% of Canva, and Adams 9%. At a $40 billion valuation, that means Perkins and Obrecht each hold stakes valued at $6.5 billion, while Adams’ stake is valued at $3.2 billion. Canva plans to use the fresh funding to double its workforce in the next year.
Today Canva has more than 60 million monthly active users across 190 countries, with big-name companies on the enterprise plan. This includes Salesforce, PayPal and American Airlines. Canva expects to exceed $1 billion in annualized revenue by the end of 2021. More than 500k teams are paying for the product in some capacity.
Short Squeez Takeaway: Canva is in hyper growth mode and has plans to further build out the product in the next year, launching website design soon and working on a new video editor and an offline mode. We wouldn't be surpsoed if Canva moves up the list of most valuiable start-ups. For y'all looking to get in on the action, Perkins says she has no current interest in an IPO...