Australian unicorn Canva more than doubles valuation with $70m raise

Online design tool Canva has raised US$70 million at a valuation of US$2.5 billion to expand its paid products portfolio.

US-based venture capital firm General Catalyst and Mary Meeker-led Bond Capital participated in the round, along with existing investors Felicis Ventures and Blackbird Capital.

Canva CEO and co-founder Melanie Perkins / Photo credit: Canva

Canva will use the fresh funds to roll out a product focused on large clients and brands, which require additional features, the company said in a statement.

“We’ve heard the challenges faced by hundreds of brand managers, designers, and teams at large companies. Our enterprise product will help to resolve these pain points,” Canva CEO and co-founder Melanie Perkins said.

Yelp, Finder.com, and HubSpot are among the subscribers of its premium product.

The Australian company’s drag-and-drop platform simplifies design process for users who may find existing tools tough to use. Canva turned a unicorn in January last year when it raised US$40 million from Sequoia Capital and existing investors.