Blackbird, a major investor in Canva, has raised its valuation of the Australian design software company by 14.5% following the recent Nasdaq debut of rival Figma.

The updated figure, based on input from external valuers, adds about US$7.1 billion to Canva’s last reported valuation of US$49 billion from October 2024, bringing the total to just over US$56 billion.

Figma, which also provides online design tools, went public earlier this month and saw its shares rise from US$33 to US$115.50, increasing its market value from US$19 billion to US$38 billion.

Blackbird said the revaluation does not mean it will update Canva’s value every time Figma’s valuation changes.

Canva, founded in 2013 by Melanie Perkins, Cliff Obrecht, and Cameron Adams, plans a secondary share sale soon, giving early employees a chance to sell stock.

🔗 Source: The Australian Financial Review

🧠 Food for thought

1️⃣ Public market success creates immediate ripple effects in private valuations

Figma’s dramatic first-day IPO performance, jumping from $33 to $115.50 per share, triggered Blackbird to revalue Canva upward by 14.5%, adding $7.1 billion to its valuation within days of the listing.

This demonstrates how venture capital firms use public market comparables to reassess their private holdings, particularly when a direct competitor achieves breakthrough public market success.

The speed of Blackbird’s revaluation reflects the competitive relationship between the companies, both founded around the same time (Figma in 2012, Canva in 2013) and operating in overlapping design software markets.

However, Blackbird specifically told investors this revaluation “did not set a precedent” for adjusting values every time Figma’s stock moves, suggesting they view this as a one-time market reset rather than ongoing correlation.

2️⃣ Similar starting points can lead to vastly different public market outcomes

The valuation gap between these design software competitors has shifted dramatically over recent years, illustrating how market timing and positioning create different trajectories.

In 2019, Canva was valued at $3.2 billion while Figma raised funding at a $440 million post-money valuation, making Canva worth over seven times more than Figma at that point 12.

Yet Figma’s public debut achieved a $38 billion market capitalization, demonstrating how private market leadership doesn’t always translate to public market success.

Recent Canva developments