Pranav Kiran · · 1 min readAustralian 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.
Editing by Charmaine de Lazo
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