Key Sentence:
- Australian graphic design company Canva has grown to become one of the largest private companies in the world, valued at $40 billion (£29 billion).
The online design platform says it grew during the pandemic as more clients worked from home. He launched a new $200 million round of private equity investment – more than double the company’s value in five months. According to analysts, this makes it one of the most valuable startups in the world.
According to business data provider CB Insights, Canva is the fifth most valuable startup globally with a valuation of $40 billion. After payments platform ByteDance, TikTok, Jack Dorsey Stripes, Elon Musk’s rocket company SpaceX, and Swedish financial technology company Klarna.
They are owned by.
Canva has design templates that people can use, from greeting cards to posters, resumes, and calendars. On Wednesday, the company announced that it had grown. Its subscriber base to more than 60 million users in 190 countries and would report $1 billion in revenue by the end of the year.
There are 500,000 paying customers, including corporate clients such as Zoom, Salesforce, Paypal, Marriott International, and American Airlines. The company says they have increased their use of Canva’s design technology over the past year.
“From large companies to small businesses, the shift to distributed work has resulted in team hiring more than four times in the past 12 months. The company said in a statement, citing the number of companies using its software.
Media caption Canva CEO Melanie Perkins spoke to the in 2018.
It’s the latest funding round. The company also doubled its workforce that year, hiring more than 1,000 new employees by 2021, based in Sydney and Manila. Canva, which became profitable in 2017. And reached a valuation of $1 billion a year later, is now one of Australia’s most valuable companies. He likened his assessment to listed companies such as Wesfarmers, Woolworths Group, and mining group Fortescue.