Canva has officially hit a significant US$40 billion valuation after a US$200 million funding round.
This round was led by T. Rowe Price and joined by new and existing strategic investors including Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis, and AirTree Ventures.
Canva's surge in valuation comes as it marks the milestone of more than 60 million monthly active users in 190 countries.
According to a statement from the company, as both usage and global adoption climb, Canva continues to experience supercharged growth.
The company has more than doubled its revenue year on year and remains on track to exceed US$1 billion in annualised revenue by the end of 2021 while generating positive free cash flows.
According to Canva, the fresh round of funding will be used to accelerate this continued growth, including expanding the internal team of more than 2,000 employees, which the company expects to double in the year ahead.
To date, the Canva community has created more than 7 billion designs, with 120 new designs created every second using the platforms library of more than 800,000 templates and more than 100 million design ingredients including photos, videos, stickers, audio tracks, and illustrations.
On the significant growth, Canva co-founder and CEO Melanie Perkins says, “Visual communication has emerged as a universal need for teams of every size across almost every industry.
"It has been incredible to see the continued growth of Canva across the globe over the last year. More than 60 million people are now using Canva for everything from launching startups to raising awareness for nonprofits, supporting remote learning, collaborating in distributed teams, and managing global enterprise brands at scale.
"We're incredibly excited to be further accelerating our mission to truly empower the world to design.
Investor T. Rowe Price Global Technology Fund portfolio manager Alan Tu says, “The need for both visual communication and online collaboration has become increasingly paramount and is driving Canvas exceptional growth and adoption in teams and workplaces of every size and across many industries.
"We're pleased to extend our investment supporting Canva on its mission to democratise visual communication.
According to the company, the shift to distributed working has seen team adoption more than quadruple over the last twelve months, also seeing increased uptake among Fortune 500 companies including Zoom, Salesforce, Marriott International, PayPal, and American Airlines deploying Canva as enterprise customers.
Zoom head of digital and online Wendy Bergh says, "We're looking forward to using Canva to manage our global brand assets and campaigns, all in one place.
"With millions of people around the world using Zoom, Canva will play an important role in helping us to continue scaling our brand and marketing efforts while empowering our rapidly growing team to create content at speed."
As team and workplace usage increases, presentations have quickly become one of the most popular uses for Canva, with more than 6 million presentations now created each week. The number of presentations being created has more than tripled in the last 12 months, Canva states.
Over the next 12 months, Canva is set to expand its repertoire of visual communication products, with a new video editor, responsive website creator, and offline mode set to launch later this year.