Australian online graphic design tool Canva has confirmed picking up $60 million in the latest financing co-led by Blackbird Ventures, Sequoia Capital China. The current investment values the company to $6 billion. General Catalyst Partners, Felicis Ventures, and Bond Capital also participated in the round.
Before this round, the firm had raised $85 million in its Series D round funding. The current investment takes the total amount raised by the firm to $301.6 million.
The platform was founded by Cameron Adams, Cliff Obrecht, and Melanie Perkins in 2012 in an attempt to help the users make presentations, social media graphics. It offers a drag-and-drop option for the users.
Canva plans to use the latest funding to expand in the U.S and at the same time, make a few acquisitions as part of the growth plans. The firm also wants to give new features to the users, it wants to use the money as cash reserve too. Canva is one of those companies that has continued to give the entire salary to its employees and has committed to continue doing so.
Cliff Obrecht, the COO and the co-founder of the firm commenting on the funding said that “At our stage, investors are looking to deploy $50 million+ in the capital. Even our existing investors were looking to deploy between $50 million and $100 million, but we said ‘Oh, gee, we really don’t want to be diluted that much because we have a lot of conviction in the business and we don’t need that much money.’ ”
As the vaccine for the deadly COVID-19 looks far away, the work from home scenario might continue all over the world and the fresh amount will surely give Canva a lot of breathing space.
Image courtesy: Canva