The co-founder of the Aussie teach startup graphic design app Canva, Melanie Perkins has told ABC that the company is now worth over $1 billion (US) after gaining new venture capital funding from Blackbird Ventures.
Melanie Perkins said, “Very recently we just closed a round [of funding], making Canva now a unicorn.”
“Which is crazy considering how much we struggled to get things off the ground,” she continued.
We’ve been together from the start. From their first round which they held open long enough for us to raise our first fund. Today @Canva is worth $1b USD. This is a lifetime achievement & incredibly, just the beginning. Congrats Mel, Cliff, Cam & Canva https://t.co/VI5PEAk9EI
— Blackbird Ventures (@blackbirdvc) January 8, 2018
For those who aren’t very business savvy, the “value” of a company in this regard is based on what investors say it is worth, rather than relying on an objective measure such as profit. Had Canva been listed on the stock market, the market forces would’ve determined the value of the company.
Software company Atlasssian is the only other “unicorn” success story and is currently listed on the Nasdaq with a value over $11 billion.
Rick Baker, the co-founder of Blackbird, confirmed the valuation saying, “I can confirm that the Canva round was at a $US1 billion valuation. It’s a huge milestone for the company, and on the back of being one of the fastest growing software companies.”
The browser-based program has gained popularity due to its ability to throw together some good looking visual content even if the user doesn’t know how to graphic design. The app comes with a built in library of design elements that can be purchased to further improve designs. The in-app purchases makes the app monetisable.
Pretty good for an Aussie startup!