Graphic design start-up, Canva, has recently finished a funding round that puts the value of company operations at $US1 billion which makes the company Australia’s latest tech unicorn.
Its newest investor, Sequoia Capital, together with Blackbird Ventures and Felicis Ventures raised $40 million. With this development, Canva has become one of the 8 listed Australian companies to be valued at more than $1 billion.
The start-up has been making money by helping advertisers and companies with logo creation, banner design, and other promotional and branding requirements.
It’s service doesn’t stop with design. It also links customers to printing businesses that can turn their designs into tangible promotional materials.
The company was already profitable before the latest round of funding. With a star-studded list of investors and shareholders such as Woody Harrelson, Owen Wilson, and Lars Rasmussen, Canva was a stable performer.
Rasmussen, co-founder of Google Maps added not just financial assistance but also technical expertise. In its current financial reports, the company just recently tripled its revenue year-on-year and further narrowed its post-tax losses as compared to 2016.
The latest round of funding, though not an urgently needed capital injection, should serve as a launch pad for the company to skyrocket to new heights according to co-founder Melanie Perkins.
It was an offer that was too good to refuse says Perkins when asked about the recent funding. She says that it allows the company to grow as rapidly as they want with very little hesitation due to finances.
Because of this, the company has announced plans to hire more people from 250 to 500 employees.