Canva raises another $125 million to cure death-by-PowerPoint
Thursday, October 17, 2019/
Canva has cemented its position as Australia’s biggest unicorn, now valued at US$3.2 billion ($4.7 billion) after closing a US$85 million ($125 million) funding round.
The raise sees local VC fund Blackbird Ventures join forces with Sequoia China and American investors General Catalyst and Bessemer Venture Partners. Mary Meekers’ investment fund also contributed.
The graphic design startup this morning announced it plans to use the funding to “double down” on its line of presentation and corporate software, The Australian reports.
“Presentations, in particular, is one of our fastest-growing categories, and we’re using the power of the internet to completely kill PowerPoint presentations,” co-founder Melanie Perkins said.
According to Perkins, Canva Enterprise will be created to cater to the massive demands of its existing Fortune 500 clients.
Perkins said the software will allow employees to keep branding consistent across large organisations for a monthly fee of $30 per person.
“The demand we’ve already seen from enterprises is incredible, whether it’s law firms with thousands of lawyers or franchisees who often struggle having a consistent brand image,” she said.
This software takes aim at popular Microsoft products PowerPoint and ClipArt, much in the same way the startup’s free version, Canva Basic, took a large market share from pricier alternative Adobe Photoshop.
This year, Canva acquired Pexels and Pixabay in the hopes of becoming the “Netflix of stock photography”.
Perkins is reportedly insisting Canva has no IPO plans in the works.
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