Canva raises $85 million funding for $3.2 billion valuation

Sydney-based design tool Canva announced on Wednesday that it has raised an $85 million funding round.

They previously received funding in May 2019 at a $2.5 billion valuation. This week’s funding round brings Canva to $3.2 billion.

Canva’s CEO and cofounder is 32-year-old Melanie Perkins.

According to Canva’s site, Perkins started the company in 2007 while studying at the University of Western Australia. She used to teach other students how to use programs like InDesign and Photoshop, which “people found hard to learn and even harder to use.” Thus, Canva was created to be a more user-friendly alternative.

This recent funding makes the company one of the most valuable female-led tech startups in the world.

And, Canva has reportedly been profitable for the past two years.

New focus: Canva for Enterprise

The company plans to use the new funding to invest in a new focus on enterprise customers.

Currently, Canva reports 20 million monthly users, but most of them are individuals or members of small teams.

Many of their users already sit within large enterprises — but now they’d like those users to spread Canva within their organizations.

The new product, Canva for Enterprise, will offer templates, workflows, a design library, and a dashboard for collaboration across teams.

Rather than just individual users creating their own design projects, Canva for Enterprise will expand into the collaboration software space.