WA-founded success story Canva soars to valuation | Australian Markets

WA-founded tech unicorn Canva has added one other $US10 billion ($15.5b) to its valuation after kicking off an oversubscribed workers share sale.

The valuation means it’s now more helpful than the likes of company giants Woolworths, Telstra and Woodside.

Canva launched the offer at its new valuation of $US42b ($65b) following what co-founder Cliff Obrecht mentioned was an “overwhelming demand from both new and existing investors”.

The offer — which includes staff promoting their stock — is being led by Canva’s present shareholder Fidelity, whereas JP Morgan Asset Management is among the many company’s new backers.

It boosts Canva’s valuation more than 30 per cent from $US32b final yr.

In a assertion to The West Australian, Mr Obrecht — who can be Canva’s chief working officer — mentioned the company was now “one of the most widely used platforms on the internet, with more than 240 million people designing with Canva each month”.

“This round has been significantly oversubscribed, which is a huge testament to the incredible work of our team and the impact Canva is having around the world,” he mentioned.

“The overwhelming demand from both new and existing investors is a huge vote of confidence in our momentum and the scale of what still lies ahead.”

He mentioned Canva was producing $US3.3b in annualised income, had 27 million paying subscribers, “strong cash reserves, and has been profitable for the last eight years”.

“We really do believe we’re just one per cent of the way there, and that the best is yet to come,” Mr Obrecht mentioned.