Canva, owned by Australian billionaires, is valued at $42 billion after selling shares to employees

This week, Canva, a design software company based in Sydney and co-founded by billionaire partners Cliff Obrecht and Melanie Perkins, initiated an employee share sale that values the company at $42 billion.

As stated in a Wednesday release by Canva, the latest funding round was spearheaded by current investor Fidelity Management & Research Co. and new investors JP Morgan Asset Management along with its US Equity Group and Growth Equity Partners funds.

In a statement released on Wednesday, Canva’s chief operating officer, Cliff Obrecht, said: “This round has seen significant oversubscription, which demonstrates the incredible work of our team and the impact Canva is having around the world. The overwhelming demand, from both new and existing investors, is a huge vote of confidence in our momentum and the magnitude of what still lies ahead.”

With 27 million paying customers, Canva has over 240 million monthly users and generates $3.3 billion in revenue annually. The firm asserts that it has robust liquidity and has experienced profitability for the past eight years. With over 20 billion uses already, its recently launched AI tools for generating design and video are among the fastest-growing AI products.

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