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Canva

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Canva Pty Ltd
Company typePrivate
Industry
Founded2013; 11 years ago (2013)
Founders
Headquarters
Sydney
,
Australia
Area served
Worldwide
ProductsCanva, Canva Pro, Canva Teams, Canva Enterprise, Canva for Education, Canva for Nonprofits, Canva AI Magic Studio, Canva Templates, Canva Creators
RevenueIncrease US$2 billion (2023)[1]
Members100 million users [2]
Number of employees
5,500[3] (2024)
ParentCanva Inc.[4]
Subsidiaries
Websitewww.canva.com
Canva
Developer(s)Canva Pty Ltd
Initial releaseAugust 2013; 11 years ago (2013-08)
Operating systemWeb application, Android, ChromeOS, iOS, iPadOS, Linux, macOS, Windows
Available in100 languages[5]
List of languages
Afrikaans, Albanian, Arabic, Armenian, Assamese, Azerbaijani, Basque, Bengali, Bulgarian, Burmese, Catalan, Cebuano, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, Fulani, Galician, Georgian, German, Greek, Gujarati, Hausa, Hebrew, Hindi, Hungarian, Igbo, Indonesian, Italian, Japanese, Javanese, Kannada, Kazak, Khmer, Korean, Kurdish, Kyrgyz, Latvian, Lithuanian, Macedonian, Maithili, Malay, Malayalam, Marathi, Mongolian, Nepali, Norwegian, Oromo, Persian, Polish, Portuguese, Punjabi, Romanian, Russian, Serbian, Shona, Simplified Chinese, Sindhi, Sinhala, Slovak, Slovenian, Somali, Spanish, Strayan, Sundanese, Swahili, Swedish, Tagalog, Tamil, Telugu, Thai, Traditional Chinese, Turkish, Ukrainian, Urdu, Uzbek, Vietnamese, Welsh, Wolof, Xhosa, Yoruba and Zulu
TypeGraphics software, Whiteboarding
LicenseSaaS
Websitewww.canva.com

Canva is an Australian multinational software company that provides a graphic design platform that provides tools for creating social media graphics, presentations, promotional merchandise and websites.[6][7][8] Launched in Australia in 2013, the service offers design tools for individuals and companies.[9][10] Its offerings include templates for presentations, posters, and social media content, as well as functionalities for photo and video editing.

The platform uses a drag-and-drop interface intended to simplify the design process. Canva operates on a freemium model and has expanded its services over the years to include features like a print product platform and a video editing tool.

History

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2013–2020

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Canva was founded in Perth, Australia, by Melanie Perkins, Cliff Obrecht and Cameron Adams on 1 January 2013. One of the companies' early investors included Susan Wu, an American entrepreneur.[11] In its first year, Canva had more than 750,000 users.[12] In April 2014, social media and technology expert Guy Kawasaki joined the company as its chief evangelist (brand promoter).[13] In 2015, Canva for Work was launched, focusing on marketing materials.[14]

During the 2016–17 financial year, Canva's revenue increased from A$6.8 million to A$23.5 million, with a loss of A$3.3 million. In 2017, the company reached profitability and had 294,000 paying customers.[15]

In January 2018, Perkins announced that the company had raised A$40 million from Sequoia Capital, Blackbird Ventures, and Felicis Ventures, and the company was valued at A$1 billion.[16][17][15] Australian superannuation funds Hostplus and Aware Super are known to be investors.[18]

In May 2019, the company raised another round of funding of A$70 million from General Catalyst and Bond and its existing investors Blackbird Ventures and Felicis Ventures, valuing Canva at A$2.5 billion.[19] In October of that year, Canva announced that it had raised an additional A$85 million at a valuation of A$3.2 billion and launched an enterprise product.[20]

In December 2019, Canva announced Canva for Education, a free product for schools and other educational institutions intended to facilitate collaboration between students and teachers.[21]

2021–2024

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In June 2020, Canva announced a partnership with FedEx Office[22] and with Office Depot the following month.[23] As of June 2020, Canva's valuation had risen to A$6 billion, rising to A$40 billion by September 2021.[24][25] In September 2021, Canva raised US$200 million, with its value peaking that year at US$40 billion.[26][27] By September 2022, the valuation of the company had leveled at US$26 billion.[28] While its value had fallen significantly, perhaps as much as 35% from its 2021 high to mid 2022, it was still known as a "darling" of the Australian tech sector, along with Atlassian.[18][29] In March 2022, Canva had over 75 million monthly active users.[30]

Co-founders Perkins and Obrecht have already disclosed their plan to give away much of their fortune to numerous philanthropic causes.[31] In 2023, the pair were named in the Australian Financial Review's AFR Rich List as among the 10 most wealthy people in Australia.[32]

On December 7, 2022, Canva launched Magic Write, which is the platform’s AI-powered copywriting assistant.[33] On March 22, 2023, Canva announced its new Assistant tool, which makes recommendations on graphics and styles that match the user's existing design.[34] On January 11, 2024, Canva launched its own GPT in OpenAI's GPT Store.[35]

In March 2024, Canva finalised a share sale at a flat valuation of US$26 billion (A$39.4 billion) for the company, with buyers wanting US$2.4 billion (A$3.6 billion) in shares but purchasing about US$1.6 billion (A$2.4 billion) in that tranche.[36]

The company has announced it intends to compete with Google and Microsoft in the office software category with website and whiteboard products.[28]

In May 2024, the company announced the launch of Canva Enterprise, a plan designed for large organizations, alongside new tools including Work Kits, Courses and AI capabilities.[37] In 2024, they announced a co-funded solar energy project to enhance its sustainability efforts.[38]

A new Canva look and features, dubbed "the glow up" was featured at the Canva Create 2024 Event. They have been giving out beta versions over time, and there was a secret button pattern to unlock the beta, but that was closed, now it is being rolled out by time.[39]

Data breach

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In May 2019, Canva experienced a data breach in which the data of roughly 139 million users was hacked.[40] The exposed data included real names of users, usernames, email addresses, geographical information, and password hashes for some users.[41] Later in January 2020, approximately 4 million user passwords were decrypted and shared online.[42] Canva responded by resetting the passwords of every user who had not changed their password since the initial breach.

Acquisitions

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In 2018, the company acquired presentations startup Zeetings for an undisclosed amount, as part of its expansion into the presentations space.[43]

In May 2019, the company announced the acquisitions of Pixabay and Pexels, two free stock photography sites based in Germany, which enabled Canva users to access their photos for designs.[44]

In February 2021, Canva acquired Austrian startup Kaleido.ai and the Czech-based Smartmockups.[45]

In March 2024, Canva acquired UK-based Serif, the developers of the Affinity suite of graphic design software, for approximately $380 million.[46][47]

In August 2024, Canva acquired AI image generation platform and startup, Leonardo, for an undisclosed amount.[48]

See also

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References

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  1. ^ Smith, Paul (22 January 2024). "Canva share sale booms as revenue races higher". Australian Financial Review. Archived from the original on 22 January 2024.
  2. ^ "Canva Announces Crossing 100 Million Monthly Active Users Following Launch of Visual Worksuite". www.businesswire.com. 12 October 2022. Archived from the original on 13 December 2022. Retrieved 27 December 2022.
  3. ^ Bonyhady, Nick (10 April 2024). "Canva agrees to settle unfair dismissal case from senior engineer". Australian Financial Review. Archived from the original on 16 May 2024.
  4. ^ "CANVA PTY Ltd | OpenCorporation". Archived from the original on 12 December 2021. Retrieved 12 December 2021.
  5. ^ "Canva". www.canva.com. Archived from the original on 4 February 2020. Retrieved 16 May 2018.
  6. ^ Perez, Sarah (26 August 2013). "Canva Launches A Graphic Design Platform Anyone Can Use". Tech Crunch'. Archived from the original on 2 September 2019.
  7. ^ Lancet, Yaara; Zukerman, Erez (7 January 2014). "Canva review: Free tool brings much-needed simplicity to design process". PC World. Archived from the original on 21 December 2014.
  8. ^ Swallow, Erica (18 November 2013). "Canva Makes Great Design More Accessible". Forbes. Archived from the original on 16 August 2018.
  9. ^ Littleton, Cynthia (23 May 2024). "Canva Design Platform Targets Hollywood and Big Business Users as Australian Digital Star Unveils Growth Plans". Variety. Retrieved 29 May 2024.
  10. ^ "Sell or Invest in Canva Stock Pre-IPO". Nasdaq Private Market. Retrieved 28 July 2024.
  11. ^ "Susan Wu, tech entrepreneur and start-up adviser". Vogue. 11 March 2018. Retrieved 4 November 2024.
  12. ^ Campbell, Rebekah (15 September 2014). "The Problem With Going Into Business With a Friend". The New York Times. Archived from the original on 21 December 2014. Retrieved 21 December 2014.
  13. ^ Mishra, Pankaj (16 April 2014). "Guy Kawasaki Joins Australian Design Startup Canva As Chief Evangelist". TechCrunch. Archived from the original on 30 March 2019. Retrieved 27 December 2022.
  14. ^ "Graphic design startup Canva just turned into a unicorn". Fast Company. 8 January 2018. Archived from the original on 27 June 2018. Retrieved 27 June 2018.
  15. ^ a b "New Sequoia China investment values Australian design company Canva at $1 billion – TechCrunch". techcrunch.com. 8 January 2018. Archived from the original on 27 June 2018. Retrieved 27 June 2018.
  16. ^ Stanton, Kate; Griffith, Hywel (9 January 2018). "The 30-year-old woman who designed a $1bn business". BBC News. Archived from the original on 28 July 2018. Retrieved 9 January 2018.
  17. ^ Chau, David (9 January 2018). "Canva: Online design startup joins generally overvalued 'unicorn' club". ABC News. Australia. Archived from the original on 12 January 2018. Retrieved 9 January 2018.
  18. ^ a b "Blackbird reveals Canvas' $14b plunge in value". Australian Financial Review. 26 July 2022. Archived from the original on 24 January 2023. Retrieved 24 January 2023.
  19. ^ Clark, Kate (20 May 2019). "Graphic design platform Canva valued at $2.5B with new funds". TechCrunch. Archived from the original on 27 June 2019. Retrieved 2 July 2019.
  20. ^ Cook, Jordan (16 October 2019). "Canva, now valued at $3.2 billion, launches an enterprise product". TechCrunch. Archived from the original on 19 October 2019. Retrieved 6 February 2020.
  21. ^ Hennessy, James (6 December 2019). "Canva has announced a slew of new products, including a video editing tool and an education offering". Business Insider Australia. Archived from the original on 1 March 2020.
  22. ^ Crook, Jordan (17 June 2020). "Canva design platform partners with FedEx Office as it pushes further into the US". TechCrunch. Archived from the original on 26 January 2021. Retrieved 2 July 2020.
  23. ^ "Office Depot Enhances Print Services Portfolio with New Graphic Design Solutions Powered by Canva". Bloomberg. 16 July 2020. Archived from the original on 21 July 2020. Retrieved 20 July 2020.
  24. ^ Tse, Crystal; Roof, Katie; Tan, Gillian; Lee, Yoolim (22 June 2020). "Australia's Canva Startup Almost Doubles Valuation to $6 Billion". Bloomberg. Archived from the original on 26 June 2020. Retrieved 24 June 2020.
  25. ^ "Canva: Australian online design platform valued at $40bn". BBC. 16 September 2021. Archived from the original on 30 January 2022. Retrieved 20 September 2021.
  26. ^ Konrad, Alex. "Canva Raises At $40 Billion Valuation — Its Founders Are Pledging Away Most Of Their Wealth". Forbes. Archived from the original on 20 September 2021. Retrieved 19 September 2021.
  27. ^ "Canva: Australian online design platform valued at $40bn". BBC News. 15 September 2021. Archived from the original on 30 January 2022. Retrieved 13 January 2022.
  28. ^ a b Bonyhady, Nick (14 September 2022). "Canva to go up against Microsoft and Google". The Sydney Morning Herald. Archived from the original on 27 September 2022. Retrieved 27 September 2022.
  29. ^ Yun, Jessica (17 January 2023). "'Orange is the new Palo Alto': Why the next Atlassian, Canva will be from the bush". The Sydney Morning Herald. Archived from the original on 24 January 2023. Retrieved 24 January 2023.
  30. ^ Aziz, Afdhel. "How Canva Is Being A Force For Good By Empowering The Whole World To Design". Forbes. Archived from the original on 14 November 2023. Retrieved 14 November 2023.
  31. ^ "Canva founders to give $16.5b fortune away". Australian Financial Review. 14 September 2021. Archived from the original on 1 April 2022. Retrieved 19 September 2021.
  32. ^ "The 200 richest people in Australia revealed". Australian Financial Review. 24 May 2023. Archived from the original on 6 June 2023. Retrieved 25 September 2023.
  33. ^ "AI text generation is moving mainstream with Canva's Magic Write". PCWorld. Archived from the original on 13 April 2023. Retrieved 13 April 2023.
  34. ^ Malik, Aisha (23 March 2023). "Canva unveils a series of new features, including several AI-powered tools". TechCrunch. Archived from the original on 13 April 2023. Retrieved 13 April 2023.
  35. ^ Hollander, Roger (13 January 2024). "The Most Popular GPTs in the OpenAI GPT Store". GPTReview.
  36. ^ "Canva millionaires made as $US1.6b share sale completes". Australian Financial Review. 4 April 2024. Retrieved 22 May 2024.
  37. ^ Wood, Chris (23 May 2024). "Canva Introduces Canva Enterprise, Work Kits and adtech apps". MarTech.
  38. ^ "Canva | Redesigning Design with Method Recycling". Method Recycling - Recycling Bins Made Beautiful. 1 May 2018. Retrieved 28 July 2024.
  39. ^ "Secret revealed: Preview early access to NEW Canva experience now! 2024 updates". YouTube. 24 May 2024.
  40. ^ "Australian tech unicorn Canva suffers security breach". ZDNet. Archived from the original on 1 April 2021. Retrieved 7 December 2019.
  41. ^ "139 Million Users Hit in Canva Data Breach". Tom's Guide. 24 May 2019. Archived from the original on 21 January 2021. Retrieved 7 December 2019.
  42. ^ "Canva Security Incident – May 24 FAQs". Canva. 17 January 2020. Archived from the original on 14 August 2022. Retrieved 16 August 2022.
  43. ^ Powell, Dominic. "SmartCompany". Archived from the original on 12 January 2021. Retrieved 6 February 2020.
  44. ^ Jonathan, Shieber (17 May 2019). "Australia's design unicorn, Canva, picks up two free image-sharing services, and launches new photo product". TechCrunch. Archived from the original on 1 May 2023. Retrieved 10 December 2019.
  45. ^ Lee, Yoolim (22 February 2021). "Australia's Canva Buys European Design Startups to Fuel Growth". Bloomberg.com. Archived from the original on 22 February 2021. Retrieved 23 February 2021.
  46. ^ Bonyhady, Nick (26 March 2024). "Canva's billion-dollar bet on a 37-year-old Nottingham company". Australian Financial Review. Retrieved 26 March 2024.
  47. ^ Miller, Ron (26 March 2024). "With Affinity acquisition, Canva should be able to compete better with Adobe's creative tools". TechCrunch.
  48. ^ Jones, Tegan (30 July 2024). "Canva snaps up Leonardo.AI in blockbuster acquisition". SmartCompany. Retrieved 6 August 2024.
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