Canva's valuation more than doubles to $40 billion in latest funding round

(Reuters) – Graphic design and collaboration platform Canva said on Tuesday that it is now valued at $40 billion after the company raised $200 million in a funding round led by investment management firm T.Rowe Price.

The Australian company, which allows users to make posters, social media graphics, presentations and more by providing presets and templates was valued at $15 billion in a funding round in April.

The money raised will be used to expand Canva’s team of more than 2,000 employees, which the company expects to double in the year ahead, it said.

T.Rowe Price, which has $1.68 trillion in assets under management, was joined by Franklin Templeton, Sequoia Capital Global Equities and Bessemer Venture Partners among others in the latest funding round.

Launched in 2013, Canva has more than 60 million monthly active users across 190 countries and counts companies including Zoom Video Communications, Salesforce and PayPal as its customers.

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