Canva has nearly doubled its valuation to $6 billion as the design software business tops 30 million monthly users and has seen business boom during Covid-19.
with FedEx — Obrecht says Canva’s seen the shift to more digital design asset creation continue to accelerate amid the spread of the coronavirus. Design creation and sharing on Canva is up more than 50% since the start of Covid-19, the company says.
As the pandemic spread globally and offices shut down in early 2020, Canva wasn’t initially sure if its software would see a boost or a bust. “To use a ship analogy, we had no idea what storm was coming,” Obrecht says. The company shut down its offices but continued to pay contractors and cleaners and started delivering take-home boxed lunches to staff; while it slowed down hiring, Canva didn’t conduct layoffs.
But Canva’s overall business held up in a work-from-home environment, particularly as usage of its collaboration and video tools soared, and small businesses turned to making designs to reach customers over social media. “That led us to say, ‘Hey, collaboration is a real thing,’” Obrecht says. “‘We should lean into this a little bit.’”
At $6 billion, Canva carries a valuation nearly twice the market capitalization of Box and close to that of Dropbox, though it has a long way to go to compare in size with design software’s market leader, Adobe. All that on revenue that was expected in December to reach $200 million for 2019 and continues to double in 2020.
“We never feel like we’re where we need to be,” says Obrecht. “Achievement unlocks more ambition, and there’s always so much more you can do. I don’t think we’ll ever stop trying to deliver the most value we possibly can to our customers.”
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