The year started out well for the tech community in Australia, as they have their first ‘Unicorn’ in Canva, a design app for inexperienced users. At least, that is what the company is claiming after securing a new round of funds from Sequoia Capital, and existing investors such as Blackbird Ventures and Felicis Ventures worth $40 million, and valued at more than $1 billion.
Co-founder Melanie Perkins offered a statement to local media, saying that the Sidney-based company didn’t need the money because it is currently profitable, but was offered terms they couldn’t refuse.
“It’d be crazy not to take it,” Perkins said to the local NBC News. She stated that the money will be used to expand their human power and expansion plans. “We can grow our team as rapidly as we can and know that we’ve got the financial backing to make those decisions very easily.”
According to official information from the company, Canva tripled its revenue to A$23.5 million (or about $18 million USD) for the 12 months ending June 2017. In the same period narrowed after-tax losses to A$3.3 million, which is why they join an exclusive club of only eight listed technology companies that are worth more than $1 billion. It paints a picture of Australia’s technology scene, where Melanie Perkins is one of its success stories, with an estimated net worth of $128 million.
With a 10 million-user base, Canva is on its way to burst or bloom, earning a mythical surname as the newest Australian ‘Unicorn’.