**Canva Reaches $65 Billion Valuation with Employee Share Sale**
Canva, the Sydney-based software giant, has launched an employee share sale that values the company at a record $65 billion, surpassing major corporations like Telstra, Woodside, and Woolworths. This initiative is set to create instant millionaires among some of its over 5,000 employees, affectionately known as “Canvanauts.” Co-founder Cliff Obrecht, now one of Australia’s wealthiest individuals with an estimated net worth of $9 billion, revealed that Canva’s products are utilized by more than 240 million people globally each month.
Founded in Perth 11 years ago, Canva started as a playful alternative to traditional design software like Adobe Photoshop. It has since evolved into one of the most popular online platforms, catering to schools, businesses, and individuals for a variety of design needs, from marketing materials to personal invitations.
In recent years, Canva has strategically positioned itself as a leader in the generative AI sector, making significant acquisitions such as the Australian AI startup Leonardo.ai for approximately $320 million and the marketing tech company MagicBrief for around $10 million. Its AI tools have been employed over 20 billion times, establishing Canva as one of the fastest-growing AI companies worldwide and potentially the quickest-growing enterprise in Australian history.
Obrecht co-founded Canva alongside his wife, Melanie Perkins, and former Google employee Cameron Adams. Unlike many software companies, Canva has been profitable for the past eight years, generating an annual revenue of $3.3 billion (approximately $4.6 billion AUD). Despite fluctuations in valuation due to a global tech downturn, Canva has remained a standout in the local tech scene, continuing to hire while others have laid off staff. Its valuation dipped to $39 billion in 2022 but rebounded to $56 billion earlier this year.
The current share sale is open to both current and former employees, allowing them to liquidate their equity to investors. Typically, tech startup employees receive shares or stock options as part of their compensation, which are often illiquid. Obrecht noted that this round of shares has been significantly oversubscribed, reflecting the remarkable efforts of the Canva team and the company’s global impact.
In conclusion, Canva’s latest valuation and employee share sale not only highlight its success but also its commitment to rewarding its workforce, further solidifying its position as a leader in the tech industry.
**FAQ**
**What is Canva’s current valuation and how does it compare to other companies?**
Canva is currently valued at $65 billion, making it more valuable than major Australian corporations like Telstra, Woodside, and Woolworths.
