Picture this: Australia’s Canva now worth more than Telstra, Woolies

Australian design software company Canva has seen its valuation jump to nearly AU$50 billion following a private share sale, marking a significant recovery from previous downward adjustments during the tech sector's financing crunch.

The online photo and video editing platform’s worth increased by AU$9.1 billion to AU$48.7 billion after existing investors sold shares to new buyers eager to secure positions ahead of an anticipated 2025 US IPO. This represents the first major transaction since Canva opened its share trading window in April.

Canva is now worth more than some of Australia’s traditionally biggest firms, such as telco Telstra (which has a market cap of AU$44.13 billion), as well as supermarket chains Woolworths (AU$36.59 billion) and Coles (AU$23.57 billion).

Canva’s valuation boost comes alongside strong financial performance, with the company reporting annualized revenue exceeding AU$3.8 billion, a nearly 50% increase over the past year. 

The company has also seen its paying subscriber base grow by approximately 40% during the same period.

“It’s been an extraordinary year for all of us at Canva as we celebrate remarkable growth and increasing demand for our business,” said Cliff Obrecht, Canva’s co-founder and chief operating officer. Obrecht emphasized the company’s focus on maintaining profitability, noting a seven-year track record of positive earnings.

The company recently strengthened its artificial intelligence capabilities through the US$250 million acquisition of Sydney-based Leonardo.AI, whose image generation technology competes with established players like OpenAI’s DALL-E and Midjourney.

Its all-in-one AI-powered editing platform, Canva Magic Studio, which launched in 2023, was recently named among TIME’s Best Inventions in 2024.

As Australia’s largest private technology company, Canva’s performance is considered a key indicator for the country’s startup sector. Major shareholders include local venture capital firms Blackbird Ventures and AirTree Ventures, who invested early in the company’s development, alongside international investors Goldman Sachs and Square Peg.

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