Billion-Dollar Valuation Gives Australia Its Only Tech Unicorn
- Design software developer raises $40 million from backers
- Few Australian technology companies have achieved major scale
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Canva, an Australian-based graphic design app, has raised $40 million to become the country’s only privately backed technology startup to be valued at $1 billion.
Sequoia Capital took part in the fundraising alongside existing investors Blackbird Ventures and Felicis Ventures. Co-founder Melanie Perkins said the Sydney-based company was profitable and didn’t need the money but was offered terms too good to refuse. The startup, whose apps help advertisers and companies create banners, logos and presentations, plans to double its workforce of 250 staff over the next year, she added.