Global graphic design platform Canva was one of the most watched companies in 2021, with over 75 million monthly active users and a $40 billion valuation. But the Australia-based unicorn, minted during the pandemic, was downgraded recently as investors grapple with concerns surrounding the overvaluation of tech stocks.
Despite industry pessimism, Canva's long-term growth potential seems to be undisputed — former Walt Disney Co. CEO Bob Iger invested in the graphic design company in May 2022. Iger, whose total investment remains undisclosed, also joined the company's board.
"We're incredibly excited to welcome Bob Iger as an investor and adviser," Canva spokesman Lachlan Andrews said. "Bob brings a wealth of experience after 15 years at the helm of one of the most loved and most creative brands in the world, and we're looking forward to working with him."
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Pandemic-Fueled Growth
In September 2021, Canva raised $200 million from venture capital firms such as T. Rowe Price Group Inc., Franklin Templeton Investments, Sequoia Capital Global Equities and others, giving the startup a valuation of $40 billion. The graphic tech firm, slated to compete with industry leaders Adobe Inc. and Microsoft Corp., crossed 60 million monthly active users in 190 countries ...