For the last decade, Canva has been the totemic example of how a globally successful company could be founded and remain headquartered in Australia. Its meteoric growth to a US$42 billion valuation at its peak, and more than US$3 billion in annual revenue, has arguably been the single most significant driver of the growth of the local venture capitalist-backed startup ecosystem.
Investing in Canva early made the on-paper fortunes and reputations of the “big three” VC funds, Blackbird, Airtree and Square Peg, and allowed them to raise larger funds to invest in more startups. Canva also trained a cohort of engineers, product managers and designers who have gone on to found other companies or take senior leadership roles at Australian scale-ups.
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