Canva reported selling 54% of its debt issuance via a subscription which launched on February 18th. According to the information disclosed, eleven subscribers ponied up $810,000 out of the $1.5 million the company expected to raise. $690,000 in additional funding can be raised before February 2015 based on the placement’s structure. Two previous unregistered financing rounds raised an estimated $3 million. The company is backed by Blackbird Ventures, a VC firm focusing on internet businesses with a global reach and Australian entrepreneurs. Other VC backers include: Matrix Partners and Interwest Partners. According to a Financial Review article angel investors include: Dave Bagshaw (Shutterfly), Adrian MacKenzie (Formerly with CVC Asia Pacific), Lars Rasmussen (Facebook), Ken Goldman (Yahoo) and Paul Bassat (Seek).
The company develops a drag-and-drop design application to simplify the creation of graphic design. Canva is the combination of a drag-and-drop design tool with a library of stock photographs, graphic elements and fonts. The app is free to use along with a selection of free elements and fonts. Users can also have access to more than 1 million photographs, graphic elements and fonts for $1.
The company, headquartered in Surry Hills, NSW Australia, was registered in 2012. Canva kept its revenues undisclosed.
The executive team includes Clifford James Obrecht and Melanie Joy Perkins.
The company has raised an estimated total of $3.81 million via private unregistered security offerings.
Status: First close
Amount offered: $1.5 million
Amount placed: $810,000
First sale: 02-18-2014
Data as of: 03-05-2014