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Australia's Canva reaches US$2.5B valuation after fundraising

Canva Inc. closed its latest funding round raising US$70 million from investors, a deal that values the Australian tech startup at US$2.5 billion, The Sydney Morning Herald reported.

U.S.-based venture firm General Catalyst Partners and growth fund Bond Capital have participated in the investment round, alongside existing backers Felicis Ventures and Blackbird Ventures.

The online design and publishing platform said it will use the proceeds of the funding to expand its offerings, including its presentation and enterprise products.

The news comes shortly after Canva acquired free stock image providers Pexels and Pixabay and launched a stock photography subscription model called Photos Unlimited.