Canva raises extra $85m, shuns IPO for now

Runaway Australian online design success story Canva has just raised an extra $85m to boost its growth, valuing the six-year-old business at a supersonic $3.2bn.

CEO and founder 32-year-old Melanie Perkins says an IPO is not on the cards right now, but is likely to take place in the future. The latest tranche of cash will be used to double the company's headcount to 1,400 staff.

Canva is an online tool to enable unskilled people to create designs for a host of applications from banners and business cards to websites and pillowcases. It used by 20 million people a month in 190 countries, and the company is currently launching Canva Pro, a professional version.

Melbourne based Perkins launched her first business Fusion Books aged 19, then at 26 with two friends launched Canva. Its latest investment comes from the same Silicon Valley VC fund that had Canva as its primary investment six months ago.