More and more, Canva is proving that it is more than just an easy-to-use graphic design tool. Canva Docs, Canva Websites, Canva Whiteboards, and Data Visualization, which results from the company’s acquisition of Flourish, are the new products the Australian company revealed at its Canva Create event.
Canva will also increase the number of print products it offers and introduce its background-erasing technology to videos. A remote control feature for Canva Presentations will be available when it launches in 2021. This feature enables presenters to connect other devices (like a phone) and use them as a virtual clicker.
Cliff Obrecht, co-founder and COO of Canva, stated in an interview with TechCrunch that “We’ve been working on the new era of Canva for the last two years, essentially.” “Canva has always been very much like a personal product with significant workplace adoption. However, we haven’t actually introduced this worksuite for businesses yet.
85% of Fortune 500 companies, including FedEx, L’Oréal, and Salesforce, use Canva’s design tools, claims the company. Canva for Teams, introduced last year, has over 4.4 million paying users, but like all of Canva’s products, its worksuite will have a freemium business model. The worksuite will have collaboration tools that enable team members to work on documents in real time, just like its Teams product.
Any product from the worksuite will inevitably be compared to Microsoft Office or the Google suite. Obrecht claims that Canva is not attempting to compete with these enormous corporations. Canva, in contrast, is seen by him as a visual-first complement to these tools.
Obrecht told TechCrunch, “We’re not trying to compete head-to-head with Google Docs. “Our products are naturally visual, so we approach the question of what a visual document looks like with a very visual lens. How can you make that text-only, uninteresting document interesting?
The worksuite products from Canva are compatible with one another, so if you create a presentation, you can also convert it into a document or website.
Canva also intends to make its API available in beta, making it simpler for developers to integrate with the worksuite. Additionally, Canva is introducing a creator program where carefully selected designers can charge Canva users for templates, images, and designs. The revenue split between Canva and its creators, according to Obrecht, varies depending on the complexity of the product. For instance, an extremely technical video template might pay a creator more than a stock photo.
Canva raised $200 million last year, valued at $40 billion. Obrecht believes that Canva is well-positioned to advance at a time when venture capital is becoming more difficult to find and valuations are declining.
We’re in a really fortunate position because we’re a profitable business and, in contrast to many of our competitors, we also have a sizable cash balance, according to Obrecht. He revealed to TechCrunch that Canva has about $700 million in the bank and is actively recruiting. The company currently has 227 open positions listed on its website.
Canva’s profitability, according to Obrecht, can be attributed to the Australian tech ecosystem, which is very different from Silicon Valley, where venture capital can (or once could) flow freely.
The most remote city in the world is Perth, Western Australia, where Obrecht and his family were raised. “We were ignorant of venture capital. When we went to the U.S., everyone said, “Oh, you have a startup! “We had what we thought was a small business.
As a result, Canva began with business loans and worked hard to become profitable right away.
Obrecht explained that after securing funding, “we built this really sustainable, profitable engine that was frugal, and then like…we haven’t spent the capital because we have this frugal business that actually makes money.” That really gave us a chance to succeed.
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