Canva
Freemium subscription: free tier funnels a massive top-of-funnel into paid Canva Pro (individual), Canva Teams/Business (per-seat), and Canva Enterprise (custom); expanding into AI (Magic Studio), professional creative (Affinity), and B2B/enterprise. Self-serve dominant, with a growing enterprise sales motion. Historically self-funded and cash-generative.
Chronological blend of primary raises (through the $40B Sep-2021 peak), the 2022–2023 mutual-fund markdown, and the more recent employee secondary tenders ($26B→$32B→$42B) that set the current mark. No primary raise since 2021; recent liquidity has been secondary only.
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range