Blackbird reveals Canva’s $14b plunge in value

Venture capital firm Blackbird Ventures has cut its valuation of privately owned software company Canva by $14.4 billion to $25.6 billion, after adopting a “strengthened” valuation methodology across all its venture funds.

Canva co-founders Cliff Obrecht and Melanie Perkins say Canva will exceed its current valuation “in the not-too-distant future”.Blackbird told Chanticleer the 36 per cent downward valuation of Canva reflected the public market decline, which had been “brutal on tech companies”. “This was cross-checked against completed secondary transactions and a discounted cash flow model. They also noted the range of valuations of other investors.”

Hostplus chief investment officer Sam Sicilia says Hostplus has adopted the valuation prepared by Blackbird and this was reflected in daily unit prices two days after it was received.It is believed Hostplus had a $2.5 billion holding in Canva, which suggests its valuation has fallen by $900 million. “As a profitable company with large cash reserves, we see this period as a unique opportunity to double down on growth,” it said.“We continue to see unprecedented growth in teams and workplaces as they look to tighten budgets by consolidating their marketing and visual communication tools into Canva, and we’re confident that no matter the market conditions, we’ll exceed our current valuation in the not-too-distant future.

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