Venture capital firm Blackbird Ventures has sold a 3% slice of its 15% stake in design platform Canva at a valuation of $38.8 billion. The $150 million secondary market sale was made to New York’s Coatue Management and San Francisco’s ICONIQ Capital, marking a significant step towards a potential US listing for Canva. Blackbird Ventures has been a long-time supporter of Canva, with their investment dating back to the Seed stage in 2012. The deal returns approximately $17 million to Hostplus, one of the superannuation funds that invested in Blackbird’s early funds. Blackbird’s co-founder, Rick Baker, expressed confidence in Canva’s continued success and its potential for growth in the future.
Canva has been profitable since 2017, and the company has shown interest in going public, although it plans to do so at the right time. The Nasdaq has displayed messages congratulating Canva for its innovations and has been a platform of interest for the company.
