Canva’s backers cut $7.1bn from its valuation, and its own valuer cut more

Emma Rapaport and Paul Smith reported the markdown for the Australian Financial Review on 14 August.

The figure appears two ways and both are correct. It is $7.1bn in US dollars, and A$10bn, which is the number most headlines carried.

The cut takes Blackbird and Airtree’s mark from $42bn to $34.9bn, a drop of 17%. Both firms are among Canva’s longest-standing backers.

The bigger cut came from inside

Canva’s own independent valuation has moved further than its investors’ did. The AFR notes that the internal downgrade surpasses theirs.

That number matters because it is not an opinion. It is the price employees can sell shares at, and it has gone from $38.9bn to $31bn over the past year.

So the write-down is $7.1bn on one measure and $7.9bn on the other. Two separate valuers, moving the same way.

Neither is a transaction. Nobody bought or sold Canva at these prices,...

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