Canva Vaults to $40 Billion Value as Online Collaboration Surges

Canva Inc.’s valuation hit $40 billion after the Australian design-collaboration platform raised $200 million in fresh capital, making it one of the world’s most valuable private software companies.

T. Rowe Price Group Inc. led the funding round, which included participation by Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners and Greenoaks Capital, Canva said in a statement on Wednesday. Other backers in the round included Dragoneer Investment Group, Blackbird, Felicis and AirTree Ventures.

Canva’s valuation has almost tripled from $15 billion just five months ago when it raised $71 million. It’s now the ...