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Sydney Morning Herald
17 minutes ago
- Sydney Morning Herald
Canva now bigger than Telstra, Woolies
Sydney-based software powerhouse Canva has kicked off an employee share sale valuing the company at an all-time high of $65 billion, making it more valuable than corporate heavyweights Telstra, Woodside and Woolworths. Canva has made billionaires out of its co-founders, and the share sale is set to make some of its 5000-plus employees – referred to as 'Canvanauts' – instant millionaires. Canva co-founder Cliff Obrecht – now one of Australia's richest people, worth an estimated $9 billion – said more than 240 million people now used Canva's products every month globally. Canva was founded in Perth 11 years ago as a small, more fun rival to design software products such as Adobe Photoshop, and has since grown into one of the most widely used platforms on the internet, with schools, businesses and individuals using it to create everything from marketing designs to birthday invitations. Executives have spent the past two years positioning Canva as a key player in the generative AI arms race, making acquisitions including Australia's most-hyped AI start-up for a reported $320 million, and marketing tech start-up MagicBrief for a reported $10 million. Canva's AI tools have been used more than 20 billion times to date, making it one of the fastest-growing AI firms globally. By some metrics, it's the fastest-growing enterprise in Australian history. Obrecht co-founded Canva with now-wife Melanie Perkins and former Google employee Cameron Adams, and the company is now one of Australia's most valuable. Unlike many of its peers in the software sector, Canva is profitable and has been for the past eight years, raking in $US3.3 billion ($4.6 billion) in revenue annually. Loading Canva's valuation has see-sawed moderately over the past few years amid a global 'tech wreck' that tore through company valuations and forced many into lay-offs, but the company has maintained its position as one of the darlings of the local sector. Canva continued to hire and avoided any redundancy program, though its valuation bottomed out at $39 billion in 2022 when key investors Blackbird, Square Peg and Airtree cut its valuation. It was most recently valued at $56 billion earlier this year.
The Age
17 minutes ago
- The Age
Canva now bigger than Telstra, Woolies
Sydney-based software powerhouse Canva has kicked off an employee share sale valuing the company at an all-time high of $65 billion, making it more valuable than corporate heavyweights Telstra, Woodside and Woolworths. Canva has made billionaires out of its co-founders, and the share sale is set to make some of its 5000-plus employees – referred to as 'Canvanauts' – instant millionaires. Canva co-founder Cliff Obrecht – now one of Australia's richest people, worth an estimated $9 billion – said more than 240 million people now used Canva's products every month globally. Canva was founded in Perth 11 years ago as a small, more fun rival to design software products such as Adobe Photoshop, and has since grown into one of the most widely used platforms on the internet, with schools, businesses and individuals using it to create everything from marketing designs to birthday invitations. Executives have spent the past two years positioning Canva as a key player in the generative AI arms race, making acquisitions including Australia's most-hyped AI start-up for a reported $320 million, and marketing tech start-up MagicBrief for a reported $10 million. Canva's AI tools have been used more than 20 billion times to date, making it one of the fastest-growing AI firms globally. By some metrics, it's the fastest-growing enterprise in Australian history. Obrecht co-founded Canva with now-wife Melanie Perkins and former Google employee Cameron Adams, and the company is now one of Australia's most valuable. Unlike many of its peers in the software sector, Canva is profitable and has been for the past eight years, raking in $US3.3 billion ($4.6 billion) in revenue annually. Loading Canva's valuation has see-sawed moderately over the past few years amid a global 'tech wreck' that tore through company valuations and forced many into lay-offs, but the company has maintained its position as one of the darlings of the local sector. Canva continued to hire and avoided any redundancy program, though its valuation bottomed out at $39 billion in 2022 when key investors Blackbird, Square Peg and Airtree cut its valuation. It was most recently valued at $56 billion earlier this year.
ABC News
17 minutes ago
- ABC News
Budget airline AirAsia cuts popular tourist route to Bali leaving travellers stranded
Pressure is mounting on the federal government to strengthen consumer protections in the aviation sector after a budget airline left travellers stranded and out of pocket when it abruptly cancelled services to a popular holiday destination. Indonesia AirAsia, part of the AirAsia Group, told passengers via email and text this week that flights between Denpasar and Cairns will be suspended from next month, citing a "network optimisation initiative." Just a week before the route was cancelled, the airline was selling one-way flights for more than $800 — at least three times the fare other passengers had paid in recent months. Queensland couple Sandy Henny and Ned Kelly booked their Indonesia AirAsia flights to Bali to celebrate her birthday in November. The couple from Airlie Beach is yet to receive a refund. "We got an email saying our flights are cancelled. No real explanation, just that they're optimising their network," Ms Henny said. "There's no empathy." Social media has been flooded with complaints, with travellers struggling to re-book or claim refunds. Return flights from Cairns to Bali will continue until next month but some customers say they'll need to fly home with another airline because the route cancellation takes effect during their holiday. Indonesia AirAsia only began operating the three-weekly flights between Bali and Cairns a year ago, a service welcomed by Far North Queensland tourism operators as a direct link to a key holiday market. In a statement, CEO of AirAsia Indonesia, Achmad Sadikin Abdurachman said the decision to cut flights from September 19 "follows a thorough analysis of demand trends and route performance, ensuring that we focus our resources on the most sustainable and high-demand operations." He said the company had contacted travellers, offering full refunds, credit and offered flight changes to an earlier travel date. The company introduced a direct service between Adelaide and Bali in June. Aviation expert Justin Wastnage, an adjunct industry fellow at Griffith University's Institute of Tourism, said the abrupt cancellation reflects the business model of low-cost carriers. He said overseas-based budget airline carriers often take decisions on routes "ruthlessly and quickly and just kill routes when they're not making enough money". He said the risks for passengers are heightened in Australia because there is no automatic compensation in the event of cancellations, like Europe. "Consumers have to take out their own travel insurance, which leaves those without adequate cover in the lurch," Mr Wastnage said. He said low-cost carriers don't offer the same protections or services as larger airlines. "You pay your money and you take your choices. The advertised fare might be low, but the extras add up — baggage, seats, protection — and if a flight is cancelled, you have very little recourse." Unlike many other countries, Australia currently has no specific consumer protection laws for airline travellers. The federal government's Aviation White Paper, released in August last year, set out plans for an independent Aviation Industry Ombuds Scheme and a Charter of Customer Rights, designed to establish national standards for the "fair and appropriate treatment of customers by airlines and airports." The scheme is expected to start operating next year. The Coalition's Airline Passenger Protections (Pay on Delay) Bill, seeks to introduce an Australian version of a scheme already in place in the European Union. If passed, it would require airlines to provide refunds or compensation for cancelled or delayed flights, giving travellers clearer rights. At a senate committee hearing in March this year, Qantas Domestic CEO Markus Svensson said compensation-based schemes in Europe and Canada "do not deliver better outcomes for consumers". "The potential effect on fares, implications for low-cost carriers and the likely negative effect on economically marginal routes, particularly on Australia's regional network, should all be closely considered," Mr Svensson said. But Mr Wastnage disagreed and said the European scheme worked well. "In Europe, the big network carriers were against it when it was first introduced but it does reduce delays and reduce cancellations because airlines factor in they will have to pay compensation if they cancel flights," he said.
