Sydney-based graphic design startup, Canva, has received an investment pushing them into “unicorn” status in Australia.

A unicorn is a startup worth $1 billion or more, which the Australian startup was able to reach with their latest $40 million investment.

“It’d be crazy not to take it,” Melanie Perkins, Co-founder of Canva said to Bloomberg. “We can grow our team as rapidly as we can and know that we’ve got the financial backing to make those decisions very easily.”

The company provides users with a platform which can be used to create logos, banners or presentations, or upload photos, select ones from stock, use the app’s filters and fonts. Companies can use the startup’s programme which is also connected to printing companies in order to produce physical copies of the products created.

Investors who contributed to the $40 million raised include Sequoia Capital, Blackbird Ventures and Felicis Venture. The investment makes the company the country’s first unicorn tech startup which has private backing.

“What this round really enables us to do is to have the jet power just to do absolutely anything that we need to do to make Canva awesome,” Perkins said.

The startup, with ten million users and 250 employees, has plans to double its employee base in the next year, according to Perkins.

The tech startup’s revenue increased to approximately $18 million before reducing to around $2.5 million USD in the year between June 2016 and June 2017, based on records in the Australian Securities and Investment Commission.

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