Entrepreneur Success Story: How Canva Reached a $15 Billion Evaluation and Made Its Young Founders Billionaires

April 20, 2026

Business Success Stories

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Human beings are visual learners – they always have been, and they always will be. A big part of this has to do with the way that the human brain works. According to one recent study, when people hear information, they generally only remember about 10% of what they're exposed to. If that information is paired with relevant visuals – be it in the form of a video or even static content like a photo or infographic – they remember 65% of it on average. All told, it's estimated that between 51% and 80% of all businesses in every industry will rely heavily on visual content in 2021 – a trend that shows absolutely no signs of slowing down anytime soon. That, in essence, is what Canva is all about. Canva is a graphic design platform that can be used to create visual content like social media graphics, presentations, posters and more – all via an app that includes templates that make it easy to create the stunning content you need. The platform itself is available for free, although it does offer paid subscriptions through its "Canva Pro" and "Canva for Enterprise" tiers that unlock additional features for power users. Not only can users create content that immediately exists online, but they can also pay for physical products to be printed and shipped to customers – allowing brands of all types to make meaningful connections with their target audiences. In April of 2021, Canva reached a $15 billion valuation - simultaneously making its co-founders Melanie Perkins and Cliff Obrecht billionaires. This came less than a year after securing a $6 billion valuation, even though the COVID-19 pandemic was still making its way around the world. But what may seem like an overnight success was, for those co-founders, anything but. The story of Canva wasn't always easy – but it is one that can inspire entrepreneurs and businesses professionals everywhere moving forward.Canva: The Story So Far The idea that would go on to become Canva began in January of 2012 in Perth, Australia. It was then that Perkins, Obrecht and a third co-founder – Cameron Adams – saw a market that was in desperate need of being filled. The company began simply enough: They wanted to "make design accessible to all." It didn't matter what you actually needed those design services for – logos, business cards, presentations, or something else entirely. When Perkins and Obrecht were studying in college in Perth, the duo would earn side income by teaching other students various design programs. After determining that some of the platforms offered by companies like Microsoft and Adobe had too much of a learning curve, they decided that there had to be a better way. But when they couldn't find it, they decided to create that "better way" themselves. The duo – now a couple – started an online school yearbook design business, that was then called Fusion Books. They immediately launched a website that let users collaborate and build their profile pages, articles and other content that would then exist in those online school yearbooks. Perkins and Obrecht would then print the yearbooks, after which they would deliver them to schools across the country. The business was a success, but the pair didn't want to stop there. They wanted to go bigger, and they had ideas on how to do it. In 2010, Perkins had an encounter with an investor from Silicon Valley who saw the potential in such an idea. That investor introduced her to a few contacts, at which point they began to develop their idea even further. With the help of a few technology advisors and after the close of their first funding round, Canva was born in earnest – and the rest, as they say, is history. In its first year after launching, Canva had more than 750,000 active users. Now focused on marketing materials, its revenue increased from an already impressive $6.8 million to an enormous $23.5 million during the 2016/2017 fiscal year alone. Just one year later, in 2018, the company had raised more than $40 million from various investment firms and was already valued at $1 billion. The point of all this is that there is truly no idea too small (or too niche) to make an impact. Melanie Perkins and Cliff Obrecht were tired of spending time teaching complicated graphics programs to fellow students, so they decided to create a platform of their own to eliminate as much of the "hard work" as possible. That simple idea turned into something much larger than either of them could have imagined. For an entrepreneur, something like this isn't just a success story - it's a critical moment of inspiration to guide all their efforts moving forward.

Tax and Financial Insights
by NR CPAs & Business Advisors

Explore practical articles that explain tax strategies, financial considerations, and important topics that may affect your business decisions.

2026 IRS Mileage Rates: Key Updates and Insights

The IRS has rolled out the inflation-adjusted mileage rates for 2026, offering taxpayers an efficient way to claim deductions for vehicle-related expenses incurred for business, charity, medical, or moving purposes. These adjustments reflect the continued economic shifts impacting car operation costs.

Effective January 1, 2026, the new standard mileage rates are established as follows:

  • Business Travel: Increased to 72.5 cents per mile, inclusive of a 35-cent-per-mile depreciation allocation. This marks a rise from the 70 cents per mile rate set for 2025
  • Medical/Moving Purposes: Reduced slightly to 20.5 cents per mile, down from 21 cents in the previous year, reflecting the variable cost considerations.
  • Charitable Contributions: Consistent at 14 cents per mile, a fixed rate unchanged for over a quarter-century.

As is typical, the business mileage rate considers the integral fixed and variable costs of automobile operation. Meanwhile, the medical and moving rates remain contingent on variable expenses as determined by the IRS study.

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It is critical to note that the One Big Beautiful Bill Act (OBBBA) held firm on disallowing moving expense deductions except for specific cases within the Armed Forces and intelligence community, marking a substantial shift since 2017.

When engaging in charitable work, taxpayers might opt for a direct expense deduction over the per-mile method, covering gas and oil costs. However, comprehensive upkeep and insurance costs are non-deductible expenses.

Business Vehicle Use Considerations: Taxpayers can alternatively compute vehicle expenses using actual costs, which might benefit from shifting depreciation rules, particularly through bonuses and first-year advantages. Keep in mind, however, reverting from actual cost calculations to standard rates in subsequent years is restricted, particularly per vehicle protocol and when exceeding four vehicles in concurrent use.

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Additionally, parking, tolls, and property taxes attributable to business can be deducted independently of the general rate, an often-overlooked advantage by many business owners.

Tax Strategies for Employers and Employees: Reimbursements based on the standard mileage framework, providing the right documentation is in place, remain tax-free for employees. Meanwhile, the elimination and continued prohibition of unreimbursed employee deductions continue, with particular exceptions offered to qualified personnel across specific occupations.

Opportunities for Self-employed Individuals: Entrepreneurs remain eligible for deductions on business-related vehicle use via Schedule C, with potential to account for business-use interest on auto loans.

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Heavy SUVs and Deduction Advantages: Heavier vehicles exceeding 6,000 pounds but under 14,000 pounds open opportunities for substantial tax deductions through Section 179 and bonus depreciation avenues. The lifecycle of such a vehicle bears implications on recapturing initially claimed deductions, urging cautious tax planning.

For professional guidance on optimizing your vehicle-related tax deductions and understanding their implications on tax strategies, contact our office in Coral Gables, Florida, where expert advice and strategic insights are just a call away.

Educator's Deduction Reform: Key Changes Under OBBBA

The One Big Beautiful Bill Act (OBBBA) introduces significant enhancements for educators' tax deductions starting in 2026, offering both strategic opportunities and planning considerations for educators who qualify. With the reinstated itemized deduction for qualified unreimbursed expenses, educators have a broader spectrum of financial relief. This is complemented by the retention of the $350 above-the-line deduction, allowing educators to maximize their tax benefits by selectively allocating expenses between these avenues.

Understanding the nuances of these changes is crucial for educators and financial advisors alike. The dual-option deduction strategy can potentially enhance tax efficiency, thereby aligning with broader financial planning goals.

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At NR CPAs & Business Advisors, based in Coral Gables, Florida, our expertise in tax preparation and planning provides invaluable support to educators navigating these changes. Our comprehensive approach, combined with personalized advice from our experienced team, ensures compliance and optimization in line with the latest tax legislations.

Given these updates, it is imperative to engage with seasoned professionals to fully leverage your deduction strategies. Contact us today to streamline your tax planning under OBBBA's new guidelines and maximize your deductions for upcoming tax years.

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