Canvas’s $100 billion competition for an AI-first rebuild

Ten years before she became a billionaire, 24-year-old Melanie Perkins built a software prototype called Canvas Chef in 2011. The idea was simple: a prompt box describing what you wanted to design appeared on the screen.

Perkins pitched it to more than 100 investors. They all said no.

Fifteen years later, Canva is Australia’s most successful technology startup. The company, an online design platform that allows anyone to create professional-looking presentations, social posts and marketing materials, was founded by Perkins and her now-husband Cliff Obrecht – now two of Australia’s richest people.

Canva has 265 million monthly users,…