Blackbird Ventures has raised the largest Australian venture capital fund yet, securing more than A$1 billion ($640 million) from sovereign wealth funds and individual investors.
(Bloomberg) — Blackbird Ventures has raised the largest Australian venture capital fund yet, securing more than A$1 billion ($640 million) from sovereign wealth funds and individual investors.
The Sydney-based firm will allocate A$284 million for early-stage investments in Australia, A$668 million for follow-on bets and NZ$75 million ($44 million) for early-stage investments in New Zealand, the company said in a statement on Wednesday.
Blackbird has expanded steadily since its debut A$29 million fund in 2012. That fund invested in the first rounds for Canva Inc., Culture Amp and SafetyCulture, which went on to become some of Australia’s most prominent startups. Canva alone was valued at $40 billion last year, while the other two have been valued at more than $1 billion, according to CB Insights.
That helped Blackbird generate a net internal rate of return of 61.3% for the first fund, according to the company, which posts the performances of its funds on its website.
“This new fund represents the next chapter in our ambition,” Blackbird partner Rick Baker said in an interview. “Just as Aussie and Kiwi-founded companies are proving they can succeed globally, we also want to show it is possible to build a world-leading VC firm outside Silicon Valley.”
Investors in the firm’s fifth fund include Australian superannuation funds such as AustralianSuper and Hostplus as well as sovereign wealth funds of Australia and New Zealand. About 270 individual investors, many of whom are tech founders it has backed in the past, also participated.
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