Australia-based venture capital firm Blackbird Ventures confirmed today it has raised A$500m ($356m) for its fourth fund, from limited partners including Telstra Super, the pension fund for telecommunications firm Telstra.
Superannuation funds Australian Super, Hesta and First State Super have also backed the fund, as have Cendana Capital, Greenspring Associates, Pavilion Capital, the Australian government-owned Future Fund and institutional clients of Cambridge Associates. The fund was initially reported by several media outlets yesterday.
Founded in 2012, Blackbird focuses on investments in startups situated in Australia and New Zealand. It now has A$1.24bn ($896m at current rates) of capital under management, the largest of any VC firm in the region.
The firm’s portfolio includes Australia-based online graphic design platform Canva. It co-led a $60m round for the company in June this year and is its largest shareholder, holding a 14% stake.
Blackbird currently has 24 staff but is looking to expand its team to 40 by the end of 2021. Samantha Wong and Nick Crocker have been promoted to partners, joining founding partners Rick Baker and Niki Scevak.
The firm also appointed Mike Cannon-Brookes, co-founder of enterprise software producer Atlassian, as chairman of its management company in conjunction with the fund’s close. Its employees have all been made co-owners of the management company.
