Blackbird Ventures closed Fund VI at $1.05 billion, its second consecutive billion-dollar raise. The Sydney-based VC first hit the milestone with Fund V in November 2022.
The firm is pushing earlier into the founder lifecycle. "We're investing in founders earlier than ever: pre-revenue, pre-product, and sometimes even pre-idea," said founder and partner Rick Baker. Data backs that claim. Blackbird says 96% of initial investments from its previous early-stage fund went to pre-seed or seed rounds.
What This Means for Sales Teams
Blackbird's portfolio companies are hiring engines. The firm has backed 190 companies including Canva, SafetyCulture, Culture Amp, Airwallex, and fintech startups that scaled fast and hired hard. When a VC this size doubles down on early bets, it creates a pipeline of future SDR and AE roles as those companies hit product-market fit and scale.
Fund VI brings new institutional investors: Adams Street Partners, Morgan Stanley Investment Management, and Schroders. Existing backers Future Fund, Hostplus, Aware Super, and HESTA re-upped.
The Track Record
Blackbird has deployed over $3 billion across its portfolio, now valued at $12.5 billion. The firm reports $2.25 billion returned to investors with a 32% net IRR. Not every bet lands. Custom footwear startup Shoes of Prey, backed across several rounds, shut down in 2018. The firm recently wrote down its Canva stake amid valuation pressure.
Fund I raised $29 million in 2013. Thirteen years later, the firm runs $1 billion funds and backs companies before they have products. That trajectory tells you where ANZ startup hiring budgets are heading.
For sales professionals watching ANZ tech, Blackbird portfolio announcements are worth tracking. When they back a pre-seed company, that is an 18-month early signal for Series A hiring. When they lead a Series B, expect AE headcount to double.