Back to boom times: Blackbird's portfolio swells to record $9.9b
New returns data released by the nation's top VC firm to investors suggests the dark days for the asset class might finally be over after a difficult few years.
Blackbird Ventures partner Rick Baker has declared the startup ecosystem is "back to growth" after his firm's portfolio value hit a new record high off the back of surging valuations for Canva and other prominent portfolio companies.
Annual data released by the venture firm to investors this week shows it has delivered a net internal rate of return of 36.09% across its discretionary funds since it was established in 2012. That has pushed its portfolio to a new record high of $9.9 billion, eclipsing an earlier peak set in 2022 before the market turned sour.
Baker described the last financial year as a "standout" for the VC firm with almost a billion dollars in value added in the final quarter alone.
"It’s great to see the valuation uplifts coming across the board, driven by some of our mature companies like Canva, Halter and Tracksuit, as well as a bunch of our newer mainly AI focused companies like Lorikeet, which are growing very fast.
