Blackbird secures $700 million in first close for its sixth fund
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The news: Australian venture capital firm Blackbird Ventures is set to secure more than $700 million in commitments for its sixth fund by late September, demonstrating continued momentum in domestic venture capital fundraising despite challenging global conditions.
The context: The first close of Fund VI will occur through multiple rolling closes in August and September, with more closes through to the end of the year.
The raise follows Blackbird's record-breaking $1 billion fifth fund in 2022, which included a $284 million core fund, a $668 million follow-on vehicle, and a NZD275 million ($250.52 million) New Zealand fund. Blackbird's current portfolio is valued at upwards of $7 billion, built from early investments including a $250,000 seed investment in Canva.
Founded in 2012, Blackbird has established itself as one of Australia's leading venture capital firms, with investments in prominent technology companies including SafetyCulture, CultureAmp, Eucalyptus and Dovetail.
What they said: "The fundraise is progressing well and has had a strong response from the market so far," a Blackbird spokesperson told Capital Brief.
"We're pleased to welcome a mixture of new and returning investors to the fund, and will have more to share on this in the coming months."
The sources: AFR, Capital Brief
