Blackbird closes record $1.05B sixth fund, grows cautious on AI
What’s the deal? Blackbird, Australia’s largest venture capital firm, has closed its sixth fund at $1.05 billion. The raise narrowly surpasses its $1.035 billion 2022 vintage, setting a record for the largest venture fund raised in Australia.
The backers. The fund attracted international institutional capital from Morgan StanleyDealroom has a profile for this one. Try Dealroom →, Schroders and Adams Street Partners, alongside Australian superannuation funds and the country’s sovereign wealth fund.
The strategy. General Partner Samantha Wong said Blackbird is becoming more cautious around AI, with many of the most obvious software opportunities already taken. The firm remains interested in AI infrastructure and layers above the model, while expecting to increase its focus on deep tech areas such as semiconductors and other science-led technologies.
The track record. Blackbird says it has returned US$1.4 billion to investors from US$2.1 billion deployed, through 17 transactions across nine companies. It remains the largest individual shareholder in Canva, while the US$1.15 billion acquisition of Eucalyptus by Hims & Hers returned Blackbird’s 2018 fund twice over.
The expansion. Fund six has already made its first investment: a $200 million cheque to Baseten, a US-based AI infrastructure and model-inference company founded partly by Australians. Around 25% of Blackbird’s portfolio is now headquartered in the US, and the firm expects to maintain or increase that exposure as Australian and New Zealand founders build globally.
The signal. The record close gives Blackbird more capacity to participate in larger rounds and secondary share-sale opportunities, while the shift towards deep tech reflects a search for less crowded opportunities beyond application-layer AI.
Read more: Blackbird · Forbes Australia · Australian Financial Review
Image credit: Blackbird Ventures
