Blackbird’s come-to-Jesus moment six months ago, when it tipped $60 million from its 2022 follow-on fund into Airwallex, is now being pitched to the VC’s investors as its rising star.
Details from the annual Blackbird Ventures investor day were leaked to Capital Brief’s Bronwen Clune, and included details of Canva’s performance, with the VC flagging that its golden goose, is ready for a public listing in the second half of 2026.
That follows a November 22 Bloomberg interview where Canva cofounder Cliff Obrecht said an initial public offering is “probably imminent in the next couple of years”.
Capital Brief reported that Blackbird told LPs they could sell into the IPO to exit or stay in and become Canva shareholders.
Canva is now valued at US$42 billion (A$65bn), jumping 14.5% in August. Blackbird has backed Canva multiple times since its initial investment 13 years ago, across the 2015, 2018, 2020 and 2022 funds. More recently its sold in and out of the design unicorn as the VC’s older funds matured, including 3% of its holding, worth $150 million in 2023, and last year, when 6% of Canva stock, worth $2.4 billion at the time changed hands, but its total holding has fallen from 12% to 9.37%. However, Canva still represents more than 60% of the total value of the VC’s $10 billion+ portfolio.
Startup Daily understands that the mood at the Blackbird investor day on Monday was remarkably more buoyant than 12 months ago.
Airwallex set the tone with a growth story that suggests revenue could double to $3 billion in 12 months based on current figures. The fintech raised $232 million in a Series F in May at a $9.6 billion valuation and is also considering an IPO in the next 12 months.
Other strong performers Adelaide satellite analysis firm Fleet Space and Queensland rocket builder Gilmour Space, having briefly taken off briefly in July, from the decade-old 2015 fund, while online weight loss, fertility and skincare supplier Eucalyptus topped the 2018 fund and AI consultation notes scaleup Heidi Health, which bagged a $98 million Series B at $703m valuation last month, led 2020 fund.
But not everything was hunky dory.
While New Zealand smart cow collar startup Halter scored a shoutout, there was no mention of peripatetic Kiwi sub-rental platform Kiki, which Blackbird tipped a record A$7 million into in August 2023.
Last week Kiki agreed to pay $224,000 to settle charges of operating illegally in New York. The startup shut down there in early 2025 and relocated to London, its fourth location in seven years, after previously launching, then closing in Auckland and Sydney. Investment notes from Kiki reveal it’s generated just $18,700 in 3.5 months – an average of $1,250 a week since its UK launch.
“Our investment in Kiki is a true seed bet on the founders,” the VC said in its 2023 investment notes.
Meanwhile, Melbourne employee engagement platform Culture Amp, which cut 6% of its workforce, 60 jobs, earlier this month had its valuation reduced by by 23.5% by Blackbird. Sydney workplace safety app SafetyCulture which had its valuation fall by $200m last year during a $75 million raise, was also written down by Blackbird.
Blackbird declined to comment when contacted by Startup Daily.
You can read the Capital Brief reporting ($) here.
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