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Blackbird Ventures, the Australian VC firm best known for turning a $250,000 check into one of the most celebrated venture bets in the Southern Hemisphere, just closed its sixth flagship fund at roughly $1.05 billion. Morgan Stanley Investment Management and Schroders were among the new institutional backers joining the round, which includes a $750 million component earmarked for investments in Australian and New Zealand tech companies.
The Canva connection
Blackbird first backed Canva during its seed stage in 2013, writing what now looks like one of the most asymmetric checks in venture history: $250,000. Since then, the firm has poured between $150 million and $270 million into the company across multiple subsequent rounds, riding the startup from scrappy design tool to a household name competing with Adobe.
Across its lifetime, the firm has deployed more than $3 billion into over 190 companies, generating realized returns exceeding $2.25 billion and a net internal rate of return of 32%.
Why global institutions are paying attention
For most of its existence, Blackbird’s investor base was dominated by Australian superannuation funds. Those super funds remain in the mix for Fund VI, but the addition of Morgan Stanley Investment Management and Schroders represents a deliberate push to internationalize.
A reality check on Canva
A 17% markdown on Canva’s valuation has surfaced as of mid-2026. At $42 billion, Canva remains one of the most valuable private tech companies on the planet. For Blackbird’s LPs, the firm’s $2.25 billion in actual realized returns matters more than any single mark-to-market adjustment.
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