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Our Returns

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Data is at 30 September, 2021; all in AUD

The net IRR of every dollar invested in Blackbird funds is 81%

Now the world's best companies and venture firms are founded outside of
Silicon Valley.

Vintage Year
Committed Capital
# Core Investments
Called (%)
Net TVPI
Net IRR
2013
$29M
20
95.0%
47.4x
74.8%
2015
$193M
32
94.3%
16.3x
75.5%
2018
$261M
35
91.1%
5.2x
78.7%
2020
$648M
39
67.1%
1.7x
99.0%

*TVPI = Total Value To Paid In and is a measure of net multiple of invested capital
**IRR = Internal Rate of Return
Note: The above table and individual charts by vintage represent our discretionary funds only. Blackbird also manages a number of direct co-investment vehicles on behalf of our investors, which are not represented in the above.

Generational ownership means investing in companies not rounds.

Portfolio
Company
Financing Round Participation
Blackbird
Ownership
Canva logo
Seed
2012 Funds
Series A 2012/2015 Funds
SeriesA1
2015 Funds
SeriesA2 2018 Funds
Investment 2015/2018 Funds
Series A3-A4 2018 Funds
SeriesA5 2020 Funds
Investment 2020 Funds
15%
Rick and Niki at Canva
Employees: 3 (Mel, Cliff & Cam)
First Blackbird Investment: US$250k Valuation: US$8M
A pink arrow pointing right
8 Rounds Later
CultureAmp team in 2021
Employees: >2,000
Total Blackbird Investment: >US$150M
Valuation: US$40B
SafetyCulture logo
Seed
2012 Funds
Series A 2012 Funds
Series B 2015 Funds
Series C
2015 Funds
Series C 2018/2020 Funds
Secondary
2020 Funds
Series C2
2020 Funds
14%
SafetyCulture team in the garage office
Employees: 7
First Blackbird Investment: A$1M Valuation: A$5M
A pink arrow pointing right
7 Rounds Later
SafetyCulture team in 2021
Employees: >500
Total Blackbird Investment: A$116M*
Valuation: A$2.2B
*Includes co-investment
Culture Amp logo
Series A
2012 Fund
Series B 2012/2015 F
Series C 2015 Funds
Series D 2018 Funds
Secondary 2018 Funds
Series E 2018 Funds
Series F 2020 Funds
15%
The CultureAmp founders
Employees: 20+
First Blackbird Investment: A$1.3M Valuation: A$25M
A pink arrow pointing right
7 Rounds Later
CultureAmp team in 2021
Employees: >600
Total Blackbird Investment: A$76M*
Valuation: A$2B
*Includes co-investment
Propeller logo
Seed
2012 Fund
Series A
2012/2018 Funds
Series B
2020 Funds
Secondary
2020 Funds
26%
The Propeller founding team
Employees: 4
First Blackbird Investment: A$750k
A pink arrow pointing right
4 Rounds Later
The Propeller team in 2021
Employees: >170
Total Blackbird Investment: A$28M
Eucalyptus logo
Seed 2018 Funds
Seed extension
2018 Funds
Series A 2018 Funds
Series B 2020 Funds
23%
The Eucalyptus founders at a desk
Employees: 4
First Blackbird Investment: A$1.5M
A pink arrow pointing right
4 Rounds Later
Eucalyptus at a team event in 2021
Employees: ~200
Total Blackbird Investment: A$16M
Baraja logo
Seed 2015 Funds
Seed extension
2018 Funds
Series A 2015 Funds
Secondary
2018 Funds
Series A extension
2018 Funds
Series B
2020 Funds
33%
Baraja founders Cibby and Fed in a garage
Employees: 4
First Blackbird Investment: A$1.5M
A pink arrow pointing right
6 Rounds Later
The Baraja team in early 2021
Employees: >120
Total Blackbird Investment: A$48M
Series A
2015 Funds
Series B
2018 Funds
Series C
2020 Funds
22%
Adam Gilmour with a rocket
Employees: 20
First Blackbird Investment: A$3M
A pink arrow pointing right
3 Rounds Later
The Gilmour Space team in 2021
Employees: ~80
Total Blackbird Investment: A$45M

Learn more about why we're making our returns public on the blog