For an investment fund that would prioritize companies with a presence in Australia and New Zealand, venture capital company Blackbird has raised A$1 billion (US $642 million). The fund has thus far supported 18 businesses.
This represents a record close for the company, which Rick Baker and Niki Scevak started in 2012.
After obtaining investment returns of over US $6.4 billion, the Sydney-based business is regarded as the largest VC in Australia. One of the first investors in the creative software Canva was Blackbird.
Three distinct projects will each receive a portion of the investment, according to TechCrunch. Australian pre-seed companies will get roughly US $182.2 million in funding, and New Zealand businesses will receive about US $44 million in funding (or NZ$75 million). The venture capital company will spend the remaining $428.7 million to help its portfolio firms.
According to the study, 270 entrepreneurs as well as investment entities from in Australia and New Zealand, including Hostplus, AustralianSuper, New Zealand Growth Capital Partners Fund, and Future Fund, have invested in the fund.