Inside the Fund Fueling Aussie Unicorns: Canva & SafetyCulture w/ Rick Baker, Blackbird VC

Blackbird VC's Founding Journey

• 💡 Rick Baker co-founded Blackbird Ventures, enduring 530 meetings over 22 months to raise their initial $29 million (AUD) fund.
• 🎯 The fund secured 97 limited partners, primarily individuals who had succeeded in Australian tech and private equity managers.
• 🚀 This early fund became a significant investor in Canva, SafetyCulture, Culture Amp, and Propeller, achieving remarkable returns.

Investment Thesis and Early Success

• 🔑 Blackbird's core thesis focuses on backing global companies built from Australia and New Zealand, emphasizing product-led growth and digital marketing.
• 📈 The firm made an early, pre-product investment of $250,000 in Canva, after Rick Baker met Melanie Perkins on a kiteboarding trip.
• ✨ Fund One, a 2013 vintage, has generated nearly 40 times TVPI (Total Value to Paid-In Capital) and returned 12 times DPI (Distributed to Paid-In Capital).

Building a Multi-Generational VC Firm

• 🌱 Blackbird evolved from a "cottage industry" ambition to a multi-generational VC franchise, now comprising 65 team members and 29 investors.
• 🧠 The firm employs a blind hiring process using "Applied" to minimize bias and focuses on identifying candidates obsessed with startups and investing.
• 🛠️ Investing is viewed as an apprenticeship model, where pattern matching and experience are crucial for developing investor "gut feel."

Approach to AI and Deep Tech

• ⚡ Australia and New Zealand are experiencing rapid growth in AI, with some companies growing faster than Canva's initial trajectory.
• 💡 Blackbird sees a rise in domain specialist founders applying AI to specific industries and workflows, particularly in the application layer.
• 🔬 The firm also invests in deep tech, including a rocket company (Gilmore Space) and exploring areas like hyperspectral vision for diverse applications.

Commitment to Diversity and Transparency

• ✅ Blackbird is a generalist VC committed to balanced funds and attracting diverse founders, influenced by the success of its investment in Canva.
• 📊 The firm transparently shares its gender split data and aims for 40% women in founding teams at the investment committee stage, despite facing criticism.
• 👏 Initiatives include balancing the internal investment team, refining messaging, running community events, and hosting dinners to support women founders.