Morgan Stanley and Schroders have joined a $750 million fundraising for Blackbird, a deal tied to Canva's $42 billion valuation. The move signals how far Australian tech has climbed in global investors' eyes.
The round and its anchor
Blackbird, a venture firm known for backing early-stage Australian startups, raised the capital with Canva's latest valuation as a reference point. Canva, the design software company, now sits at $42 billion, making it one of the region's most valuable tech companies. The fundraise doesn't mean Blackbird owns a piece of Canva at that price, but the valuation gives the round a concrete anchor.
The two financial heavyweights — Morgan Stanley and Schroders — are not typical names in Australia's startup scene. Their participation suggests the deal goes beyond a simple venture capital check. It points to institutional money looking for exposure to a market that has long been seen as a satellite to Silicon Valley.
Why Australian tech is drawing global money
The fundraise arrives as Australian founders have started producing companies that scale beyond the local market. Canva is the most visible example, but it's not the only one. Software firms and fintechs are racking up valuations that were rare a decade ago.
Global investors have taken notice. The $750 million figure is large by Australian standards, and the involvement of Morgan Stanley and Schroders adds credibility to a sector that once struggled to get overseas attention. The money could fuel more innovation, give local founders more runway, and draw in follow-on international capital.
A potential boost for the region
If the fund works as planned, it could speed up the pace of new companies forming and scaling in Australia. Blackbird has a track record of backing startups early, and with this kind of war chest it can write bigger checks and stay longer.
The deal also sends a signal to other global funds: if Morgan Stanley and Schroders are comfortable writing tickets into Australian tech, the risk profile must be shifting. That might ease the way for more cross-border investment into a region that has often been overlooked.
The round is done, but the bigger test is how Blackbird puts the money to work. The firm's next batch of investments will show whether this global backing translates into a steady stream of new deals or just a one-time splash.
