Generalist · VC Firm

Blackbird

Generalist ANZ powerhouse (A$7B+ AUM) with opportunistic quantum exposure: late entry into fault-tolerant quantum computing (PsiQuantum, Series D 2021 and Series E 2025) and an early lead in quantum sensing (Nomad Atomics pre-Series A, 2023), both through its deep tech practice.

Active Sydney, AustraliaFounded 2012

Investment thesis

Australia's largest VC: more than A$7B under management across six funds; Fund V (2022) closed at A$1B, the biggest Australian VC fund ever raised, and Fund VI passed A$700M in first-close commitments in September 2025.

Quantum exposure is opportunistic, through the deep tech practice led by partner Michael Tolo: entered PsiQuantum at the US$450M Series D (2021) and re-invested in the US$1B Series E (September 2025, US$7B valuation).

Led the A$10M pre-Series A into Nomad Atomics (2023), the ANU spin-out building field-deployable quantum gravimeters, alongside Right Click Capital.

Writes the earliest cheques in ANZ (from A$25k pre-seed to A$5M seed) and reserves heavily for follow-ons; backs founders with an Australian or New Zealand connection wherever they build, including in the US.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Quantum is a side bet, not a thesis: two positions out of 100+ portfolio companies, with no dedicated quantum vehicle or stated quantum strategy
  2. Entered PsiQuantum late (Series D, 2021) at a US$3B+ valuation; the firm's quantum track record is follow-the-momentum rather than contrarian conviction
  3. Requires an Australian or New Zealand connection: founders without ANZ ties are out of scope regardless of quantum fit
  4. Leaves the CSIRO-to-VC translation lane to Main Sequence, the CSIRO-backed deep tech fund; Blackbird's edge is ecosystem breadth, not government-lab proximity

Notable quantum portfolio

Full portfolio
PsiQuantumNomad Atomics

Frequent co-investors

  • BlackRock
  • Temasek
  • Baillie Gifford
  • M12 (Microsoft)
  • Third Point Ventures
  • Right Click Capital