Culture Amp, Eucalyptus and Hivery are among start-ups backed by Blackbird, that have been marked down by independent auditors PwC, as valuations fall across the sector.
Already a subscriber?Australia’s largest venture capital fund, Blackbird Ventures, has marked down the value of its holding in a series of well-known later-stage start-up investments, as tougher market conditions force investors to re-examine their private market holdings.show how Blackbird’s independent valuers PwC – brought in after it came under pressure for holding stocks at inflated 2021 numbers – are scrutinising its bets.
Unicorn employee sentiment company Culture Amp, telehealth outfit Eucalyptus and retail analysis start-up Hivery were among those to suffer multimillion-dollar hits to their valuations on Blackbird’s books.Blackbird reported income for its 2020 follow-on fund of $11 million in 2023, which was down from $148 million a year earlier, as public listings and private share sales dried up.
If those valuations were applied to the company’s last public valuations it would mean Eucalyptus valuation would be re-rated to $526 million and Culture Amp’s to just over $2 billion. Both companies are among Blackbird’s most important positions. “This fund is fortunate to have invested in a group of strong companies, and the resilience of the portfolio is demonstrated by the growth in value of the fund even over this period of valuation decreases across the industry.”But despite the tough capital raising environment, several companies in Blackbird’s follow-on fund enjoyed a valuation boost in the year ended 30 June 2023.
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