Top Australian VC Outfit Blackbird Ventures Will Open A Second Fund Next Year

Blackbird MD Rick Baker. Image: Supplied.

Tech investment fund Blackbird will start looking at raising for a second fund in 2015.

MD Rick Baker told Business Insider a second fund which follows a similar structure to Blackbird’s existing one will start to be fleshed out next year providing its current investments perform well this quarter.

“Sometime next year. It really depends on how our investments go over the next two or three months,” he said.

“Second to third quarter next year we’re probably looking at starting fundraising again.”

Baker said Blackbird hasn’t made a decision about how big the second fund will be but said it is likely to follow the same taxation structure as its current set up which is an Early Stage Venture Capital Limited Partnerships (ESVCLP).

“We like that structure, it’s worked well for us. people seem to like it, it’s obviously got tax..benefits so from that side it’ll be a similar structure,” Baker said.

“It’ll be a very similar structure…It will be a very similar fund to what we have.”

Blackbird’s current fund is more than $26.4 million and is currently invested in 14 companies including online design startup Canva, bitcoin transaction platform CoinJar and custom online shoe design site Shoes of Prey.

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