A key investor in Australia’s most valuable privately owned tech company, Canva, has slashed its valuation after adopting a “mark-to-market” methodology.
Venture capital firm Blackbird Ventures has cut its valuation of privately owned software company Canva by $US14.4 billion to $US25.6 billion, after adopting a “strengthened” valuation methodology across all its venture funds.
Blackbird, which has raised $1.1 billion in venture funds since 2013, moved away from the valuation applied at the last funding round for its mature companies to a “mark-to-market” methodology assisted by a big four accounting firm.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
