The Rapid Rise of AI with Niki Scevak [Encore Episode]

This episode originally aired in September 2024 — and it's aged remarkably well. We're bringing it back with fresh context on why Niki's predictions have proven out.

Niki Scevak is co-founder and partner at Blackbird, Australia and New Zealand's most prominent venture capital firm. What started with a $29M AUD debut fund and 500 meetings to get 96 people to say yes has grown into a platform with six flagship funds, six portfolio unicorns, and a seed investment in Canva that became one of the greatest venture bets ever made.

In this conversation, Niki talks about writing a $250K check into Canva's seed round and investing $270M+ across the company's life. Since we recorded this, Canva has hit $4B in annual revenue and is reported to IPO on the Nasdaq in 2026.

We also dig into Niki's views on AI application software — the extraordinary growth rates, the premium pricing power, and the churn problem lurking underneath. Eighteen months later, the data has validated nearly everything he said here.

In this episode, we cover:

— How Blackbird went from a $20M USD fund to backing multiple unicorns

— Why the best companies tend to be successes from the start

— The case for investing before product, before revenue, before anything

— Blackbird's approach to giving founders honest, specific feedback

— Why AI application companies grow faster than anything Niki has ever seen — and why churn is the catch

— How Australia's superannuation system became a venture capital superpower

— Seed valuations post-COVID and what determines the "right" price

— The biggest misconception about the Australian startup ecosystem

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.