The new fund will comprise a $150 million core fund focused on Australian technology startups and a follow on fund with a broader remit."Even though the funds are getting bigger we want to continue backing early-stage companies as well,"Ms Wong said.

"The smallest cheque we have written is for $50,000 and our first investment in[graphic design platform]Canvawas $US250,000,we are happy to invest pre-product and pre-revenue for the most ambitious founders and most ambitious ideas."

Ms Wong said bringing Mr Cannon-Brookes on as chairman showed how Blackbird was pursuing innovation and gave the firm the perspective of someone who has scaled a company rapidly. Blackbird is planning to almost double in size to 40 people by the end of 2021.

"When you think about VC we talk a lot about investing in really ambitious founders but people don't tend to innovate or be as ambitious themselves about being such a great business,"Ms Wong said."It's a good opportunity for Mike to help grow the next generation of baby Atlassians."

Mr Cannon-Brookes said Blackbird was both a startup,an investment firm and an"incredibly talented"group of people backing ambitious founders."I share with the team a deep belief that the world change comes from entrepreneurs who are wildly wrong,then wildly right,"he said.