T. Rowe Price has marked down its stake in Canva by 67.6%

Last summer, Blackbird, one of Australia’s largest venture operations, marked down the value of one of its most prized stakes, in the Sydney-based design platform Canva. Valued at $40 billion by investors in a $200 million round in the fall of 2021, Blackbird adjusted its own valuation of the company 36% to $25.6 billion.
Now, T. Rowe Price — the mutual fund goliath that began investing aggressively into late-stage startups nearly a decade ago, continued to fund them throughout the pandemic, and which led that $40 billion round in 2021 — has marked down the value of its stake

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