The fallout from the tumbling value of Australian tech darling Canva has begun to spread across the local industry, as more superannuation-backed and listed venture capital funds re-evaluate their start-up portfolios and set more realistic valuations.

Square Peg Capital moved first in downgrading the valuations across its portfolio of local start-ups, including Canva, earlier this month, and Blackbird Ventures took the razor to its own valuations last week, with the design software company marked down by 36 per cent by both funds from $US40 billion to $US25.6 billion.