The downgrades from Blackbird Ventures and Airtree came as the Sydney-based tech outfit cut its own valuation ahead of issuing shares to employees.

The discounted private valuation is particularly of note this time of the year when investors are scrutinised by auditors over the valuation ascribed to their unlisted investments.

The discounted private valuation is particularly of note this time of the year when investors are scrutinised by auditors over the valuation ascribed to their unlisted investments.