Australian online investment platform Spaceship secures $10 million
By Edil Corneille
Sydney-based Spaceship, an online investment platform for younger Australians, announced the capital raise of $10 million. Shareholders were invited to participate via a convertible note rights issue, which has been fully subscribed. Following the raise, Spaceship apprised that it has now attracted more than $50 million of funding, making it one of the most well-supported recent entrants to the $2.7 trillion superannuation market.
Spaceship launched its first product in 2017 and has built an online investment and superannuation platform for younger Australians, a cohort traditionally disengaged with building long-term wealth through equities.
The company has mentioned that it has surpassed 85,000 retail investors as of July 31, 2020. Also, $420 million in Funds Under Management (managed funds and superannuation) have been attracted as of July 31, 2020, which is a 42 percent increase from around $295 million a year earlier. Spaceship stated that the company is consistently attracting 200-300 new customers each day.
Spaceship CEO Andrew Moore elucidated that many younger Australians were resetting their relationship with money and wanting to feel more personally connected with their investments and superannuation.
“Australians who join Spaceship tell us they love it – as they have been long-wanting a simpler and more engaging way to invest,” he said.
“Our customers have shown extreme resilience through the market volatility of the last quarter, and they are being joined by around 300 new investors per day across our superannuation and investment offerings.
“We are grateful to our shareholders for their ongoing support; this additional capital will help propel our growth and product development, providing younger Australians with a best-in-class investment platform.
“The company’s progress has been underpinned by strong investment performance in both our superannuation and investment products.”
Spaceship is said to be backed by some of the country’s most astute investors including Mike and Annie Cannon-Brookes’ Grok Ventures and AirTree Ventures.
Grok Ventures’ Jeremy Kwong-Law enunciated, “Australians deserve world-class investment products for their hard-earned savings. Spaceship is delivering just that. And continuing to improve the product and experience every day. This is clearly resonating with young Australians. We are excited to support Andrew in building out a fantastic and experienced team to take Spaceship to the next level.”
AirTree Ventures’ Daniel Petre encapsulated, “The financial services industry has been crying out for a shake-up for long enough. Spaceship’s innovative and educational approach encouraging younger Australians to engage with their investments is delivering on this opportunity.”
Spaceship stated that it has made a number of investments in its people and structures in the last 18 months, including the appointment of a Chief Operating Officer, Chief Product Officer, and Chief Marketing Officer, to strengthen its business foundations. Andrew Moore was appointed to the role of Chief Executive Officer in August 2019.
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