Cannon-Brookes leads $10m raising for Spaceship amid super crunch

Atlassian co-founder Mike Cannon-Brookes has led a $10 million capital raise for online investment platform Spaceship, as it reveals 5 per cent of its super fund was withdrawn under COVID-19 hardship measures.

Spaceship’s raise, via a convertible note rights issue, takes to $50 million the total attracted by the app-based platform, which launched in 2016 with a superannuation product weighted heavily towards technology shares, and aimed at Millennial or Generation Z Australians born since 1981.

However those younger Australians, which today make up about three-quarters of Spaceship’s 85,000 customers, have been hit disproportionately hard by the COVID-19 pandemic.

Superannuation assets comprise $300 million of the $420 million Spaceship had under management as at July 31. However that number would have been about $15 million higher had its members not been allowed to raid their accounts under the government’s superannuation early access scheme.

About one-fifth of Spaceship’s superannuation customers took up the government on its invitation, with just over 100 draining their accounts entirely.

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Source: Cannon-Brookes leads $10m raising for Spaceship amid super crunch