Co-founder of Atlassian, Mike Cannon-Brookes, has invested in a new technology-focused superannuation fund for millennials, and says he will switch his own super into it.
Spaceship is a super fund that will invest heavily in big-name technology stocks such as Apple, Google, Facebook, Amazon and Microsoft — rather than the blue-chip banking and mining companies that its older rivals concentrate on.
“Our core difference is that we invest in where the world is going, not where it has been,” chief executive and co-founder Andrew Sellen said.
Spaceship has announced today that it has completed a $1.6 million seed investment round, with Cannon-Brookes’ investment vehicle Grok Ventures joining the likes of Salesforce investor Simon Clausen, Aconex founder and chief Leigh Jasper, Mike Baukes and Alan Sharp-Paul of UpGuard and Andre Eikmeier of Vinomofo in contributing.
“Spaceship will be a game-changer, and I’m looking forward to transferring my own super in when it launches,” said Cannon-Brookes.
The fund aims to attract younger generations to a financial product that they otherwise would not think too much about. Sellen told Business Insider that Spaceship hopes to engage millennials by investing in technology ventures and showing a balance breakdown down to the stock level on their superannuation accounts.
The startup is aiming for one million customers, with “thousands” on the waiting list already.
“We want to launch this year,” Sellen said. “And we want to get to the one million mark within 7 to 10 years.”
Spaceship is also spruiking its digital-only administration as a selling point for millennials. Applications to join the fund will take place through a mobile app, eschewing the paperwork that comes with conventional superannuation products.
“It’s insane that many super funds are still sending out paper forms. We communicate through digital channels only, and make it extremely easy to get stuff done — like our instant super find and one-tap combine functionality that you can do in the Spaceship app when you sign up,” Sellen said.
There is superannuation experience among the four founders. Chief operating officer Kaushik Sen worked in tech positions at ING and AMP and was specifically involved in the launch of SmartChoice Super at ANZ. Sellen led Australian Ethical Investment’s marketing effort, which saw it double its funds over the last three years to hit $1.4 billion.
Chief technology officer Dave Kuhn is a startup veteran with experience in both Sydney and California, while chief information officer Paul Bennetts was recruited from AirTree Ventures, boasting past experience at Goldman Sachs.