Superannuation fund Spaceship last year started using Atlassian co-founder Mike Cannon-Brookes’ high-profile testimony of its investment model to promote itself. Now that arrangement has reportedly been scrapped.
The Australian reported Monday that Spaceship was instructed to remove Cannon-Brookes’ image and quotes from its marketing materials and social media. Business Insider has confirmed that he no longer appears on the Spaceship website.
Business Insider has reached out to Spaceship and Cannon-Brookes for comment.
Cannon-Brookes hit the headlines last September declaring that he would put his own retirement savings into Spaceship, calling it a “game changer”. His investment vehicle Grok Ventures had contributed to the startup’s $1.6 million seed round at the time.
Spaceship has been in beta mode throughout an eventful 2017, with The Australian reporting that Cannon-Brookes has only recently invested his super into the fund.
The startup’s chief executive Paul Bennetts told Business Insider in March that it would hold $100 million by the time it officially launched in April. That launch, due to be held at the Myriad summit, was postponed due to Brisbane’s extreme weather putting a halt to the entire conference.
The fund has attracted interest from younger Australians by pushing the message that it would invest in tech stocks like Apple and Facebook rather than traditional blue chip stocks in industries like mining and banking. It has faced criticisms for its high fees, although Bennetts has maintained that would reduce over time as economies of scale kick in.
Bennetts took over as chief late last year from co-founder Andrew Sellen, who reportedly is no longer involved with the company. The other co-founder, Dave Kuhn, also departed in February.
The financial services licence holder behind the venture also reportedly changed this year, going from Grosvenor Pirrie Management to Mark Thompson Advisory after a disagreement in strategy.