Sydney, Australia-based Spaceship Financial Services has reportedly raised $19.5m in funding, with plans to cut fees and increase its exposure to tech stocks.
It raised the money in a round completed in June, closing $1m higher than planned due to Atlassian co-founder Mike Cannon-Brookes wanting to buy extra equity according to Business Insider.
The tech-focused superannuation fund recently announced that it is offering a new portfolio option, increasing its focus on technology assets, lowering its fees, as well as forming a new advisory board.
Spaceship’s flagship fund, GrowthX, has been rebalanced to include a 50 per cent allocation of technology assets, up from a previous allocation of 30 per cent. Total fees and costs have also been reduced from 1.60% to 0.99% pa.
The firm has also released a ‘second investment option’ known as the Spaceship Global Index Fund. This portfolio is targeted to individuals who want to invest with a global focus, with the offering having total fees and costs of 0.65% pa.
Spaceship CEO and founder, Paul Bennetts, said: “Australian equities only make up 3% of the global market, but they make up 46% of all super fund equity exposure.â€
“We’re investing in where the world is going, not where it’s been. We think your wealth can grow even more significantly if we invest it in the world’s top companiesâ€.
It has also formed the Spaceship Advisory Board (SAB), which is made up of; Sarah Goodman (non-executive director); Paul Dortkamp (currently independent director of Ellerston Global Capital and Jodie Baker (managing partner Blackhall & Pearl).
Copyright © 2017 FinTech Global
