A interest in the business, as funding markets remain stubbornly shut and make life harder for cashflow-negative businesses.Street Talk understands Spaceship, best known for its low fees/passive superannuation fund, has gone through a round of talks with potential equity investors this year.
The business was expected to have been shown to larger players such as Mercer and AMP, which could have bought it in whole, as well as smaller ones like Raiz and Superhero, where a merger would make sense. Spaceship is backed by Mike Cannon-Brookes’ Grok Ventures, AirTree Ventures and Hong Kong’s Horizon Ventures, all of which tipped money intoCombining the raise with cost-cutting, it expected to keep the lights on until 2023 calendar year from its cash.
It was coming off poor investment returns from its tech-focussed portfolios, marketing spends on customer acquisitions and the struggle to convert non-paying clients to paying ones.
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