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Spaceship, a Sydney-based investment platform backed by Australian billionaire Mike Cannon-Brookes, has been acquired by global multi-asset trading company eToro in a deal worth up to $80 million.
Founded in 2017, Spaceship offers a suite of financial services, including superannuation fund Spaceship Super, managed funds platform Spaceship Voyager and Spaceship US Investing. The company has 200,000-plus clients on its platform and more than $1.5 billion in funds under management.
The deal comes more than a year since Spaceship secured $6 million in funding from Mike Cannon-Brookes' investment vehicle Grok Ventures and Hong Kong-based venture capital firm Horizons Ventures. This followed an earlier $7.5 million raised through an existing convertible note facility in mid-2022, bringing the total to $13.5 million. These funds were used to support the launch of new products and expand existing operations.
Other backers include global VC firm NEA, California-based equity firm Sequoia Capital, boutique investment firm Startive Ventures, and Sydney-based AirTree. In total, the company has raised more than $50 million from local and global venture capital firms.
The latest deal consists of an upfront allocation of eToro shares as well as a multi-year agreement contingent on Spaceship hitting earn-out targets.
Following the acquisition, Spaceship clients will continue to be served by the brand and in future will have the chance to access eToro’s products, investment tools and educational resources. Meanwhile, eToro users will get easy access to Spaceship’s superannuation and managed funds.
“Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth,” Spaceship CEO Andrew Moore says.
“We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value.
“Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”
Founded in 2007, London-based eToro is a trading and investing platform with over 38 million registered users from 90 countries. The company is authorised and supervised by regulatory authorities in jurisdictions around the world including the Australian Securities and Investments Commission (ASIC).
While eToro initially launched as a trading platform for currencies, it has since expanded to include stocks, commodities, cryptocurrencies, and ETFs.
“Spaceship and eToro share the goal of making investing accessible for everyone. Like us, they look to the future and we are excited to welcome their team and their clients into the eToro family,” eToro co-founder and CEO Yoni Assia says.
“We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. Our mission is to give people the tools and knowledge they need to grow their wealth. To do this we must continue to build out our offering, so that we can support people throughout their investing lives.
“We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”
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