Holmes à Court-backed super fund rules off raise at $225m valuation
ESG-flavoured superannuation and investments start-up Future Super has ruled off its series C round, securing fresh capital from new and existing investors at a $225 million valuation.
Future Super chief executive Simon Sheikh.
The super fund had E&P Corporate Advisory drumming up $10 million from investors last month, structured as preference shares. Street Talk understands it raised at least $15 million.
Sources said a range of investors participated in the series C round, including follow-on investors and new institutions and high net worth backers, shaking off an Australian Securities and Investments Commission fine on greenwashing in Future Super’s advertisements.
Existing investors include a who’s who of climate-aligned investors including political activist Simon Holmes à Court, a company owned by Wotif.com’s millionaire founder, and prominent philanthropist Graeme Wood, Daniel Almagor and Berry Liberman’s investment fund Small Giants, Australian Ethical Investment founding director James Thier and early-stage venture capital fund Assembly Climate Capital, according to the fund’s ASIC register.
Other major investors include Fifth Estate Asset Management, run by ex-Regal small caps portfolio manager Dane Roberts and Australian growth equity group CVC Emerging Companies.
The business has been around since 2014. It was founded by ex-GetUp activists including Simon Sheikh, who is currently the chief executive.
Proceeds will be put towards consolidating with other ESG super funds or taking on mandates from ethical investment managers, Street Talk understands.
The raise comes after Future Super pulled in $25 million from investors earlier this year and $35 million in debt last year, which it will use to bankroll
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