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Hostplus announces $6.8m investment in IoT company Fleet Space signaling new wave tech strategy

Hostplus has announced a significant $6.8 million investment in Fleet Space, via investment fund Blackbird. Hostplus’ investment is part of $26.4 million (USD) capital raised by Fleet Space. It builds on Hostplus’ significant venture capital portfolio as part of its investment strategy and objective to evolve and grow as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries.

Fleet Space Technologies is the world’s most advanced low-power satellite network, ensuring global coverage for millions of compatible industrial Internet of Things (IoT) devices. Having successfully launched its first commercial nanosatellite in November 2018, today Fleet Space Technologies has six satellites in orbit and is building to a constellation of 140 small satellites in Low Earth Orbit.

Hostplus is one of Australia’s largest institutional investors in venture capital, with more than $2.2 billion committed to the sector, of which $1.5 billion has now been invested. The investments in startups and other groundbreaking companies like Fleet Space are driving innovation and contributing to Hostplus’ mission to deliver sustainable long-term returns for its members.

David Elia, Hostplus’ Chief Executive Officer, said the investment represents another significant private equity investment milestone for the fund.

“Our investment in Fleet Space is exciting for Hostplus and our members. While still an emerging technology company, Fleet Space is already a global leader in advanced low-power NanoSatellite expertise. Their work has been both impressive and valuable, making internet connectivity cheaper and more accessible around the world. 

“We see the need within the IoT area as only continuing to grow, especially as demand for such connecting technology increases globally, and Hostplus is delighted to be part of that growth story. Today’s announcement of our investment in Fleet Space, through our valued partnership with Blackbird, further and practically demonstrates our increased commitment to venture capital investment in world-bettering technologies.”

Flavia Tata Nardini, Fleet Space Technologies CEO and Founder said the announcement represents a major step forward for the company, which is committed to creating the world’s most advanced low-power satellite network.

“We are proud to lead the growth of Australia’s rapidly expanding space sector. We are excited to take Fleet Space to the next level and further realise the potential of IoT technology to secure planet-wide coverage of millions of industrial devices. This will save billions of dollars for organisations in lost value while preserving precious resources and reducing carbon emissions.”

Blackbird co-founder and Partner Niki Scevak applauded Hostplus’ commitment. 

"Hostplus has been at the forefront of championing our innovation ecosystem and investing in Australia's most ambitious startups. We're excited to invest alongside Hostplus and continue supporting Fleet Space's growth."

Sam Sicilia, Hostplus’ Chief Investment Officer, said the investment represents a strategic opportunity for the fund to add to its already successful private equity portfolio while also supporting emerging Australian business. 

“As a locally grown fund, we are supporting Australian businesses who are expanding and this represents a significant opportunity for growth to benefit our members longer-term investment outcomes.”

The Hon Steven Marshall, Premier of South Australia congratulated Fleet Space on their success. 

“South Australia is emerging as a leader in the space and advanced technology industries, with Fleet Space Technologies taking great leaps forward when it comes to developing nanosatellites,” the Premier said.   

“Fleet Space Technologies’ nanosatellites are helping improve telecommunications for regional and remote South Australians, among other things, and we welcome such a significant investment in a business working tirelessly to develop cutting-edge communications and space technologies.    

“South Australia is already home to the Australian Space Agency, and this is just another example of how our space industry is attracting investment, creating jobs and inspiring the next generation." 

Today’s announcement contributes to assisting Hostplus to remain one of the largest and one of the best-performing super funds in Australia, with more than 1.3 million members, 236,000 contributing employers and $73 billion funds under management.1

1Source: Hostplus


Media contact

Hostplus - Nathan Motton - nathanm@bastionreputation.com.au, 0447 771 882