Investment
08 May, 2022

Members to benefit from sale of tech start-up Instaclustr

Spirit Super members are set to benefit after global software giant NetApp purchased Canberra tech start-up Instaclustr.

Instaclustr is the industry-leading platform for deploying and managing open-source data and workflow applications as a service.

The start-up helps companies store large volumes of data to power apps and other digital products, including online streaming and retailers, social media, and ride-sharing services.

Instaclustr spawned out of the Australian National University (ANU) after receiving a capital investment from ANUConnect Ventures — a joint venture fund created by the ANU and MTAA Super (now Spirit Super) and supported by the ACT Government.

The fund aimed to invest in early-stage ANU and ACT companies with unique ideas, discoveries, and inventions.

Since receiving seed funding in 2014, Instaclustr has expanded operations to the United States, Australia, and Europe and now has over 300 employees.

Instaclustr’s sale is a significant win for early investors, including Spirit Super, IOF and ASX-listed Bailador Technologies.

Spirit Super Chief Investment Officer Dr Ross Barry said the investment was also a perfect example of Spirit Super’s impact investing strategy in action.

“As a super fund, our goal is to add value to our member’s retirement savings. But we also want them to feel proud of what we invest in on their behalf.”

“With impact investing, we seek out compelling investments that offer potential long-term value while also benefiting our everyday lives. That includes supporting companies transitioning to a low carbon economy, backing local innovation and manufacturing, or helping small businesses expand and create jobs.”

Recently, we announced we would commit 15% of our portfolio to impact investment opportunities as part of our five ESG priority targets. High on our priority list is to invest in regional and remote Australian communities.

“We’re committed to restoring our domestic industrial fabric, and we’re in a great position to do so,” said Ross. “As a medium-sized fund, we have the ability — and the will — to look at opportunities some of the larger super funds may pass over.”

“The ecosystem we created in Canberra with ANU, ANUConnect Ventures and the ACT Government is a good example of this and has extensive multiplier effects on local employment. It's also a testament to the ability of Australians to create value and grow businesses in the technology sector.”

“We hope to take this approach to many industries across the country to help reinvigorate our regions. A lot of our members live and work in remote and regional Australia, so it makes sense that we invest where it benefits them most.”

For more details about our commitment to investing with impact, see our updated Environmental, social and governance strategy. Past performance is not a reliable indicator of future performance.

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