Plans to launch Spaceship, a new tech-focused superannuation fund, have been met with scepticism amid expectations the venture will need to raise significantly more to succeed and may struggle to satisfy the regulator.

On Tuesday it was revealed that Atlassian co-founder Mike Cannon-Brookes was among 20 high-profile technology entrepreneurs to invest $1.6 million in seed capital in Spaceship, a start-up venture with an ambitious goal to create a new mobile-only super fund on a shoestring budget.