Some of Australia's biggest industry superannuation outfits are using member funds to quietly bankroll a new online news venture guided by Crikey backer Eric Beecher, with plans to promote the venture to their millions of members.

The site, to be named The New Daily, is set to launch this week – the latest entrant to an increasingly crowded online news field in Australia.

The industry super funds ploughing $3 million into the venture include AustralianSuper, the country's biggest superannuation fund, United Super, the trustee of construction industry fund Cbus, and Industry Super Holdings, a company that owns various industry fund entities.

Former Age editor Bruce Guthrie is understood to be the site's editor-in-chief. Several Labor, union, media and industry fund identities – including industry funds stalwart Garry Weaven, former Victorian premier Steve Bracks – are believed to be, or have recently been, connected to the venture.

Documents lodged with the Australian Securities and Investments Commission show that The New Daily's owners are AustralianSuper, United Super and Industry Super Holdings, with each holding 2 million of the company's 6 million shares. The documents show the owners paid a combined $3 million for their shares.