SparkLabs Announces $100M Fund To Support Blockchain Startups
South Korea’s first accelerator SparkLabs has launched a $100 million fund in a move to empower blockchain startups across the globe.
Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates: https://t.me/bitsonline
South Korea’s global venture capital and accelerator company SparkLabs Global Venture announced their latest initiative: SparkChain Capital. It will help the early-age startups working on blockchain and cryptocurrency with this new $100 million fund.
The SparkChain fund has a twofold purpose, reported Tech in Asia. Most of the capital will be used to create equity investments in startups baked by blockchain technology. The remaining capital will be invested in cryptocurrency, digital tokens and their Initial Coin Offerings (ICOs). The company plans to launch their own ICO by end of the year.
Since its launch in 2012, SparkLabs has grown into a various network of accelerators and venture capital funds in Asia and other countries. SparkLabs launched their first accelerators in Seoul back in 2012.
SparkChain Capital, a new venture by SparkLabs, will fund around 10-20 early-stage startups around the world. The sole aim of this initiative is to break the speculative nature of digital currency. Additionally, it will aim to help the startups build strong platforms based on the latest blockchain technology.
This new fund is led by Joyce Kim, a managing partner and former director at Stellar — a San-Francisco-based public infrastructure for money, which is building an open source payment network protocol that just tied-up with IBM and banks to create a global blockchain payment solutions.
“What attracted me to working with the SparkLabs team is their passion to help the next generation of entrepreneurs across the globe. I’m looking forward to helping out entrepreneurs looking to truly change the world through blockchain technologies,” Said Kim.
Kim will work closely with SparkChain Capital co-founder and partner Net Jacobsson.
“We are very excited to have Joyce onboard to lead our new fund. Her deep experience in an early exposure to blockchain and cryptocurrency will be crucial in sourcing the best companies and navigating this dynamic market. With the rapid pace of innovation moving in this space, it is crucial to have the most experienced advisors involved from the early outset. At SparkChain Capital, we have prepared ourselves by carefully recruiting some of the best securities advisors and fund attorneys to make sure that we always will be SEC compliant no matter how the wind blows. The same is true for the biggest cryptocurrency markets outside the U.S., such as South Korea, Japan and China.”
China, Japan and South Korea are the world’s most active blockchain and cryptocurrencies markets outside the USA. These four countries are under the radar of SparkLabs. Its accelerator in Seoul has already invested in Blocko, a leading blockchain company in South Korea, and Sentbe, the leading bitcoin remittance company in South Korea.
Through SparkLabs’ global seed fund, the team has already invested in Cryex, an independent, order-driven, blockchain-compatible FX trading firm in Stockholm, in addition to other related startups.