SparkLabs brings ‘smart city’ accelerator to Singapore, partners with IncuVest

South Korea’s SparkLabs Group is partnering with Singaporean investor and venture builder IncuVest to expand its internet of things (IoT) and smart city-focused accelerator program to Singapore.

SparkLabs IoT is a global initiative that the South Korean venture-builder network has launched in Songdo – an extensive, US$35 billion business and residential complex on reclaimed land near Incheon that the country claims is the world’s first purpose-built smart city.

The Songdo skyline / Photo credit: Alfonsojung / Pixabay

The five-month program offers selected startups the chance to “take advantage of Songdo as a development center and test bed, while also having access to local and global corporations, investors, suppliers, and manufacturers.” SparkLabs will invest US$50,000 in each startup in return for an equity share of up to 6 percent. It also provides office space office and access to “top-tier” angel investors and VCs.

“It will still be a global program, but will leverage Singapore’s leadership in designing and developing smart cities around the globe,” said SparkLabs co-founder Jay McCarthy. “Bringing [IncuVest co-founder and managing partner] Ronnie Wee and the IncuVest team on board strengthens our team.”

In addition to SparkLabs IoT, the group runs a fintech-focused accelerator based in Hong Kong, as well as a more general program with branches in Beijing, Seoul, and Taipei. It also manages two VC funds, SparkLabs Ventures and SparkLabs Global Ventures – the latter of which is focused on seed investments – and hybrid VC and cryptocurrency fund SparkChain Capital.