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Deepti Sri · · 2 min readExclusive: Ex-Binance execs back HK Web3 platform
Hong Kong-based Sprout, an equity and token management platform, has received an undisclosed amount of funding from blockchain investment firm Old Fashion Research (OFR), the former told Tech in Asia.
Sprout founders Tony Sun (left) and Andy Lee / Photo credit: Sprout
As part of the investment, Sprout will be used to onboard and manage OFR’s equity and digital asset ownership data from their portfolio of over 50 blockchain and crypto investments.
Sprout was founded in 2019 by Andy Lee and Tony Sun, who have worked in companies such as Uber, Mapbox, and Kabam. The company combines on-chain and off-chain ownership information for equity, token wallets, cap tables, and team compensation on a central platform.
The Web3 platform provides advisory services and workflow automation as well as fundraising and valuation tools and services. It also offers virtual data rooms with behavioral tracking, multi-scenario modeling, and other governance tools for founders and their teams.
“With recent events unfolding, we see even more of a sense of urgency to support portfolio management teams to monitor and track all related party holdings including preferred shares, convertible notes, token allocations, and warrants,” said Lee.
Sprout’s token management module, Folium, reads blockchain data and enables teams to connect, organize, and track multi-token ownership. Folium also helps track off-chain assets such as pre-launched token vesting, simple agreement for future tokens, and warrant ownership.
See also: Can NFT-based private clubs disrupt a centuries-old model?
In March, Sprout raised US$3 million in a seed round from investors including Sovereign’s Capital, Firsthand Ventures, and NDN2, as well as government-backed funds. Ruby Lu, an angel investor and early backer of Kuaishou, also participated in the round.
Meanwhile, OFR was founded in late 2021 by former executives and investment teams at Binance. It aims to build a full-cycle ecosystem to support crypto-native entrepreneurs by incubating startups, along with traditional VC investment and scaling support. It also helps projects exit through a merger or acquisition.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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Sprout will be used to onboard and manage OFR’s equity and digital assets ownership data from their portfolio of over 50 blockchain and crypto investments.
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