Spartan Group, a Singapore-based blockchain advisory and asset management firm, has launched a US$100 million venture builder focused on the Web3 sector called Spartan Labs.
The company has appointed former CoinMarketCap executive Shaun Heng to lead the new initiative. Prior to CoinMarketCap, Heng founded Eatsy, a food ordering startup backed by East Ventures.
Spartan Labs head Shaun Heng / Photo credit: Spartan Group
According to Heng, Spartan Labs aims to launch six to seven Web3 projects each year. In the coming months, he will be looking for a team of entrepreneurs, engineers, game economists, and NFT strategists to manage the initiative.
Spartan Group decided to build the venture builder to accelerate the time needed for a crypto project to grow from concept to public launch – a process that usually takes up to two years.
“Our venture building model borrows the operational excellences from Web2 venture builders like Sutter Hill Ventures, which spawned cloud computing-based data provider Snowflake; Science Inc, which created the Dollar Shave Club; and BCG Digital Ventures, which built Ovo, Indonesia’s first fintech unicorn,” Heng said in a statement.
See also: Are SEA’s tech VCs missing out on the crypto craze?
Spartan Group was founded in 2018 by Melody He, Casper Johansen, and Kelvin Koh. Earlier this month, the firm announced a US$200 million metaverse fund, and last year, it launched a US$110 million venture fund focused on decentralized finance.
Editing by Lorenzo Kyle Subido
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