Singapore-based asset management firm and blockchain advisory Spartan Group has just launched a $100 million venture builder that has as its focus the WEB3 sector named Spartan Labs.
To this end, the company appointed former CoinMarket Cap exec Shaun Heng to lead the venture builder. Before his stint at CoinMarketCap, Heng was a founding member of Eatsy which is a food ordering startup backed by East Ventures.
Heng says that Spartan Labs will look to launch 6-7 Web3 projects per year, and in the months to come, he will scout for a team of engineers, NFT strategists, entrepreneurs as well as game economists who will be able to manage the projects.
Normally a crypto project takes two years from concept to the public launch, and the venture builder was built by Spartan Groups to accelerate this process.
In a statement, Heng said that their venture building model takes the operational experience from Web2 venture builders, for example, Sutter Hill Ventures which had given birth to cloud computing-based data provider Snowflake. Science Inc, the creator of the Dollar Shave Club will be another inspiration along with BCG Digital Ventures, the brains behind Indonesia’s first unicorn, Ovo.
The Spartan Group is young, being founded in 2018 by Caspar Johansen, Melody He, and Kelvin Koh. At the beginning of the month, Spartan Group announced a $200 million Metaverse Fund, and back in 2021 it also launched a $110 million venture fund that would deal with decentralized finance.