Spartan Group unveils new $50 million DeFi venture fund
February 9, 2021, 5:34PM EST
1 min read
Spartan Group, the digital asset advisory and investment company based in Singapore and Hong Kong, revealed the launch of a $50 million venture fund on Tuesday, according to CoinDesk.
The fund will invest in new decentralized finance (DeFi) systems, hoping to bridge the gap between Eastern and Western markets.
Spartan Group raised $30 million in the first round of funding and expects the remaining $20 million in March or April funding, reports CoinDesk.
DeFi protocols that have already received Spartan’s investments include MakerDao, Kyber Network, and Synthetix. In total, the firm currently manages over $200 million in funds.
Spartan Group was founded in 2017 and has two main businesses: a crypto advisory business focused on M&A and token fundraising, and a crypto investment business with a hedge fund and a venture fund. It has previously participated in prominent crypto fundraising rounds for startups like the decentralized exchange (DEX) Bonfida and the DEX aggregator 1inch. Spartan Group also previously served as the M&A advisor for the crypto data app Blockfolio.
Kelvin Koh, co-founder of Spartan Group, told CoinDesk that the firm’s ultimate goal is to use DeFi to "create significant disruptions to the existing financial system over the next 20 years.”