SparkLabs Group, which started as South Korea’s first startup accelerator, is launching a $100 million fund dedicated to blockchain and cryptocurrency innovations, Forbes reported.
The new SparkChain Capital, which could fund 15-20 early-stage startups in any region, aims to cut through the speculative nature of the current cryptocurrency industry and help startups build long-lasting technological platforms, said Joyce Kim, the fund’s lead partner.
“It’s clear that crypto has really left the fringes and is now at center stage,” said Kim, the former director of Stellar.org and an investor at Freestyle Capital.
SparkChain Capital itself is planning for an ICO later this year. Practicing what they preach, SparkLabs plans to adopt blockchain software to streamline its fund operations, currently exploring the best use cases, Kim said.
SparkLabs launched its first accelerator in Seoul back in 2012 with a general focus on South Korean startups, though around a fifth of all graduates hail from other countries. The company subsequently launched additional accelerators in Korea and China, while as of last month it also operates SparkLabs Cultiv8, an Australia-based global accelerator program focused on ag tech, food tech, and sustainability.
Additionally, SparkLabs also operates SparkLabs Ventures, which is a VC fund focused on Korean startups, and seed-stage SparkLabs Global Ventures, which — as its name suggests — seeks out companies around the world.