SparkLabs token is not a utility token and is simply a smart contract that represents an investor’s equity into its fund vehicle
Asian accelerator network SparkLabs Group has teamed with digital finance advisory firm, Argon Group, and Swarm Fund, a security token platform, to launch the first start-up accelerator security token offering.
The offering made through SparkLabs’ Smart City & Smart Planet Fund is intended to “democratise” venture capital access.
The token is a smart contract that represents an investor’s (“limited partners”) equity into its fund vehicle that will have equal holdings in start-up companies that are associated with
SparkLabs IoT and smart city accelerator in Songdo, South Korea and SparkLabs Cultiv8 accelerator in Orange, Australia.
SparkLabs said it had been concerned that many utility tokens are in fact securities and, accordingly, viewed this space with some trepidation.
“SparkLabs has been very conservative in our approach and viewpoints on the cryptocurrency space and token offerings,” said Jimmy Kim, co-founder of SparkLabs Group.
“After meticulous diligence, we have decided to jump into the pool a bit with a security token offering that we believe is conservative and provides a better understanding for venture capitalists on how this can affect our industry in the years to come.”
SparkLabs claims graduates of its accelerators have an average raise size of over $3.5m with 80 per cent of the startups receiving funding after the programme. SparkLabs’ start-ups also average over $500,000 in funds raised prior to entering the accelerator programmes.
“Argon Group is excited to be working with SparkLabs on this new and creative development for venture capital,” said Elliot Han, managing director at Argon Group.
“I believe that SparkLabs is an imaginative accelerator, and, in my view, it comes as no surprise to me that [it is] leading an effort combining both pioneering urban and environment planning and an innovative approach to capital raising.”
“We believe our Smart City & Smart Planet Fund allows people across the globe to invest into two accelerator funds that can truly change the world in terms of urban innovation, innovation in agriculture, and how we interact with our planet,” added Frank Meehan, co-founder of SparkLabs Group.
Argon Group is a boutique investment bank focused exclusively on the digital finance and token-based capital markets.
Swarm Fund is a blockchain-based resource for private equity. It’s a fully decentralised capital market place that democratises investing by using the power of the blockchain to open up alternative investment classes to investors through funds using cryptocurrency tokens.
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Middle East energy accelerator launches
Energy accelerator offers access to a global network of entrepreneurs, venture capitalists, angel investors and executives
XYO brings blockchain to the real world
System’s open-ended architecture for DApp development supports all blockchain platforms that possess smart contract execution
Songdo provides the spark for the IoT
Each successful entrant company will receive up to $50,000 in investment along with free office space and other perks
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