SparkLabs launches $100m blockchain fund

The fund, known as SparkChain Capital, will be led by Joyce Kim, founder and former executive director of Stellar.org, a financial technology platform that created a cryptocurrency protocol currently being used by IBM as part of its financial technology program. Kim also works as a venture capitalist for Freestyle Capital, a US-based VC that claims about $216 million of assets under management across three funds.

Kim will be joined by Net Jacobsson, co-founder and partner at SparkChain and former director of international business development for Facebook. Other team members will include William Chu, former executive director at Zheng He Capital; and Jay McCarthy, co-founder of SparkLabs Global and managing partner at Pacific Advisers.

“[Kim’s] deep experience in and early exposure to blockchain and cryptocurrency will be crucial in sourcing the best companies and navigating this dynamic market,” Jacobsson said in a statement. “With the rapid pace of innovation moving in this space, it is crucial to have the most experienced advisors involved from the early outset.”

SparkChain aims to invest start-ups with small, targeted holdings of cryptocurrencies, although the fund does not plan to actively trade these currencies. The fund also plans to raise capital via an initial coin offering (ICO) within the year despite a recent string of regulatory restrictions on the funding model, including a ban in Korea.

SparkLabs’ accelerator in Seoul has made a number of investments in Korea’s growing fintech space, including blockchain technology provider Blocko and bitcoin remittance company Sentbe. SparkChain activity in Asia is expected to focus on the region’s most active blockchain and cryptocurrency markets, including Korea, China and Japan.

It follows closely on SparkLabs’ launch of a $50 million VC fund that will make Series A and B investments in start-ups across Korea and Southeast Asia. Both vehicles will leverage the firm’s international network, which includes a presence across the US, Europe and Israel.

SparkLabs launched its first accelerator in Korea in 2012 and opened a Beijing unit earlier this year. A Hong Kong accelerator focused on fintech is planned for early next year. In August, the firm launched a Taiwan accelerator focused on emerging high-tech and mobile segments.

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