SparkLabs Group , which has the largest accelerator network in Asia and operates global venture capital funds, has launched the first startup accelerator security token offering through their Smart City & Smart Planet Fund. SparkLabs has engaged with Argon Group, a leading digital finance advisory firm, to launch this new offering.
Individual and institutional investors across the globe will be able to invest into this new fund offering that will equally invest into SparkLabs’ IoT & Smart City accelerator fund and SparkLabs Cultiv8 fund, which is an agtech, food tech and sustainability accelerator.
SparkLabs IoT & Smart City accelerator is a primary innovation partner for Songdo, South Korea’s $35 billion smart city built from the ground up. SparkLabs Cultiv8 accelerator is a primary partner with the Government of New South Wales’ Department of Primary Industries for an agtech, foodtech and sustainability accelerator. The local government has given access to over 13,000 hectares (32,123 acres) of experimental farmland and 25 world-class research stations (i.e. fisheries, water, biosecurity, food safety) in Australia.
“SparkLabs has been very conservative in our approach and viewpoints on the cryptocurrency space and token offerings. We have been concerned that many utility tokens are in fact securities and have viewed this space with some trepidation. After meticulous diligence, we have now 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,” stated Jimmy Kim, Co-founder of SparkLabs Group and former CFO of Nexon (South Korea’s largest online gaming company). Additionally, Mr. Kim’s most recent startup, N3N, was Cisco’s first IoT investment.
The SparkLabs token is not a utility token and is simply 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 & Smart City Accelerator in Songdo, South Korea and SparkLabs Cultiv8 Accelerator in Orange, Australia.
“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. Both accelerators have excellent partners, such as Australia’s Government of New South Wales which generously provided access to over 30,000 acres of farmland for our startups to utilize as a test bed,” explained Frank Meehan, Co-founder of SparkLabs Group. Mr. Meehan was born and raised in Australia and is currently living in London. Prior to launching SparkLabs, he was best known for leading DeepMind’s Series A (acquired by Google) and sat on Siri’s board of directors until it was acquired by Apple.
“Argon Group is excited to be working with SparkLabs on this new and creative development for venture capital. I believe that SparkLabs is an imaginative accelerator, and, in my view, it comes as no surprise to me that they are leading an effort combining both pioneering urban and environment planning and an innovative approach to capital raising,” said Elliot Han, Managing Director at Argon Group.
The post SparkLabs Launches Its Smart Planet Fund as the First Startup Accelerator Security Token Offering appeared first on NewsBTC.
via NewsBTC https://www.newsbtc.com
May 11, 2018 at 11:05AM
Speed up your bitcoin transactions at SpdyBit.io