Singapore’s Spartan Group launches a $110 million fund for DeFi investments

Singaporean investment company Spartan Group launched a $110 million venture fund to support applications in the decentralized finance (DeFi) space.

Grateful to continue backing DeFi builders with @SpartanBlack_1 and @gabrieltanhl, bull/bear or otherwise https://t.co/SXWs4pQ7Kd

— Jason Choi (@mrjasonchoi) June 8, 2021

Choi said that initially Spartan Group expected the fund size to be $30 million.

The structure will place particular emphasis on the applied layer of DeFi, investing in applications on various blockchains, including Ethereum and Solana.

The firm did not disclose the names of investors in the new fund, but noted that they are affluent individuals and family offices that recently entered the market.

In the portfolio Spartan Group already has DeFi projects such as dYdX and Arbitrum. The firm came into their capital through its own fund, which became part of the new structure. The latter plans to invest in about 50 applications over the next five years.

Choi emphasised that Asian investors have maintained interest in private deals despite the market correction.

“Most investors are based in Asia, but [funds-of-funds] from Europe and the US are also present. I think Asian retail investors are concerned about price, but institutional investors generally stick to longer-term strategies. Therefore, it was easier to raise funds for a venture fund than for a hedge fund,” added Choi.

In February 2021, Spartan Group announced the creation of a $50 million fund. It was also focused on DeFi projects.

In May, the venture capital firm Multicoin Capital launched a fund with assets of $100 million to invest in decentralized finance and non-fungible tokens.

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