SparkLabs, Argon Group launch first startup accelerator security token offering

KUALA LUMPUR, May 14 (Bernama) -- SparkLabs Group -- the largest accelerator network in Asia and operator of global venture capital funds, has engaged Argon Group -- a leading digital finance advisory firm -- to launch the first startup accelerator security token offering through their Smart City and Smart Planet Fund.

Graduates of SparkLabs accelerators have an average raise size of over US$3.5 million (RM13.83 million) with 80 per cent of the startups receiving funding after the program, a statement said.

SparkLabs' startups also average over US$500,000 (RM1.97 million) in funds raised prior to entering the accelerator programs.

The SparkLabs token is not a utility token and is simply a smart contract that represents an investor's 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.

"We believe our Smart City and 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," said co-founder of SparkLabs Group, Frank Meehan.

"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 utilise as a test bed," Meehan added.

Further information can be accessed at sparklabs.tokenhub.com

-- BERNAMA