SparkLabs, the largest startup accelerator in Asia, operating a global venture capital fund, has partnered with Argon Group, a digital finance advisory firm. The partnership has taken place to launch the first startup accelerator security token.
This token is not a utility token but simply a smart contract. This represents an investor’s 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.
This comes as a surprise, considering SparkLabs has been very conservative in its approach towards cryptocurrencies.
SparkLabs accelerators’ alumni companies have raised on average over $3.5 million with 80% of the startups receiving funding after the program. SparkLabs’ startups also average over $500,000 in funds raised prior to entering the accelerator programs.