Investor Profile: Spartan Group — Thesis, Cheque Size & How to Apply

Spartan Group funding has been part of some of the defining deals in decentralised finance. Founded in 2017 and based in Singapore, Spartan Group describes itself as one of the most active venture investors in Web3 — and one of the earliest institutional believers in DeFi.

Investment thesis

The firm's thesis is to back leading crypto companies and networks while bridging Western and Asian markets. Co-founder and partner Kelvin Koh told CoinDesk in 2021 that the firm seeks projects that can "create significant disruptions to the existing financial system" through DeFi and fintech. Beyond investing, the firm is a leader in Web3 M&A and capital raises. On size, the firm itself stated in February 2021 that it managed "over $200 million across its various funds"; a current AUM figure has not been publicly disclosed.

Sectors, stages and cheque size

DeFi is the core — alongside crypto infrastructure, DEXs, derivatives, asset management and NFT/gaming. The firm backs early-stage crypto projects; its 2024 outlook flagged AAA-grade Web3 games, Bitcoin-ecosystem assets, consumer apps and DePIN as areas of interest. In February 2021 it announced a dedicated $50M DeFi venture fund, with $30M raised in the first close and a further $20M expected. No standing cheque-size range has been published.

Notable portfolio and leadership

Early DeFi bets include MakerDAO, Kyber Network, Yearn and Synthetix, invested via the Global Blockchain Opportunities Fund; the firm also participated in dYdX's $10M Series B. In November 2023 it made a follow-on OTC investment in Pendle Finance, having been an early backer since the Pendle V1 launch in 2021. The firm was co-founded by Kelvin Koh and Melody He — both ex-Goldman Sachs — with Koh as partner at Spartan Capital, He as partner and co-head of Spartan Advisory, and Casper Johansen as co-founder of Spartan Advisory.

How to get funding from Spartan Group

There is no public application route for Spartan Group funding — no pitch or application page was found on the firm's site in the sources read. As with most established crypto VCs, engagement is typically relationship-led through the firm's partner and portfolio network; the firm publishes no official channel for cold pitches.