South Korean SparkLabs launches USD30 million fund for seed-stage companies
South Korean accelerator SparkLabs launched its new fund to reach out to foreign startups around the world. Called SparkLabs Global, the USD30 million seed-stage fund would seek to support technology entrepreneurs with its impressive mentor network. SparkLab's new venture would be operated by founding partners Jay McCarthy, Jimmy Kim and John Lee. Two of SparkLab's operating partners are Horizon Ventures' Frank Meehan and former Facebook executive Net Jacobsson.
SparkLabs Global's target would be startups in Europe, Southeast Asia and China. SparkLabs co-founder Bernard Moon also said that the fund would be bullish on Indonesian startups because of its population and developer talent. Moon pointed out that areas that the fund would be looking into would be parts of Eastern Europe, Sweden, Israel and Berlin. Startups that SparkLabs Global would be targeting would be in wearable tech, e-commerce, gaming, social, consumer wellness, finance and education industries.
Moon explained the rationale behind the creation of the new fund. "Since Frank was Horizons' person for Europe and Israel and Net is in Tel Aviv with a great network in China and the U.S. (thanks to his time at Facebook), the whole picture made complete sense and it was a quick decision for us to combine our efforts and create a truly global seed-stage fund," Moon said.