The Spartan Group is a crypto-native digital asset advisor, asset manager and Web3 venture studio founded in 2017 . Based in Singapore and Hong Kong , the firm operates across three pillars: advisory services for M&A and capital raises, a multi-strategy investment fund, and Spartan Labs, which functions as a venture studio. The firm reports over $1 billion in transactional value and $500 million in assets under management . With a strong focus on blockchain gaming, DeFi, and metaverse projects, Spartan Group has built one of the most active portfolios in Asia-Pacific Web3 venture capital.
Spartan Group has invested in 171 companies over the last 7 years, with an average of 31 new investments annually in the last 5 years . In 2025, it made 5 investments, while as of Jan 2026, it has made 1 investment . The firm takes an active approach to portfolio construction, with 38 lead investments across 59 total portfolio companies according to platform data. It primarily invests in Seed round in United States based startups, with investments spread across blockchain technology, high tech, and FinTech sectors .
Notable Investments
Spartan Group portfolio has seen 7 unicorns and 5 acquisitions including key companies like Consensys, Animoca Brands and Mysten Labs . Top investments include Polygon , which has delivered strong returns for the fund. Other portfolio unicorns include Unstoppable Domains and LayerZero Labs Canada Inc . Its most recent first time investment was in River and most recent follow-on round was in Cookie3 . Most recently it led the $5M Seed round of Blum along with OKX, with participation from gCC and other investors . The firm has also backed notable blockchain infrastructure projects across gaming, layer-2 solutions, and decentralized applications.
5 companies from Spartan Group's portfolio have been acquired, with the most recent acquisition being Credora in Sep 2025 by RedStone . The portfolio demonstrates a mix of high-conviction bets on infrastructure and application-layer projects, with particular strength in play-to-earn gaming and NFT platforms.
Team
Kelvin Koh is a Co-Founder and Managing Partner at Spartan Group . Kelvin was also Partner and Head of Research at Goldman Sachs, where he spent 18 years across its Singapore, Hong Kong and Beijing offices . Previously, Kelvin was a Partner and China CIO at Indus Capital, an Asia-focused equity hedge fund with over $6.5 billion in assets under management . Melody He serves as Co-Founder and Partner, while Jason Choi is a General Partner . The firm's partners are former veterans from the banking, hedge fund and venture capital worlds . Spartan Group has a team of 35 members including 17 Partners and 3 Principals located in Singapore, China and 4 more locations .
Recent Activity
The firm has remained active throughout 2025 and early 2026, continuing to deploy capital into Web3 projects despite market volatility. The firm hosted its first event of 2024 in Dubai, with participants from GDA, Bybit, Deribit, Polygon Labs, and other major crypto platforms . Spartan Group maintains a strong presence in the Asia-Pacific region while expanding its reach into Middle Eastern and European markets. The firm has also increased its content production and thought leadership, publishing market insights through its podcast "The Blueprint" and social channels.
Geographic focus remains centered on Asia, with operations in Singapore and Hong Kong serving as the hub for deal sourcing and portfolio management. The firm actively scouts projects across Southeast Asia, Greater China, and increasingly in emerging Web3 markets in the Middle East and Europe. A lot of funds co-invest with Spartan Group, with names like Animoca Brands sharing a substantial percentage of its portfolio .
Outlook and Performance
Spartan Group has established itself as a leading crypto-focused investor with demonstrated success in identifying early-stage blockchain opportunities. The firm's 5.11x retail ROI reflects strong portfolio performance, particularly in gaming and infrastructure plays. With seven unicorns in the portfolio and active involvement in the Web3 ecosystem, Spartan continues to operate as both a capital provider and strategic advisor to emerging projects. The dual approach of venture investing and advisory services positions the firm to capture value across multiple stages of the Web3 company lifecycle.
Public information about specific fund structures and detailed investment terms remains limited. The firm maintains a relatively low public profile compared to Western counterparts, focusing primarily on deal execution rather than media presence. Looking ahead, Spartan Group appears well-positioned to continue backing the next generation of blockchain applications, with particular emphasis on practical utility-driven projects in gaming, DeFi, and cross-chain infrastructure.
