<article>South Korean accelerator and fund network <a href="https://www.dealstreetasia.com/?s=SparkLabs%20Group">SparkLabs Group</a> has made the first close of its second venture capital fund at $6.18 million, according to an SEC filing.</article>

South Korean accelerator and fund network <a href="https://www.dealstreetasia.com/?s=SparkLabs%20Group">SparkLabs Group</a> has made the first close of its second venture capital fund at $6.18 million, according to an SEC filing.
The firm said its <a href="https://www.dealstreetasia.com/?s=SparkLabs%20Korea Fund II LP">SparkLabs Korea Fund II LP</a>, which has a target of $10 million, attracted commitments from 18 investors. The fund follows a $50-million fundraising for SparkLabs Korea Fund in August 2017.
SparkLabs Korea Fund II will be led by Bernard Moon, co-founder and general partner of SparkLabs. Previously, he was co-founder and CEO of Vidquik, a web conferencing and sales solutions platform. Moon was also a managing director at the Lunsford Group, which is a private investment firm with holdings in real estate, healthcare, and other industries.
The fund targets consumer services, enterprise, cloud computing, financial tech, artificial intelligence, and connected hardware sectors. It also deals with transaction sizes ranging from $1 million to $3 million in Series A and B rounds.
Beyond its base in Seoul, SparkLab Group’s network includes accelerators in Beijing and Taiwan, as well as seed-stage fund SparkLabs Global Ventures. It plans to launch a fintech-focused accelerator in Hong Kong this year.
In July 2016, it established a fintech bridge with the UK and is encouraging international startups to enter Korea through programs like K-Startup Grand Challenge.
“All of our founders are entrepreneurs who have built companies in Korea and the U.S. We have endured the ups and downs of entrepreneurship, gone through our share of successes and failures, and have developed a strong desire to help out the next generation of global entrepreneurs,” the company says on its website.
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The firm said its SparkLabs Korea Fund II LP, which has a target of $10 million, attracted commitments from 18 investors.

S Korea's SparkLabs hits first close of second VC fund at $6.18m

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S Korea's SparkLabs hits first close of second VC fund at $6.18m

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