Head of $100 million venture studio Spartan Labs departs

Quick Take

  • Shaun Heng left Spartan Labs after joining the venture studio early last year.
  • The studio has yet to launch a project but will debut its first this month, according to Spartan Group managing partner Kelvin Koh.

The head of Singapore-based Spartan Group’s $100 million venture studio has quietly left after less than a year in the role. It remains unclear what motivated the departure.

Shaun Heng, who was appointed to head of Spartan Labs in March 2022, parted ways with the business, said Kelvin Koh, co-founder and managing partner at Spartan Group, who added that Adrian Lai, previously Spartan Labs’ creative and design lead, is now heading up the venture studio.

Heng's departure was confirmed by two people familiar with the matter, who added that he left in December. Heng did not respond to a request for comment.

Spartan Labs was set up by crypto investment and advisory firm Spartan Group last year to “co-build with the most successful web3 projects and teams,” its website says.

The same sources who said that Heng had left Spartan Labs claimed the studio hasn’t been funding any new initiatives. Spartan Labs has yet to roll out a project, but Koh said it will launch its first this month and added that a few more are “in early stages,” without providing more details.

Spartan Labs initially aimed to develop and launch six or seven projects a year, and to arm them with access to advice, talent, customers and capital, according to a blog post published by Heng at the time of his appointment. The studio began with $