What SPiCE VC does

SPiCE VC is a Singapore-headquartered venture capital firm, founded in 2017, that operates as the world's first fully tokenized venture capital fund. The firm builds and manages tokenized fund vehicles (SPiCE Fund I launched 2018, SPiCE II launched in May 2022 with a $250 million institutional target) whose LP interests are issued as digital securities on a compliant issuance platform and tradeable on regulated secondary marketplaces, including via its spun-off portfolio company Securitize. Minimum investment is $250,000 for new investors and $50,000 for existing investors in the ongoing second closing, with pricing derived from the most recently published NAV per token ($3.18 as of the latest quarterly report).

The firm's investment focus is the blockchain and tokenization ecosystem. Across SPiCE Fund I it deployed capital into 16 companies spanning issuance and compliance (Securitize, InvestaX), digital asset exchanges (Bakkt, INX, Archax), blockchain infrastructure (Blockdaemon, Sensei Node), GPU/compute rendering (RNDR), tokenized real estate (RealOneX), payments (Ripio), data analytics (IOB), lottery/gaming (Lottery.com), and applied ML (ROKK3R). Three SPiCE I portfolio companies had gone public, including INX Limited, which completed the world's first SEC-registered digital security IPO (raising nearly $85 million). The firm pioneered much of the legal and regulatory infrastructure that underpins today's digital securities industry and counts the 4th ever Digital Security and the first digital security traded on a regulated marketplace (OpenFinance Network) among its milestones.

SPiCE's revenue mechanics are those of a traditional venture capital fund — management fees on committed capital plus carried interest on realized exits — but are differentiated by the tokenized structure, which provides secondary-market liquidity for LP interests that conventional VC structures cannot match. Distribution is conducted globally via the Securitize investor login portal, the firm's own website (spicevc.com), and a secondary trading interface, with primary marketing through earned media (CoinDesk, VentureBeat, Yahoo Finance, CNBC, Reuters, CNN Business, TheStreet), organic social on X/Twitter (@SPiCE_VC), and a Medium blog. The firm is led by co-founders Tal Elyashiv (Managing Partner; formerly CIO of Capital One and Bank of America) and Carlos Domingo (General Partner; founder/CEO of Securitize), together with General Partner René Eichenberger, Managing Director Rob-Roy Roedel, Director of IR & BD Hayden Blank, and a bench of senior advisors.

Name

SPiCE VC

Legal name

SPiCE Venture Capital Pte Ltd.

Website

https://spicevc.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

SPiCE VC is a Singapore-based venture capital firm and the first fully tokenized VC fund globally, providing accredited investors (minimum $250,000) diversified exposure to blockchain and tokenization-ecosystem companies through tradable digital security tokens.

Ownership category

akta.pro rank

Product category

Tokenized Venture Capital Fund

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)

akta.pro secondary industries

Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Tokenization Platforms (RWA, Securities, Funds) (FSAGAMAA), Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Venture capital fund
• Tokenized fund products
• Blockchain investments
• Digital securities
• Institutional asset management

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Venture Capital Returns: SPiCE VC generates returns through capital appreciation and exit proceeds from portfolio companies. Three SPiCE I portfolio companies have already gone public. Fund provides investors exposure to blockchain/tokenization ecosystem growth with direct share of net exits.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

SPiCE VC operates a tokenized venture capital fund that provides investors exposure to the blockchain and tokenization ecosystem through early-stage investments in digital securities infrastructure companies. The firm issues tradable digital security tokens representing fund ownership (SPiCE Token) via the Securitize platform, combining VC investment exposure with secondary-market liquidity.

Product overview

SPiCE VC is a venture capital firm offering tokenized exposure to the blockchain and tokenization ecosystem through its funds. The core offering consists of SPiCE Fund I (2018) and SPiCE II Fund (2022, targeting $250M), with the SPiCE Token providing tradable digital security representing fund ownership at $3.18 NAV per token. The funds invest globally in early-stage companies building the digital securities ecosystem, including infrastructure platforms (Securitize, Archax, InvestaX, Blockdaemon), exchanges (Bakkt, INX), and application companies (RNDR, Lottery.com, ROKK3R, ripio, Sensei Node, RealOneX, IOB). Secondary market trading is available through Securitize's regulated marketplace.

Differentiator

Problem solved

Functional benefit

Products and services

• SPiCE Fund I Inaugural venture capital fund launched in 2018 providing investors exposure to the blockchain and tokenization ecosystem through investments in early-stage companies building the digital securities infrastructure.
• SPiCE II Fund Second venture capital fund launched in 2022 with a $250 million target, focusing on blockchain and tokenization ecosystem investments for institutional investors with a global roadshow beginning in Dubai.
• SPiCE Token Tradable digital security token representing ownership in SPiCE VC, with quarterly NAV reporting (latest at $3.18 per token) and secondary market trading available through the Securitize platform.

Quantifiable outcome

• Three SPiCE I portfolio companies have already gone public
• +1 more outcomes

Named customers13 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability1 record

Feature4 records

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Pantera Capital: Long-standing crypto/blockchain venture fund offering limited partners exposure to early-stage tokenization and digital-asset companies, the closest analogue to SPiCE's investment mandate.
• Multicoin Capital: Thesis-driven crypto venture fund investing in tokens and equity across the digital-asset ecosystem, comparable in size and stage focus to SPiCE Fund II.
• Paradigm: Crypto-native investment firm research-driven venture investing in blockchain infrastructure and tokenized systems — comparable as a high-conviction digital-securities VC.
• Polychain Capital: Crypto-native venture fund focused on tokenized protocols and early-stage blockchain companies — overlapping mandate with SPiCE's tokenization-ecosystem thesis.
• Galaxy Digital: Public crypto-native investment firm (now BLDG/GLXY-listed) operating a venture arm alongside trading and asset management — directly comparable as a crypto/blockchain-focused fund manager with institutional capital.

Emerging players

• Animoca Brands: Public Web3 venture builder actively investing in tokenized business models and digital-securities infrastructure — overlapping investment universe though oriented toward gaming/metaverse verticals.

Broad incumbents

• Coinbase Ventures: The venture arm of Coinbase investing broadly across the tokenization and on-chain ecosystem — overlaps materially with SPiCE's portfolio themes.
• Digital Currency Group: Vertically integrated crypto investor and operator (Coinbase parent-era) with a venture arm; comparable as an institutional-scale crypto VC, though much larger and more diversified.
• Andreessen Horowitz Crypto (a16z): The largest US crypto-native venture platform investing across the tokenization stack (tokenized funds, infrastructure, DeFi); competes for the same institutional LPs and blockchain founders as SPiCE.

Regional players

• HashKey Capital: Asia-headquartered (Singapore/Hong Kong) institutional crypto VC; relevant peer due to shared Singapore nexus, MAS-regulated positioning, and tokenization focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/spice_vc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPiCE VC