Investments
98Partners & Customers
1About Spartan Group
Spartan Group is a blockchain advisory and investment firm. Spartan Group is committed to bringing over 50 years of experience in public market investing, venture capital, financial advisory and regulatory analysis to create and capture value in the decentralized financial world.

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Latest Spartan Group News
Sep 8, 2023
SHARE Share story The funding round was led by Pantera Capital and also saw participation from Elevation Capital, Starkware, Spartan Group, Goodwater Capital, among others Founded in 2021 by Shaaran Lakshminarayanan, Ritumbhara Bhatnagar and Bhavesh Praveen, Brine Fi is a DEX targeted at institutions and high-frequency traders The fundraise comes at a time when investors are veering towards decentralised crypto exchanges in the aftermath of the collapse of FTX Decentralised crypto exchange (DEX) Brine Fi has raised $16.5 Mn in its Series A funding round, led by Pantera Capital, at a valuation of $100 Mn. The round also saw participation from Elevation Capital, Starkware, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund Ventures and other angel investors, Brine Fi said in a statement. However, the startup did not specify where it would deploy the fresh funds. “… with Brine Fi we make it easy for institutions, centralised exchanges, HFT traders and retail users to reduce their counterparty risk and at the same time get the best price for their orders in the industry,” said Brine Fi cofounder and CEO Shaaran Lakshminarayanan. Chiming in, Pantera Capital managing partner Paul Veradittakit said, “Brine tackles some of the most important challenges holding back institutional and mainstream user adoption in DeFi. There’s an urgent demand for a self-custodial execution layer that is faster, more reliable, user-friendly, and cost-effective.” Founded in 2021 by Lakshminarayanan, Ritumbhara Bhatnagar and Bhavesh Praveen, Brine Fi is a crypto decentralised exchange targeted at institutions and high-frequency traders. The platform deploys StarkWare’s zkP (Zero Knowledge Proofs) technology which enables privacy on crypto trading positions (avoids frontrunning). It also claims to help users execute orders in milliseconds while remaining fully non-custodial. Brine Fi claims to have so far onboarded some of the world’s largest hedge funds, exchanges and high-frequency traders in the crypto space. The fundraise comes weeks after Brine Fi debuted its orderbook platform which, as per the company, is processing monthly volumes of $300 Mn and is ranked among the top 10 DEXs globally. The fundraise comes at a time when centralised crypto exchanges have come under fire in the aftermath of the collapse of FTX. As a result, a host of traders have veered towards DEXs, seeking to safeguard their portfolios. Brine Fi aims to capture the burgeoning decentralised exchange market, which continues to be plagued by issues such as cumbersome user interface, frontrunning and limited support. Meanwhile, the crypto ecosystem has been hit by regulatory red tape and wary investors who have been spooked by the collapse of crypto exchanges . This has led to a fall in crypto volumes even as nations across the globe move to tighten the noose around these virtual currencies as instances of money laundering via cryptos rise. With Sequoia Capital recently slashing its crypto fund by more than 65% to about $200 Mn, a slew of other allied players have emerged in the crypto space to leverage the booming web3 economy. As much unfolds in the crypto ecosystem, the fundraise by Brine Fi has come as a much needed respite for the space which has been mired in controversies lately.
Spartan Group Investments
98 Investments
Spartan Group has made 98 investments. Their latest investment was in Brine Fi as part of their Series A on September 9, 2023.

Spartan Group Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
9/7/2023 | Series A | Brine Fi | $16.5M | Yes | Elevation Capital, Goodwater Capital, Pantera Capital, Protofund, Spartan Group, StarkWare, Undisclosed Angel Investors, and Upsparks | 2 |
9/5/2023 | Unattributed VC | Glenen | Yes | 2 | ||
9/5/2023 | Seed VC - IV | Glean AI | $4.9M | Yes | 6th Man Ventures, Sam Lessin, Slow Ventures, South Park Commons, Spartan Group, Undisclosed Angel Investors, and Undisclosed Venture Investors | 2 |
9/5/2023 | Seed VC | |||||
8/22/2023 | Seed VC - II |
Date | 9/7/2023 | 9/5/2023 | 9/5/2023 | 9/5/2023 | 8/22/2023 |
---|---|---|---|---|---|
Round | Series A | Unattributed VC | Seed VC - IV | Seed VC | Seed VC - II |
Company | Brine Fi | Glenen | Glean AI | ||
Amount | $16.5M | $4.9M | |||
New? | Yes | Yes | Yes | ||
Co-Investors | Elevation Capital, Goodwater Capital, Pantera Capital, Protofund, Spartan Group, StarkWare, Undisclosed Angel Investors, and Upsparks | 6th Man Ventures, Sam Lessin, Slow Ventures, South Park Commons, Spartan Group, Undisclosed Angel Investors, and Undisclosed Venture Investors | |||
Sources | 2 | 2 | 2 |
Spartan Group Partners & Customers
1 Partners and customers
Spartan Group has 1 strategic partners and customers. Spartan Group recently partnered with Stacks on April 4, 2019.
Date | Type | Business Partner | Country | News Snippet | Sources |
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4/23/2019 | Partner | United States | 1 |
Date | 4/23/2019 |
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Type | Partner |
Business Partner | |
Country | United States |
News Snippet | |
Sources | 1 |