Spartan Group's $100 million venture studio head Shaun Heng has left the company after less than a year.
Heng served as the head of Spartan Labs, which was created by Spartan Group to “co-build with the most successful web3 projects and teams,” according to its website.
Adrian Lai, Spartan Labs' creative design lead, will now head up the studio.
Speaking to Blockhead, Heng said he and Spartan Labs "decided to part ways given differing views on the direction of the company," adding that he wishes the Group "all the best in their journey to grow and develop the crypto/blockchain community."
Looking ahead, Heng said he will "take some time to reevaluate [his] options and plan my next move."
"Regardless of my decisions, I am committed to supporting the growth and advancement of the blockchain/crypto industry," he continued.
"I remain optimistic about the potential of a Web3 venture studio in an industry that requires a lot more experiments and exploration."
Heng previously served as the vice president of growth and operations at CoinMarketCap before joining Spartan Labs.
Spartan Labs has not been funding any new initiatives, according to The Block, and is yet to roll out a project.
Read more: Can Southeast Asia Kickstart Web3?
Kelvin Koh, co-founder and managing partner at Spartan Group said it will launch the first project this month, with a few more "in early stages."
Spartan Group is a crypto investment and advisory firm based in Singapore, which also manages three separate investment funds as well as Spartan Labs.
One of its funds is a liquid token fund, the other a $110 million DeFi vehicle and the third is a $200 million metaverse and gaming venture.