Spatial Labs founder Iddris Sandu.
Web3 infrastructure company Spatial Labs has announced a $10 million seed funding round led by venture firm Blockchain Capital (Coinbase, LedgerX).
This brings the company’s total funding to over $14 million, making 25-year-old entrepreneur Iddris Sandu the first black founder under the age of 30 to raise a double-digit million seed round.
The round received additional support from Jay-Z’s Macy Venture Partners (previous investments include Bitski, Ledger and Spatial Lab’s 2021 pre-seed round), and Ron Burkle (Yucaipa Capital co-founder It follows angel investments from celebrities and athletes, including the founder of Soho). House Group), Scooter Braun (Raised in Space VC Studio), Anthony Tollive (Former NBA Player, Principal at Wealthlete Private Equity), Bobby Wagner (Seattle Seahawks Linebacker, Partner at VC Studio Fuse Venture Partners).
Spatial Labs’ core product is the LNQ One Chip, which uses blockchain technology to create a digital twin to track the authenticity, provenance, ownership history, and real-time value of physical items. This technology can not only empower more conscious consumption, but also enhance loyalty incentives and open up secondary revenue models for brands.
“Spatial Labs designs next-generation technologies that connect brands with younger demographics who shop and interact with products in entirely new ways. Through our technology solutions, we bring rich consumer data and previously inaccessible It provides brands with a revenue model they didn’t have before,” Spatial Labs’ Iddris Sandu said in a statement.
“The consumer goods industry is at a pivotal inflection point. Spatial Labs is committed to partnering with ambitious and innovative investors who align with our core ethos to deliver the specifics brands and consumers are looking for. We can continue to deliver great innovation.”
Larry Marcus, co-founder and managing director of Marcy Venture Partners, said: “Idris and team have the acumen to seamlessly connect products in the physical and digital worlds to create products that drive user delight.”
The LNQ on-chain network is powered by a more sustainable blockchain platform Polygon
The new capital will support expansion, diversification and expansion efforts into other industries, including media and entertainment.
