Spatial Labs, a provider of Web 3 infrastructure, has announced a $10 million seed funding round led by VC firm Blockchain Capital (Coinbase, LedgerX). It brings the total funding for the company to over $14 million, and its 25-year-old founder, Iddris Sandu, becomes the first Black founder under the age of 30 to raise a seed round in the tens of millions.
Followed by angel investments from celebrities and athletes like Ron Burkle (Co-Founder of Yucaipa Capital, Founder of the Soho House group), Scooter Braun (Raised in Space VC Studio), Anthony Tolliver (Former NBA Player, Principal at Wealthlete Private Equity), and Bobby Wagner, Jay-Macy Z’s Venture Partners has joined the round (Seattle Seahawks linebacker and Partner of VC Studio Fuse Venture Partners).
The LNQ One Chip is Spatial Labs’ bread-and-butter offering; it employs blockchain technology to generate digital doubles, which can then be used to monitor the physical object’s provenance, ownership, and current market value. The technology can also drive loyalty incentives and unlock secondary revenue models for brands, all of which contribute to a societal shift toward more ethical consumption.
To reach the next generation of consumers who shop and engage with products in novel ways, Spatial Labs is developing cutting-edge technologies. Iddris Sandu, CEO of Spatial Labs, made the following claim in a press release: “Through our technology solutions, we provide brands with rich consumer data and previously inaccessible revenue models.”
Consumer goods are at a critical juncture. To continue providing the tangible innovations that brands and consumers are asking for, Spatial Labs needs to partner with ambitious, innovative investors who share our core ethos. Larry Marcus, co-founder and managing director of Marcy Venture Partners, chimed in, “Spatial Labs has already demonstrated incredible innovation in technology and culture.” Products that “drive user joy” are those that “Iddris and team have the acumen to seamlessly connect products in the physical and digital worlds.”