Iddris Sandu founder of Spatial Labs.
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 its 25 year-old entreprenneur Iddris Sandu the first Black founder under 30 to raise a double-digit million seed round.
The round has additional backing from Jay-Z’s Macy Venture Partners (previous investments include Bitski, Ledger and Spatial Lab’s 2021 pre-seed round) and follows angel investments from celebrities and athletes including Ron Burkle (Co-Founder of Yucaipa Capital, Founder of Soho House group), Scooter Braun (Raised in Space VC Studio) Anthony Tolliver (Former NBA Player, Principal at Wealthlete Private Equity), and Bobby Wagner (Seattle Seahawks linebacker and Partner of VC Studio Fuse Venture Partners).
Spatial Labs’ core product is the LNQ One Chip which uses blockchain technology to create digital twins, tracking a physical item’s authenticity, origin, ownership history and real-time value. In addition to empowering more conscious consumption, the technology can power loyalty incentives and open secondary revenue models for brands.
“Spatial Labs is designing next-gen technologies to connect brands to younger demographics that shop and interact with products in completely new ways. Through our technology solutions, we provide brands with rich consumer data and previously inaccessible revenue models,” said Spatial Labs’ Iddris Sandu in a statement.
“The consumer goods industry is at a pivotal inflection point. Partnering with ambitious, innovative investors that align with our core ethos will enable Spatial Labs to continue to deliver the tangible innovations that brands and consumers are asking for.”
“Spatial Labs has already demonstrated incredible innovation in technology and culture,” added Larry Marcus Co-Founder and Managing Director of Marcy Venture Partners. “Iddris and team have the acumen to seamlessly connect products in the physical and digital world, making products that drive user joy.”
The LNQ On-Chain Network is powered by more sustainable blockchain platform Polygon
The new capital will support efforts to scale and diversify and expand into other industries, including media and entertainment.
MORE FROM FORBESDRESSX X Warner Music: Digital Fashion Unlocks Lucrative Revenue Streams For Musicians & CelebritiesBy Stephanie HirschmillerMORE FROM FORBESWhy Luxury Brands Like Farfetch Are Partnering With LedgerBy Stephanie HirschmillerMORE FROM FORBESWeb3 Gets Real: Trends & Strategies Shaping The Luxury Retail Roadmap For 2023By Stephanie Hirschmiller
