Spatial Labs Secures $10M in Seed Funding Led by Blockchain Capital
Additional Backing from Marcy Venture Partners to Support New Product Innovation and Continued Growth
LOS ANGELES, Jan. 26, 2023 /PRNewswire/ — Spatial Labs, the leading infrastructure company powering new technologies to redefine the consumer experience for the next generation, announced today a $10 million seed funding round led by Blockchain Capital, a leading venture firm in the blockchain industry. Jay-Z’s Marcy Venture Partners has also returned to participate in this round. The close of the seed round brings the company’s total funding to over $14 million.
“Our investment in Spatial Labs reflects our view that this technology presents an unparalleled opportunity to solve some of the landscape’s most complex challenges,” said Bart Stephens, Founder & Managing Partner of Blockchain Capital. “By empowering new business models, delivering immersive experiences, and providing insights into consumer needs, Spatial Labs will continue to shape and power the future of commerce and connectivity in Web3.”
“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 Iddris Sandu, Founder of Spatial Labs. “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.”
The new capital will support efforts to scale and diversify Spatial Labs’ proprietary blockchain-enabled tech stack, deepen the company’s footprint across the consumer goods landscape, and expand into other industries, including media and entertainment. It will also be allocated towards a range of technical, business, and strategic team development efforts targeting C-Suite executives. These initiatives are intended to accelerate Spatial Lab’s consumer-centric product innovation and continued rapid growth.
“Spatial Labs has already demonstrated incredible innovation in technology and culture. Iddris and team have the acumen to seamlessly connect products in the physical and digital world, making products that drive user joy,” said Larry Marcus Co-Founder and Managing Director of Marcy Venture Partners.
This marks the second investment from Marcy Ventures Partners, following a pre-seed raise of $4 million in 2021 to support the debut of Spatial Labs and launch of LNQ, an innovative, state-of-the-art chip platform that uses blockchain technology to authenticate products and unlock digital twins. Additional investment came from seasoned founders and entrepreneurs, 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).
Founded by 25-year-old entrepreneur and business creative Iddris Sandu, Spatial Labs is committed to creating vertically integrated hardware and software solutions that serve as a physical entry point into the digital world – while delivering real-world utility. The LNQ One Chip, a proprietary 13mm microchip, allows any item to be scaled into a traceable digital asset on the blockchain and provides owners with a digital ledger that tracks a physical item’s authenticity, origin, ownership history, real-time value and enables added benefits such as loyalty incentives, enhanced insights and more.
In addition to empowering more conscious consumption, the LNQ One Chip opens new post-secondary revenue models and is poised to completely revolutionize the brand-to-consumer relationship in the physical and digital world. This technology provides an effective end-all solution for brands, retailers, and creators to reach and engage with their core audience, resulting in increased loyalty and consumer lifetime value.
The LNQ On-Chain Network is powered by Polygon, the leading blockchain development platform offering scalable, affordable, secure, and sustainable blockchains for Web3. The two companies partnered in December to release their first official collaboration, ‘Orbs by Spatial Labs’ x Polygon, a double-layered cotton crewneck embedded with the signature LNQ One Chip. The exclusive offering features a generative graphic on the front and branding on the back. By scanning the Orb, users can view an exclusive AR experience and gain access to future drops and Spatial Labs + Polygon ticketed events.
Since its inception in 2020, Spatial Labs has delivered the most innovative hardware-software infrastructure shaping the future of commerce, consumer experience, and connectivity between brands and the next generation. For more information on Spatial Labs, please visit slabs.one.
Spatial Labs (sLABS) is an industry-leading hardware/software infrastructure company powering the next generation of Web3 technology. Founded by technologist and entrepreneur Iddris Sandu, Spatial Labs is committed to driving innovation at the intersection of culture, community, connectivity, and limitless design to revolutionize the future of the human experience. The company’s first product LNQ, an innovative state-of-the-art blockchain-enabled hardware platform, was publicly launched in May 2022. LNQ aims to make the Web3 more accessible and provide creators with decentralized tools to engage with their communities through LNQ’s proprietary, real-time processing stack. To learn more, visit slabs.one.
Founded in 2013, Blockchain Capital is one of the earliest and most active investors in the blockchain technology industry and the crypto ecosystem. Blockchain Capital has raised seven and deployed five prior venture funds, including the first ever ICO of a venture fund (BCAP) in April of 2017. The firm is based in San Francisco and was founded by serial entrepreneurs and Silicon Valley investors Bart Stephens and Brad Stephens. To learn more, please visit www.blockchaincapital.com or follow @blockchaincap on Twitter.
Marcy Venture Partners (MVP) was Co-Founded by Shawn Carter (JAY-Z), Jay Brown and Larry Marcus. MVP has a passion for building game-changing businesses and mass-market brands. The firm invests in Consumer & Culture with an emphasis on positive impact including sustainability, inclusivity, accessibility, empowerment and health & wellness. Our companies are led by exceptional management teams with clear vision, purpose and executional excellence. We lead or co-invest in companies that have meaningful brand values, high customer joy driven by an outstanding product, demonstrated growth and clear catalysts for the next level of scale. https://www.marcyvp.com
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SOURCE Spatial Labs
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