Spatial Labs, a web3 infrastructure firm dedicated to improving metaverse and commerce, has just concluded a seed funding round, raising $10 million.
Blockchain Capital served as the lead investor in this just concluded seed round, with participation from other investors as well as Marcy Venture Partners, a venture capital firm that rapper Jay-Z co-founded. Notable businessman Ron Burkle, music producer Scooter Braun, ex-pro basketball player Anthony Tolliver, and Los Angeles Rams linebacker Bobby Wagner were also among the investors in this round. After securing a $4 million pre-seed round in the previous year, the round raises Spatial Labs’ total funding to over $14 million. This seed round also made Iddris Sandu, the company’s 25-year-old solo founder, one of the youngest Black men to raise more than $10 million in seed funding.
According to the report, Sandu acknowledged that the funding for Spatial Labs took place against a difficult backdrop of the declining cryptocurrency markets. Midway through 2022, the startup started raising funds, and by December of that year, it had finished the equity round.
Speaking on the investment, Bart Stephens, Founder & Managing Partner of Blockchain Capital stated “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.” Stephens added that Spatial Labs will continue to influence and fuel the future of commerce and connection in Web3 by supporting new business models, creating immersive experiences, and offering insights into consumer demands.
Purpose of Funding
This additional funding will help with initiatives to extend and diversify Spatial Labs’ proprietary blockchain-enabled tech stack, strengthen the company’s presence across the consumer products sector, and penetrate new markets including media and entertainment. Furthermore, it will be used to fund a variety of technical, business, and strategic team-building initiatives aimed at C-Suite leaders. These programs are designed to quicken Spatial Lab’s ongoing rapid expansion and consumer-focused product innovation.
According to the young CEO, next-generation solutions are being developed by Spatial Labs to connect businesses with younger consumers who use items in entirely new ways. The startup is geared to give brands access to previously unavailable revenue models and extensive customer data through our technological solutions. He again said “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.”
Sandu, who was raised in the United States after being born in Ghana, established Spatial Labs in 2020 to enhance customer experience with blockchain-enabled technology. The LNQ One Chip, a 13-millimetre microchip created by Spatial Labs, can be sewn or placed into real-world fashion items. Using near-field communication (NFC), each chip can be scanned with a smartphone to expose information about the object and create a digital replica of it for usability in the metaverse. Every physical chip is connected to an NFT on Polygon, providing a wealth of opportunities for companies to enhance the chip’s metadata with specific or unique content.
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