Iddris Sandu, founder of Space Laboratories.
Web3 infrastructure company Spatial Labs has announced a $10 million seed funding round led by Blockchain Capital venture firm Coinbase, LedgerX.
This brings the company’s total funding to over $14 million – making its 25-year-old entrepreneur Iddris Sandu the first black founder under 30 to raise a double-digit million round.
The round has additional backing from Jay-Z’s Macy Venture Partners (previous investments include Bitski, Ledger and Spatial Lab’s 2021 seed round) and follows angel investments from celebrities and athletes including Ron Burkle (Co-Founder of Yucaipa Capital, founder of Soho Home 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 at VC Studio Fuse Venture Partners).
Spatial Labs’ flagship product is the LNQ One Chip which uses blockchain technology to create digital twins, tracking the authenticity, provenance, ownership history and real-time value of a physical item. In addition to empowering more conscious consumption, technology can empower loyalty incentives and open up secondary revenue models for brands.
“Spatial Labs is designing next-generation technology to connect brands with younger demographics who buy and interact with products in entirely new ways. Through our technology solutions, we provide brands with rich consumer data and previously unattainable revenue models,” Spatial Labs’ Iddris Sandu said in a statement.
“The consumer goods industry is at a tipping point. Partnering with ambitious investors and innovators who align with our core ethos will enable Space Labs to continue to deliver the tangible innovations that brands and consumers are looking for.”
“Spatial Labs has already demonstrated tremendous innovation in technology and culture,” added Larry Marcus, co-founder and managing director of Marcy Venture Partners. “Iddris and the team have the ability to seamlessly connect products in the physical and digital worlds, creating products that drive user joy.”
The LNQ On-Chain Network is powered by the most stable Polygon blockchain platform
MAT
The new capital will support efforts to scale, diversify and expand into other industries, including media and entertainment.
