Blockchain Infrastructure Company Spatial Labs Raises $10 Million in Seed Funding

by Arthur · January 26, 2023

Blockchain Infrastructure Company Spatial Labs Raises Million in Seed Funding

Infrastructure company Spatial laboratorieswhich drives new technologies to redefine the consumer experience, announced Thursday that it has raised $10 million in a seed funding round led by Blockchain Capitala venture company in the blockchain industry.

The round also saw the participation of Jay Z‘s Marcy Venture Partnersbringing the company’s total funding to over $14 million.

What happened: The new capital will be used to support efforts to scale and diversify Spatial Labs’ proprietary blockchain-enabled technology 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 to a range of technical, business and strategic team development initiatives aimed at C-Suite executives.

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These initiatives are intended to accelerate Spatial Labs’ consumer-centric product innovation and continued rapid growth, the company said.

Why it’s important: “Our investment in Spatial Labs reflects our view that this technology provides an unprecedented opportunity to solve some of the landscape’s most complex challenges,” said Bart Stephensfounder and managing partner of Blockchain Capital.

Iddris Sandufounder of Spatial Labs, said the company designs next-generation technologies to connect brands with younger demographics who shop and interact with products in entirely new ways.

“Through our technology solutions, we provide brands with rich consumer data and previously unavailable revenue models,” he said.

This marks the second investment from Marcy Ventures Partners, following a pre-funding of $4 million in 2021 to support the debut of Spatial Labs and the launch of LNQ, a chip platform that uses blockchain technology to authenticate products and unlock digital twins.

Additional investments came from experienced entrepreneurs and entrepreneurs, incl Ron Burkle (co-founder of Yucaipa capitalfounder of Soho House group), Scooter Braun (Raised in Space VC Studio), Anthony Tolliver (formerly NBA player, principal at Wealthy Private Equity), and Bobby Wagner (Seattle Seahawks linebacker and partner of VC Studio Fuse Venture Partners).