This black-owned startup received Jay-Z’s backing — now it’s poised to become the next unicorn
Leave it to Jay-Z to see new stars in music, sports and now…blockchain.
The musician and prolific entrepreneur’s VC firm Marcy Venture Partners recently invested in Spatial laboratoriesan infrastructure company that aims to revolutionize consumer experiences, announced on January 25th the closing of a $10 million seed funding round led by Blockchain Capital, a leading venture firm in the blockchain industry.
Spatial Lab’s latest product, LNQ, is a state-of-the-art chip platform that uses blockchain technology to authenticate products and unlock digital twins
“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 Stephens, founder and managing partner of Blockchain Capital in a news release shared with ESSENCE. “By empowering new business models, delivering immersive experiences and providing insight into consumer needs, Spatial Labs will continue to shape and drive the future of commerce and connectivity in the Web3.”
The funding will bolster their efforts to grow and diversify Spatial Labs’ footprint across the consumer goods landscape, expanding into other industries, including media and entertainment.
“Spatial Labs designs next-generation technologies to connect brands with younger demographics who shop and interact with products in entirely new ways,” said Iddris Sandu, founder of Spatial Labs in a press release. “Through our technology solutions, we provide brands with rich consumer data and previously unavailable revenue models,” “The consumer goods industry is at a pivotal inflection point. Partnering with ambitious, innovative investors who align with our core ethos will enable Spatial Labs to continue to deliver the concrete innovations that brands and consumers are asking for.”
Marcy Ventures rejoins the investment round after a pre-seed raise of $4 million.
“Spatial Labs has already demonstrated incredible innovation in technology and culture,” Larry Marcus co-founder and CEO of Marcy Venture Partners said in a press release. “Iddris and the team have the ability to seamlessly connect products in the physical and digital world, and create products that create user delight,”
Founded by 25-year-old entrepreneur and business creative Iddris Sandu, Spatial Labs is committed to creating vertically integrated hardware and software solutions that act as a physical entry point to the digital world – while delivering practical utility. The LNQ One Chip, a proprietary 13mm microchip, enables 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 additional benefits such as loyalty incentives, enhanced insights and more.
In addition to empowering more conscious consumption, the LNQ One Chip opens up new post-secondary revenue models and is poised to completely revolutionize the brand-to-consumer relationship in the physical and digital worlds. This technology provides an effective solution for brands, retailers and creators to reach and engage with their core audiences, resulting in increased loyalty and lifetime consumer value.
More information about Spatial Labs can be found at slabs.one.