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Web3 Infrastructure Startup Spatial Labs Raises $10M
Blockchain Capital led the seed funding round, and a firm co-founded by Jay-Z contributed.
By Brandy Betz
Updated May 9, 2023, 4:06 a.m. Published Jan 26, 2023, 1:42 p.m. 1 min read
Spatial Labs has raised $10 million in a seed funding round that was led by Blockchain Capital. The capital will be used to develop new products and for growth initiatives, according to a press release
The round also included Marcy Venture Partners, an investment firm co-founded by musician and entrepreneur Jay-Z. Marcy previously backed Spatial Labs in a $4 million pre-seed round in 2021. Other backers in the latest round included noted businessman Ron Burkle, music producer Scooter Braun as well as Anthony Tolliver, a former pro basketball player, and Bobby Wagner, a linebacker for the Los Angeles Rams.
Founded in 2020, Los Angeles-based Spatial Labs creates hardware and software that allows users to buy and sell items like clothes online and prove the items' origin and past history with an embedded microchip.
“Spatial Labs is designing next-gen technologies to connect brands to younger demographics that shop and interact with products in completely new ways," Spatial Labs founder Iddris Sandu said in the press release. "Through our technology solutions, we provide brands with rich consumer data and previously inaccessible revenue models."
The new funding will go toward hiring and helping Spatial Labs scale and diversify its tech stack and expand beyond consumer goods into other industries, including media and entertainment.
Read more: How the Fashion Industry Connects With Crypto: Explained by Spatial Labs Founder
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