Key Points:
- Spatial Labs raised $10 million in seed funding, led by Blockchain Capital.
- The firm intends to expand its workforce and produce new products with additional money. Sandu currently employs about 25 people, and he hopes to double that number by the end of the year.
The Block reported on January 26 that Spatial Labs, a web3 infrastructure company focusing on metaverse and commerce, that has acquired $10 million in venture investment.
According to an announcement from Spatial Labs, Blockchain Capital led the round, with current investment Marcy Venture Partners, the venture firm co-founded by rapper Jay-Z, also participating. Spatial Labs’ total fundraising now exceeds $14 million, including a $4 million pre-seed deal last year.
Spatial Labs’ funding took place amid a backdrop of deteriorating crypto markets. According to Iddris Sandu, the business’s 25-year-old founder and CEO, the startup began seeking funds in mid-2022 and finished the equity round by December.
According to Crunchbase statistics, just approximately 1% of venture capital financing went to firms with Black founders in 2022, making this deal remarkable as a rare piece of cash for a Black entrepreneur in the United States. Sandu believes he is the first Black founder under 30 to raise a seed round in the tens of millions of dollars.
Spatial Labs intends to expand its workforce and produce new products with additional money. Sandu currently employs about 25 people, and he hopes to double that number by the end of the year.
Sandu, who was born in Ghana and reared in the United States, created Spatial Labs in 2020 with the goal of improving customer experiences with blockchain-enabled technologies. Spatial Labs creates software and hardware platforms that bring companies and customers together.
In May 2022, the company released its first product, LNQ (pronounced “link”). LNQ is a chip that authenticates things and creates “digital twins,” or virtual replicas of actual objects, using Polygon’s blockchain technology.
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