Spatial Labs (sLABS) has raised $10 million in seed funding to expand its Web3 enabled wearables and its secondary marketplace LNQ. The company’s proprietary chip connects physical products to exclusive online and real world experiences. The technology also allows the ownership and authenticity of items to be tracked via Polygon’s blockchain.
In October 2022, the company launched LNQ. The secondary marketplace allows users to resell their items and customize the digital extras linked on the chip. For example, users can link out to social profiles, exclusive files or playlists to give each item a unique and sentimental appeal. Additionally, users can create digital avatars called Auras in the app. Scanning items unlocks other features including digital versions of physical merchandise.
“Spatial Labs is designing next-gen technologies to connect brands to younger demographics that shop
and interact with products in completely new ways. Through our technology solutions, we provide
brands with rich consumer data and previously inaccessible revenue models,” said Iddris Sandu, the 25-year-old founder of Spatial Labs. This funding also marks Sandu as the first Black founder under 30 to raise an eight-figure seed round.
The company plans to use this new funding to further scale their blockchain-enabled tech stack, expand its footprint in consumer goods and explore other industries including media and entertainment.
Blockchain Capital led the round while Jay-Z’s Marcy Venture Partners participated. This brings Spatial Labs funding to $14 million in total. Previous investors include Ron Burkle (co-Founder of Yucaipa Capital, founder of Soho House 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 of VC Studio Fuse Venture Partners).