Web3 infrastructure company Spatial Labs has announced raising $10 million in a seed funding round. The round was led by Blockchain Capital with additional participation from Jay-Z’s Marcy Venture Partners.
Spatial Labs looks to further grow its Web3-enabled wearables and its secondary marketplace, LNQ. The company’s proprietary chip connects physical products to exclusive online and real-world experiences, allowing for the ownership and authenticity of items to be tracked via Polygon’s blockchain.
Founder of Spatial Labs, Iddris Sandu, commented:
“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.”
Spatial Labs will use the investment to scale its blockchain-enabled tech stack, expand its footprint in consumer goods, and explore other industries, including media and entertainment. The California-based company was founded in 2020 and currently has partnerships with various big names, including Ales Grey, Crocs, Ikea, Pantone, Polygon, Spunge and Tidal.
