25 Year Old Web3 Entrepreneur Secures $10M In Seed Funding For His Fashion Centric Tech

Infrastructure firm Web3 Spatial Labs has announced a $10 million seed funding round from venture capital firm Blockchain Capital (Coinbase, LedgerX).

This brings the company's total funding to more than $14 million, and 25-year-old entrepreneur Idris Sandu becomes the first black founder under the age of 30 to raise $2 million in turnover.

The round is also backed by Macy Venture Partners Jay-Z (previous investments include Bitsky, Ledger and Spatial Lab 2021) and follows celebrity and athlete angel investments, including Ron Burkle (co-founder of Yucaipa Capital, founder of the Soho House group). ) and Scooter Braun (founded at Space VC Studio), Anthony Tolliver (former NBA player, head of Wealthlete Private Equity) and Bobby Wagner (Seattle Seahawks sponsor and VC Studio Fuse venture partners).

Spatial Labs' flagship product is the LNQ One Chip, which uses blockchain technology to create digital twins by tracking the authenticity, provenance, ownership history and value of a physical object in real time. In addition to enabling more mindful consumption, technology can improve loyalty incentives and unlock secondary revenue models for brands.

"Spatial Labs is developing next-generation technologies to connect brands with young people who buy and interact with products in completely new ways. Through our technology solutions, we provide brands with richer consumer data and revenue models than ever before," said Idris. Sandu. from Spatial Labs in a pre-existing application.

"The consumer goods industry is at a crossroads. Partnering with ambitious and innovative investors who share our core philosophy will enable Spatial Labs to continue to deliver the remarkable innovation that brands and consumers demand.”

"Spatial Labs has already demonstrated incredible innovation in technology and culture," added Larry Marcus, co-founder and CEO of Marcy Venture Partners. "Iddris and his team have a vision to seamlessly connect products across the physical and digital worlds by creating products that inspire users."

The LNQ On-Chain network is based on the most stable Polygon blockchain platform. matic . In December, the two companies teamed up to launch their first official collaboration, Orbs by Spatial Labs x Polygon, a two-layer cotton crew neck with the signature LNQ One chip.

The new capital will support efforts to expand, diversify and expand other industries, including media and entertainment.

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