Los Angeles-based web3 startup Spatial Labs’ product aims to create a bridge between the worlds of physical and digital fashion. It also wants to make the physical fashion industry more sustainable and eliminate fast fashion, which has been well-documented as wasteful and unsustainable.
The company powering new technologies to redefine the consumer experience for the next generation, has now grabbed $10 million in seed funding round.
The investment round was led by Blockchain Capital, a San Francisco-based venture firm in the blockchain industry. Jay-Z’s Marcy Venture Partners has also returned to participate in this round.
Additional investment came from seasoned founders and entrepreneurs, including 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).
Previously, Spatial Labs closed a pre-seed round of $4 million in 2021 to support its debut. With the latest round, the total funding raised by the company is over $14 million.
The fresh investment will support the efforts to scale and diversify Spatial Labs’ proprietary blockchain-enabled tech stack, deepen the company’s footprint across the consumer goods landscape, and expand into other industries, including media and entertainment. Also, it will be allocated towards a range of technical, business, and strategic team development efforts targeting C-Suite executives. These initiatives are intended to accelerate Spatial Lab’s consumer-centric product innovation and continued rapid growth.
“Our investment in Spatial Labs reflects our view that this technology presents an unparalleled opportunity to solve some of the landscape’s most complex challenges,” said Bart Stephens, Founder & Managing Partner of Blockchain Capital. “By empowering new business models, delivering immersive experiences, and providing insights into consumer needs, Spatial Labs will continue to shape and power the future of commerce and connectivity in Web3.”
Iddris Sandu, Founder of Spatial Labs said, “The consumer goods industry is at a pivotal inflection point. Partnering with ambitious, innovative investors that align with our core ethos will enable Spatial Labs to continue to deliver the tangible innovations that brands and consumers are asking for.”
“Spatial Labs has already demonstrated incredible innovation in technology and culture. Iddris and team have the acumen to seamlessly connect products in the physical and digital world, making products that drive user joy,” said Larry Marcus Co-Founder and Managing Director of Marcy Venture Partners.
Connects fashion and blockchain
Founded by 25-year-old entrepreneur and business creative Iddris Sandu in 2020 in Los Angeles, 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.
The LNQ One Chip, a 13mm microchip can be sewn or embedded into physical fashion items. Each chip can be scanned with a smartphone via NFC, revealing details about the item and creating a digital copy of it for metaverse wearability. Each physical chip is tied to an NFT on Polygon with lots of opportunities for brands to add details or custom content to the chip’s metadata.
It opens new post-secondary revenue models and can completely revolutionise the brand-to-consumer relationship in the physical and digital world.