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

This brings the company’s total funding to over $14 million, making its entrepreneur of 25 years, Iddris Sandu, the first black founder under the age of 30 to raise a double-digit seed round.

The round is further backed by Jay-Z’s Macy Venture Partners (past investments include 2021 pre-seed round from Bitski, Ledger and Spatial Lab) and follows angel investments from celebrities and athletes, including Ron Burkle ( Yucaipa Capital Co-Founder, Soho House Founder), Scooter Braun (Raised in Space VC Studio), Anthony Tolliver (Former NBA Player, Head of Wealthlete Private Equity), and Bobby Wagner (Seattle Seahawks Linebacker and VC Studio Partner Fuse Venture Partners).

Spatial Labs’ flagship product is the LNQ One Chip, which uses blockchain technology to create digital twins, tracking the authenticity, origin, ownership history, and real-time value of a physical item. In addition to driving more conscious consumption, technology can boost loyalty incentives and open up secondary revenue models for brands.

“Spatial Labs is designing next-generation technologies to connect brands with younger demographics who are buying and interacting with products in entirely new ways. Through our technology solutions, we provide brands with rich consumer data and revenue models that were previously inaccessible,” Spatial Labs’ Iddris Sandu said in a statement.

“The consumer goods industry is at a fundamental inflection point. Partnering with ambitious and innovative investors who align with our core ethos will enable Spatial Labs to continue to deliver the tangible innovations that brands and consumers are requesting.”

“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 the acumen to seamlessly connect products in the physical and digital worlds, creating products that bring joy to the user.”

LNQ’s on-chain network is powered by a more sustainable blockchain platform Polygon
MATIC
. The two companies partnered in December to launch their first official collaboration, ‘Orbs by Spatial Labs’ x Polygon, a double-layered cotton crewneck inlaid with the signature LNQ One Chip.

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

MORE FROM FORBESDRESSX X Warner Music: Digital fashion unlocks lucrative income streams for musicians and celebritiesFor Stephanie HirschmillerMORE FROM FORBESWhy luxury brands like Farfetch are partnering with LedgerFor Stephanie HirschmillerMORE FROM FORBESWeb3 Gets Real: Trends and Strategies Shaping the Luxury Retail Roadmap to 2023For Stephanie Hirschmiller