Web3 tech company Spatial Labs secures 10 million dollars in funding

Spatial Labs, an infrastructure company powering Web3 technology, has announced the closing of a 10 million dollar seed funding round led by venture firm Blockchain Capital.

The funding brings the company’s total financing to over 14 million dollars, with Jay-Z’s Marcy Venture Capitals also returning to back the start-up.

In a release, Spatial Labs said it would use the new capital to support efforts to scale and diversify the platform’s blockchain-enabled tech stack, as well as deepen its footprint across the consumer goods landscape while expanding into other industries.

Additionally, the funding will also go towards a range of team developments, particularly surrounding C-Suite executives, in a bid to further accelerate consumer-centric product innovation.

Founded in 2020 by entrepreneur Iddris Sandu, Spatial Labs is dedicated to creating hardware and software solutions that serve as a physical entry point to the digital world.

Its proprietary technology allows any item to be scaled into a traceable digital asset on the blockchain, providing owners with a digital ledger that tracks its authenticity, origin, ownership history, value and added benefits.

In May 2022, the company partnered with colour authority Pantone on a wearable hardware product that aimed to standardise colours in the metaverse.

Speaking on the new funding, Sandu said: "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.

"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."