Spatial Labs has raised $10 million in seed funding to further develop its Web3-enabled wearables and secondary marketplace LNQ. The proprietary chip used by the company connects physical products to exclusive online and in-person experiences. The technology also enables the tracking of item ownership and authenticity via Polygon’s blockchain.
The company launched LNQ in October 2022. Users can resell their items on the secondary market and customize the digital extras linked to the chip. Users can, for example, link to social profiles, exclusive files, or playlists to give each item a distinct and sentimental appeal. In addition, the app allows users to create digital avatars known as Auras. Other features, such as digital versions of physical merchandise, are unlocked by scanning items.
This new funding will be used to scale the company’s blockchain-enabled tech stack, expand its footprint in consumer goods, and explore other industries such as media and entertainment.
The round was led by Blockchain Capital, with participation from Jay-Marcy Z’s Venture Partners. This brings the total funding for Spatial Labs to $14 million. Previous backers have included Ron Burkle (co-founder of Yucaipa Capital and Soho House Group), Scooter Braun (Raised in Space VC Studio), Anthony Tolliver (former NBA player and principal at Wealthlete Private Equity), and Bobby Wagner (Seattle Seahawks linebacker and partner of VC Studio Fuse Venture Partners).
