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Technologist and entrepreneur Iddris Sandu’s Web3 infrastructure company, Spatial Labs, secured $10 million in funds backed by Jay-Z‘s Marcy Venture Partners and Blockchain Capital. The company received additional funds from entrepreneurs and athletes including Anthony Tolliver (Former NBA Player) and Bobby Wagner (Former NFL Player) which brings funding to a total of over $14 million.
Spatial Labs (sLABS) is a Black-owned leading technology infrastructure company powering the next generation of the metaverse. The company aims to build new Web3 technologies that will redefine the customer experience and connect brands to younger demographics that interact with products in new ways. “Through our technology solutions, we provide brands with rich consumer data and previously inaccessible revenue models,” stated the company’s founder in a press release. When speaking on the new round of funding, Sandu noted that “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.”
The company will work with Marcy Venture Partners (MVP) which was Co-Founded by the rapper-turned-mogul, Jay Brown and Larry Marcus. The firm prides itself on building game-changing businesses that have meaningful brand value. MVP has now invested in Spatial Labs for a second time. The first investment occurred in 2021 to support the company’s launch of a state-of-the-art chip platform, LNQ, which aims to make Web3 more accessible through its real-time processing stack.
“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. Blockchain Capital’s Founder & Managing Partner, Bart Stephens, also acknowledged the importance of the partnership. “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,” stated Stephens.
The new capital is expected to aid in the company’s plans to scale its current technology and expand into other industries, including media and entertainment. Spatial Labs is seeking to continue its rapid growth and will make additional strategic changes to its team development efforts with a focus on company executives.
