GhanaStartup and Funding

25-Year-Old Iddris Sandu Closes $10M Seed Funding Round For Tech Incubator Spatial Labs

2 Mins read

25-Year-Old Iddris Sandu Closes $10M Seed Funding Round For Tech Incubator Spatial Labs

In less than a year since launching its debut product, Spatial Labs — a technology infrastructure company — has announced another feat. 

On Jan. 26, Spatial Labs announced it has raised $10 million in its pre-seed funding round, according to a press release.

“At Spatial Labs, our goal has always been to push the boundaries of what is possible,” Iddris Sandu, founder, and CEO of Spatial Labs told AfroTech exclusively. “This is not just in the technologies we develop but also in what is possible for a Gen-Z founder and what is possible for a Black founder. For far too long, a company’s success has been pigeonholed with the caveat of ‘great for a young founder’ or ‘for a Black founder,’ but Spatial Labs’ seed funding shows the magnitude of what we are able to accomplish beyond those labels. This historic moment is just the beginning of Spatial Labs’ path to becoming the first Gen-Z unicorn.” 

Led by Blockchain Capital, the round’s fellow participants included Jay-Z’s Marcy Venture Partners, Ron Burkle, Scooter Braun, Anthony Tolliver, and Bobby Wagner, according to a press release shared with AfroTech.

“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 and 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.”

In October 2021, Billboard first reported that Spatial Labs received an investment from Marcy Venture Partners. 

“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.

The press release details that the $10 million will go toward supporting new product innovation and continued growth including “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.”

What’s more, Spatial Labs aims to make technical, business, and strategic team development efforts that target C-Suite executives. 

As of now, Spatial Labs has launched the LNQ Marketplace, the LNQ One Chip, and the LNQ On-Chain Network.

Source: Afrotech.com

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