According to founder and CEO Ben Leventhal, the funds raised will be focused on scaling the company’s operations.
Blackbird Labs, the team behind Web 3.0 restaurant loyalty platform Blackbird, has closed a $24 million Series A funding round. according to a report The round was led by TechCrunch. Andreessen Horowitz But it also saw participation from other venture capitalists.
Other companies participating in the round include QED, Union Square Ventures, Shine, Variant and some restaurant groups such as Quality Branded, Rustic Canyon Group, Solva and Brooks Ritz.
Series A fundraiser brings Blackbird’s valuation to $35 million.
Blackbird Labs will use the funds to scale its operations
According to founder and CEO Ben Leventhal, the funds raised will be focused on scaling the company’s operations.
In an email statement to TechCrunch, Leventhal said the restaurant business needs money now more than ever. Firstly, he says the business is very competitive, in which staying on top “can be really expensive”. The CEO also said that operating costs are currently at an all-time high, so, somehow, restaurants have to find a way to boost their revenues.
Given this, Leventhal suggests two paths forward; Creating new revenue sources or ensuring customer retention.
That’s where Blackbird’s app comes in. Blackbird helps restaurants get repeat customers. It tracks customer behavior patterns such as their preferred seating arrangement or their likes and dislikes. Now, while frequent check-ins upgrade customers and give them access to certain rewards, it also helps restaurants increase their revenue.
Customer rewards sometimes come in the form of crypto, which can be redeemed for main course meals, drinks, or other rewards. So with Blackbird focused on using the new funds to grow its business, it appears that the platform is ready to take its services to even greater heights.
The firm partnered with crypto wallet manager Privy to allow its users access to their virtual balances. In April 2022, Priv itself raised $8 million in a seed round, jointly led by Sequoia and Blueyard Capital.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is also a reader, a researcher, an astute speaker and a budding entrepreneur. However, away from crypto, Mayowa’s imaginary distractions include discussing football or world politics.
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