Andreessen Horowitz has led a $24 million Series A funding round for Blackbird Labs, the creative force behind the web3 restaurant loyalty app, Blackbird.
Joining in the investment are notable participants including QED, Union Square Ventures, Shine, Variant, and diverse restaurant groups. The infusion of Series A funding propels Blackbird’s total financial backing to $35 million, earmarked for substantial operational expansion, a press release from Blackbird said.
“We’ve just experienced two decades of declining margins and eroding direct customer relationships in the restaurant industry,” said Ben Leventhal, founder and CEO of Blackbird.
“I love this industry, but it is time to face industry economic challenges head-on and make bold changes. Loyalty and connectivity are the next frontier and we’re excited to be leading on this path forward. Adding incredible investors like a16z, Amex Ventures and Bolt by QED will be crucial to us achieving our goals.”
Blackbird enhances customer retention for restaurants through a blockchain based loyalty program. The app intricately captures and utilizes customer preferences, encompassing likes, dislikes, and seating preferences, while also tracking visit frequency. Through recurrent check-ins, customers ascend levels, unlocking exclusive perks.
Blackbird said in an X post, “The first wave of restaurant experiences powered by Blackbird are incredible, and yet this is only the beginning of what’s possible, says @AriannaSimpson of @a16zcrypto.”
Notably, Blackbird introduces a cryptocurrency-based reward system, allowing patrons to redeem tokens for enticing offerings such as entrees, drinks, and other restaurant rewards.
In a strategic collaboration, Blackbird has teamed up with crypto wallet manager Privy to provide users seamless access to their virtual balances.
Privy, having secured $8 million in a seed round led by Sequoia and BlueYard Capital in April 2022, plays a pivotal role in enhancing the user experience within Blackbird’s innovative loyalty ecosystem.
