Quick take:
- The round was structured as equity with token warrants, bringing the total raised to $85 million.
- The company offers a crypto payments app that rewards users with an in-house crypto token, $FLY, that can be used to pay for meals within the Blackbird network.
- The Blackbird network has over 600 restaurants spread across New York City, San Francisco, and Charleston, South Carolina.
Blackbird Labs has raised $50 million in a Series B round led by Spark Capital, with participation from Coinbase Ventures, a16z crypto, Union Square Ventures and Amex Ventures.
The round was structured as equity with token warrants or an allocation of a yet-to-be-released cryptocurrency, Blackbird founder Ben Leventhal told Fortune. It brings the total raised to $85 million.
Leventhal, a veteran of the restaurant industry, also previously co-founded the restaurant reservation platform Resy, which was later acquired by American Express.
He began building the blockchain-based app Blackbird in 2022, raising $11 million in a round co-led by Union Square Ventures, Shine Capital and Multicoin Capital. In October 2023, the company secured $24 million in a Series A round led by A16z crypto.
The Blackbird payments app rewards users with an in-house crypto token, $FLY, that can be used to pay for meals within the Blackbird network, which boasts over 600 restaurants spread across New York City, San Francisco, and Charleston, South Carolina.
Users can buy the $FLY token with cash, helping to fast-track their inclusion in the loyalty program announced alongside the funding, Leventhal said.
The company plans to use the fresh capital to expand its offerings and advance the adoption of the loyalty program, available to users who frequently check into restaurants with Blackbird.
According to the announcement, some of the benefits of the loyalty program include guaranteed reservations, off-the-menu entrées, and invites to exclusive events.
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