The serial entrepreneur, Ben Leventhal, is once again embarking on a project. While the macroeconomic conditions are rather bad, the latter managed to raise 11 million dollars during a funding round for its new hosting platform Web3. What is it and what to expect?
Blackbird, Ben Leventhal’s new project
The crypto market continues to stammer and meanwhile, investors are chaining projects. After having co-founded two companies in the restaurant sector, Leventhal returns with a new Web3 project. Indeed, the entrepreneur was previously at the head of Resy, the restaurant discovery platform, and the food publication Eater.
However, in 2013, Vox acquired Eater and Resy becomes the property of American Express in 2019. This time, Ben Leventhal is dedicated to the launch and implementation of Blackbird, a Web3 platform focused on creating a direct link between the restaurant and its customers. This, thanks to loyalty and membership services.
This idea came to him from the fact that we are seeing more and more of a growing disconnect between restaurants and their consumers. Because of this, Blackbird aims to bring technology to restaurants to help them mine cryptocurrencies in exciting ways. The main objective being, of course, to improve the restaurant business as a whole.
Reliable partners in an unstable sector
The raise for Blackbird started in the bear market, at the end of the bull market. Eventually, the funding round was oversubscribed. However, Ben Leventhal is convinced they could have raised a lot more money. However, given the general landscape and the macro-economic environment, the entrepreneur opted for conservation rather than enhancement.
To succeed in this fundraising, he surrounded himself with several key partners. Notably, Shine Capital, Union Square Ventures and Multicoin Capital. So things pretty much went smoothly as Blackbird’s $11 million raise is above the average check size for an August seed round.
Indeed, venture capital funding in the blockchain has fallen sharply for five consecutive months in dollars and transaction amounts.
Despite the ups and downs that the cryptocurrency and blockchain sector is currently going through, Ben Leventhal remains convinced of the power of his Web3 platform. According to his statements, they will crawl before they walk. Additionally, there is a high probability that a viable product from Blackbird will ship in the first half of 2023.
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