Blackbird Secures $50 Million in Series B Funding Led by Spark Capital

Blackbird, a cryptocurrency-focused restaurant app, has successfully concluded a $50 million Series B funding round. The financing was led by Spark Capital, with significant contributions from investors including Coinbase, a16z crypto, Union Square Ventures, and Amex Ventures. This round includes both equity stakes and token warrants, which are linked to a future cryptocurrency issuance. The funding was secured in the fourth quarter of 2024, although the exact valuation of the round was not disclosed. Since its inception in 2022, Blackbird Labs has raised a total of $85 million in capital.

Blackbird operates a loyalty and payment system specifically designed for restaurants. Customers earn an internal cryptocurrency, FLY, each time they dine at partnered restaurants. This digital asset can be used to pay bills at any establishment within the Blackbird ecosystem, which currently includes over 600 venues in key locations such as New York City, San Francisco, and Charleston, South Carolina. The company plans to expand its presence into major U.S. urban centers.

The $50 million funding round is a significant milestone for Blackbird, as it will enable the company to accelerate its expansion plans. The investment will be used to enhance the app's features, increase the number of partnered restaurants, and improve the overall user experience. By leveraging the power of cryptocurrency, Blackbird aims to revolutionize the way customers interact with restaurants, offering a seamless and rewarding dining experience.

The participation of prominent investors such as Coinbase and Amex Ventures underscores the growing interest in the intersection of cryptocurrency and traditional industries. This funding round not only validates Blackbird's business model but also highlights the potential of blockchain technology in transforming loyalty programs and payment systems. As Blackbird continues to grow, it is poised to become a leader in the cryptocurrency rewards space, setting a new standard for how customers can earn and use digital assets in their daily lives.