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New York, NY – April 8, 2025 – Blackbird Labs, the company behind the innovative blockchain-based restaurant payment and loyalty app Blackbird, has announced a $50 million Series B funding round led by Spark Capital. Existing investors Coinbase Ventures, Amex Ventures, and Andreessen Horowitz (a16z) also participated in the round. This latest investment brings Blackbird's total funding to $85 million and fuels the launch of its new cross-restaurant rewards program, Blackbird Club, and expansion into new markets.
Blackbird offers a unique approach to restaurant loyalty, combining payments, rewards, and blockchain technology. The platform allows diners to pay for meals directly through the app, earn cashback rewards, and redeem points at participating restaurants. With approximately 1,000 restaurants already on board, Blackbird is transforming how diners engage with their favorite dining establishments.
CEO Ben Leventhal, a seasoned entrepreneur with successful ventures like Resy and Eater under his belt, envisions Blackbird as a solution to the declining profitability plaguing the restaurant industry. "There's a disconnect between the immense popularity of dining out and the financial struggles of restaurants," Leventhal explains. "Blackbird aims to bridge that gap by empowering restaurants to build stronger customer relationships and improve their bottom line."
Blackbird's payment system, Flynet, leverages Coinbase's Base layer-three transaction protocol. This blockchain integration allows for secure and efficient transactions while offering potential future benefits like enhanced customer data ownership and restaurant participation in the Blackbird network.
"We believe blockchain offers unique opportunities," says Leventhal, "particularly in how we manage customer profiles and engage with restaurants. Our vision is for a network owned by both the restaurants and the diners."
This vision resonates with investors like Arianna Simpson, General Partner at a16z. "The restaurant industry is dominated by tech platforms that take a significant cut of a restaurant's already thin margins," Simpson notes. "Blackbird's blockchain-based approach offers a way to improve that margin structure by creating a network owned by the restaurants and diners." She adds that Blackbird is already saving restaurants 3-4% on payment processing fees.
Key Features of Blackbird:
- Blockchain-Based Loyalty: Leverages blockchain for secure and transparent rewards.
- Integrated Payments: Streamlined payment process through the Blackbird app.
- Cross-Restaurant Rewards: Blackbird Club allows points redemption across multiple restaurants.
- Focus on Restaurant Profitability: Aims to improve restaurant margins through reduced fees and increased customer loyalty.
- Community Ownership: Envisions a network owned by both restaurants and diners.
Investors:
- Spark Capital (Series B Lead)
- Coinbase Ventures
- Amex Ventures
- Andreessen Horowitz (a16z)
About Blackbird Labs:
Blackbird Labs is the company behind Blackbird, a blockchain-based restaurant payment and loyalty app. The platform connects diners with their favorite restaurants, offering seamless payments, rewards, and a unique community-driven approach.
For more information, visit https://www.blackbird.xyz/.
Compiled by CMO Intern team
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