IYK’s core concept revolves around the integration of NFC (near field communication) chips into merchandise and clothing. Furthermore, the platform is also popular among musicians and artists.
IYK, a Web3 startup whose clientele includes Adidas, Billionaire Boys Club and Atlantic Records, has successfully achieved increase more than $16.8 million in a seed round. Founder Ryan Ouyang announced this milestone on his official X account (formerly Twitter), emphasizing that a16z crypto, also known as Andreessen Horowitz, led the investment round.
In addition to a16z, other venture capital firms contributing to the funding include Lattice Capital, Collab Currency, money and 1kx. IYK, a Web3 startup abbreviated as “If You Know”, presents a novel approach to verifying the authenticity of fashion and other merchandise, musicians, artists and creators, thereby improving interactions with consumers.
IYK’s core concept revolves around the integration of NFC (near field communication) chips into merchandise and clothing. This technology allows consumers to easily authenticate items, such as T-shirts, by simply touching them with their smartphones. In exchange, customers receive NFTs and gain access to exclusive offers from the brands.
Currently, IYK supports 100 creators and brands, all of whom are looking to build deeper connections with their target audiences.
Ryan Ouyang, founder of IYK, emphasized the platform’s distinction from its competitors. He further highlighted AIK’s commitment to avoiding the confinement of users within one authentication system.
Looking further ahead, Ouyang revealed startup Web3’s plans to bolster its team by adding its inaugural business development executive. This strategic step will also strengthen its presence in a dynamic and constantly evolving market.
A16z expands its crypto footprint
IYK’s recent fundraising achievement is particularly notable in the current challenging funding landscape for blockchain startups. The company successfully secured this round of funding following its participation in A16z crypto Startup School, a twelve-week accelerator program hosted by venture capital firm a16z crypto, dedicated to fostering new startups in the blockchain sector.
IYK has been steadily attracting early-stage investors and previously secured an undisclosed investment from Wave Digital Assets earlier this year. However, Andreessen Horowitz’s recent investment has put IYK in the spotlight, capturing the attention of numerous venture capital firms eager to incorporate this digitally enhanced experience platform into their portfolios.
In contrast, a16z crypto has been strategically investing in a variety of promising Web3 startups with strong growth potential. Through its accelerator program, which grants participating platforms access to $500,000 in exchange for a 7% equity stake in the company, this renowned blockchain-focused venture capital firm has positioned itself at the forefront of identifying the best projects before they are widely recognized.
Among its impressive portfolio are well-known Web3 brands such as the creators of Bored Ape Yacht Club, Yuga Labs, VeeFriends, Chia, Celo and hundreds of others. The addition of IYK to its portfolio further enriches the company’s already diverse and strong collection of investments, consolidating its strong position for the future.
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Bhushan is a financial technology enthusiast and has a keen knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually in the learning process and stays motivated by sharing the knowledge acquired. In his spare time he reads suspense and fiction novels and sometimes explores his culinary skills.
