A16z Crypto Adds IYK to Portfolio After $16.8 Million Investment in Web3 Startup
IYK, a Web3 startup that provides tools to Adidas, Billionaire Boys Club, and Atlantic Records as clientele, has secured a seed round raise worth over $16.8 million.
Founder Ryan Ouyang shared this significant achievement on his official X (formerly Twitter) account, highlighting that the investment round was led by Web3 venture capital firm a16z Crypto, also known as Andreessen Horowitz.
A bit over two years ago, I was debating whether or not I should go back to online school. I’d already been on an 8 month break, and was feeling a bit lost after some jumbled freelancing.— ryanouyang.eth (@RyanOuyang_) September 28, 2023
Since then, it’s been a wild ride. Today, I’m excited to announce that @iyk_app has raised… pic.twitter.com/QCPn89lKgF
a16z Crypto contributed to this substantial seed fundraising event in collaboration with other notable VC firms, including Collab Currency, gmoney, Lattice Capital, and 1kx.
IYK, short for “If You Know,” has outlined its strategic plan for the seed fund, focusing on the continued development of its IYK platform.
This next-generation service platform will allow musicians, fashion houses, artists, and creators to build digi-physical experiences for their fans without technical knowledge.
The new IYK Platform will have extensive customization to help creators access ready-to-use near-field communication (NFC) chips. These NFC chips can be used to tokenize their products and scheduled events.
Consequently, these products are transformed into non-fungible tokens (NFTs), granting customers and fans access to the brand’s unique offerings.
The platform is already supporting 100 creators and brands seeking stronger connections with their target audience.
Commenting on the new development, Ouyang noted that IYK has been able to separate itself from the competition due to its focus on not locking users into an authentication system.
Sharing insights on the next step forward, he revealed that the Web3 startup intends to expand its team by hiring its first business development executive. This strategic move will further enhance its presence in the rapidly evolving marketplace.
a16z Expansive Crypto Portfolio
IYK has been attracting early-bird investors for some time, having secured an undisclosed investment from Wave Digital Assets earlier this year.
However, the recent investment by Andreessen Horowitz has truly propelled IYK into the spotlight, drawing the attention of numerous VC firms looking to add the digitally optimized experience platform.
a16z Crypto, on the other hand, has been strategically investing in a number of Web3 startups with strong potential for the future.
Through its accelerator program that grants competing platforms access to $500,000 for a 7% equity in the company, the famous blockchain VC firm has gained a front-row seat in sifting the best projects before they hit the public eye.
Among its notable portfolio holdings are renowned Web3 brands such as the creators of Bored Ape Yacht Club, Yuga Labs, VeeFriends, Chia, Celo, and hundreds of others.
This recent addition further enriches the VC firm’s already robust portfolio, solidifying its position for the future.