a16z Crypto Leads $7 Million Seed Round for KYD Labs Ticketing Platform
a16z Crypto Leads $7 Million Investment in KYD Labs
- a16z Crypto has led a $7 million seed round for KYD Labs, a blockchain-based ticketing platform.
- KYD Labs aims to give artists and venues control over ticket sales, fan data, and revenue.
- The platform is currently operational at venues like New York’s Le Poisson Rouge (LPR).
- Founded by Ahmed Nimale and David Barrick, KYD addresses revenue losses from secondary sales and ticket platforms.
- KYD offers venues direct access to fan insights and revenue streams.
- KYD's platform, built on Solana, allows fans to buy tickets quickly using just a phone number.
- LPR reported a 30% increase in ticket sales and millions in additional income since adopting KYD’s system.
- Plans include launching the $KYD token for venue capital and the $TIX reward token for fan loyalty.
- KYD has processed $4 million in ticket sales and earned over $1 million in revenue in the past year.
- The company aims to expand to over 100 U.S. venues by 2026 and enter major arenas worldwide.
By leveraging blockchain technology, KYD Labs seeks to empower creators and enhance fan experiences in live event commerce.