a16z: Why is Blackbird worth our investment in the combination of dining and Web3?
With the support of food and technology, what new narrative does Blackbird tell?Original Title: 《Investing in Blackbird》
Original Author: Arianna Simpson, General Partner at a16z
Original Compilation: BlockBeats
One of the great pleasures of living in New York City is that delicious meals are always just a few minutes away.
Restaurants have long provided customers with food, social spaces, and entertainment. Despite the ever-evolving food industry creating more value for diners, cities, and society, they often struggle with profit margins.
We have seen how blockchain has enabled a direct connection between creators and fans in the music and art sectors, allowing creators to identify, engage, and reward their most loyal supporters.
What if restaurants could do the same? What would that mean for the experiences they can create for customers and their bottom line?
Building products for restaurants is challenging—ownership is often fragmented, there are few economies of scale, and technology itself rarely becomes a selling point. But sometimes, we are fortunate to encounter a thoughtful founder who operates so well in their domain and, with the aid of new technology, makes investment an easy decision.
Under the leadership of CEO and founder Ben Leventhal, Blackbird aims to enhance dining experiences through Web3, providing personalized rewards that delight customers.
In the restaurant space, Ben can be considered a model of founder-market fit. Reflecting on the painful era before online restaurant reservations and even online reviews, Ben is one of the people we have to thank. He was the co-founder and CEO of Resy, a platform that managed reservations for the world's most popular restaurants, which he sold to American Express in 2019. Prior to that, Ben co-founded Eater in 2005, which has become the online authority in the American food and nightlife scene.
While we were having lunch together, I told Ben that Blackbird seems to be the culmination of his career, the fruit of two decades of hard work. His eyes lit up. "Yes," he said, "that's exactly it. I've been working towards this goal."
Ben loves restaurants. And restaurants love him.
Blackbird has only been live for a few months, and we are already seeing the restaurant industry adopt and shape this platform. Restaurants are using Blackbird to offer customers rewards ranging from free drinks and snacks to off-menu items, and even private meals prepared by chefs in their own homes, while also allowing users to pre-purchase memberships for upcoming restaurants.
Anticipating an endless world of delicious possibilities. Therefore, today we are very excited to announce that we will lead Blackbird's $24 million Series A funding to support this future.
