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.
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
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