Blackbird Labs, the brainchild of serial entrepreneur Ben Leventhal, has secured $50 million in new funding to revolutionize restaurant loyalty and payments through blockchain technology. With over 1,000 restaurants already on board, the startup is now expanding its presence beyond New York, San Francisco, and Charleston to more cities—and launching an ambitious cross-restaurant rewards program called Blackbird Club.
The funding round was led by Spark Capital, with continued backing from Coinbase Ventures, Amex Ventures, and Andreessen Horowitz. Blackbird has now raised $85 million in total, although its current valuation remains undisclosed.
Blackbird Labs ’s core mission is to simplify in-restaurant payments while boosting customer loyalty. Its signature Flynet payment system, built on Coinbase’s Base layer-3 blockchain, allows diners to pay directly from the table and earn blockchain-based loyalty rewards, redeemable across the Blackbird network.
“There’s a disconnect in the restaurant industry between the intensity of consumer love and the actual profitability of restaurants,” said Leventhal. “We’re using tech—and now blockchain—to bridge that gap”
Why Blockchain?
While many loyalty systems already exist—like Toast, Punchh, and Lightspeed—Blackbird’s blockchain edge lies in decentralization and transparency. Through blockchain, customers retain ownership of their profiles and data, and participating restaurants gain a stake in the network’s growth.
“Ben’s vision is for a network owned by the restaurants and diners themselves—something only blockchains enable,” said Arianna Simpson, General Partner at a16z. “Blackbird is already saving restaurants 3–4% in payment processing fees”
Expansion Strategy
Charleston, South Carolina, has served as a pivotal test market. Described by Leventhal as a city that “punches above its class,” its vibrant restaurant culture and manageable scale made it ideal for piloting Blackbird’s offerings.
As the company scales, it plans to further refine its tools and expand to additional U.S. markets—addressing an industry where restaurant profit margins have plunged below 5%, compared to ~20% in the early 2000s, according to data from the National Restaurant Association.
Strategic Vision
Leventhal, known for co-founding the reservation platform Resy (acquired by American Express in 2019) and Eater (now part of Vox Media), sees Blackbird as more than just another fintech solution—it’s a foundational shift in how the restaurant industry operates.
“It’s not just about payments or points. It’s about creating an ecosystem where restaurants and customers thrive together—with transparency, ownership, and reduced fees at the center”
As Blackbird continues its flight, all eyes are on how its blockchain-first approach may reshape not just restaurant tech, but local business economics at large.
