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A16z Backs Web3 Consumer App Setter in $5M Seed Round
Setter aims to address "the complexity and unfriendliness of current wallet technologies," making entry into Web3 a more seamless experience for more users.
Nov 28, 2023, 3:00 p.m.
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Venture capital giant Andreessen Horowitz (a16z) led a $5 million seed round into Setter, a consumer app that allows brands to explore Web3-powered commerce.
The app by New York-based Setter plans to help brands innovate how they promote exclusive products and provide customers with limited edition drops, the firm said in an emailed announcement on Tuesday.
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Setter aims to address "the complexity and unfriendliness of current wallet technologies," making entry into Web3 a more seamless experience for more users, according to the announcement.
"It looks and feels like a Web2 app, but it is a full-blown smart contract wallet under the hood," CEO Juan Hernandez told CoinDesk in an interview. Web2 refers to the existing, centralized Web-based technology.
"We're trying to make it really seamless, where the Web2 and Web3 objects are just sitting right next to each other ... whether you're just paying with traditional Web2 rails or whether you need to convert into crypto from a credit card."
Setter's initial focus is on developing partnerships with streetwear and sneaker brands with the aim of expanding across fashion, luxury items and consumer collectibles.
The seed round was also backed by Marcy Ventures Partners, Superlayer, Thirty Five Ventures and retired tennis great Serena Williams.
Read More: Ali Yahya, Andreessen Horowitz: 'Many Fair Weather VCs Have Pivoted'
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