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.

AccessTimeIconNov 28, 2023 at 3:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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.

Edited by Sheldon Reback.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.