A16z Funds Web3 Consumer App Setter with $5M in Seed Round

Jonathan Stoker Nov 28, 2023, 17:20pm 146 views

A16z Funds Web3 Consumer App Setter with $5M in Seed Round

Andreessen Horowitz Spearheads $5 million Seed Round for Setter

Venture capital behemoth Andreessen Horowitz (a16z) has taken the lead in a $5 million seed round for Setter, a consumer-oriented application. Setter provides a platform for brands to delve into commerce powered by Web3 technology.

Setter: Bridging the Gap between Web2 and Web3

Setter, a venture from New York, aspires to revolutionize how brands promote unique products, offering customers access to limited edition drops. This ambition was outlined in a recent Tuesday announcement. The app addresses the intricacies and user-unfriendliness of current wallet technologies, thus easing the transition into Web3 for a more extensive user base.

The application provides the familiar look and feel of a Web2 app, but it functions as a full-scale smart contract wallet. This was shared in an interview by Juan Hernandez, the CEO. The term Web2 describes the current, centralized web-based technology platform.

Easing Integration of Traditional and Cryptocurrency Payments

The goal is to provide a seamless integration where both Web2 and Web3 platforms coexist. This would facilitate users either making traditional payments or converting them into cryptocurrency from credit cards.

Setter's Initial Focus and Seed Round Supporters

Setter's preliminary focus is on building partnerships with streetwear and sneaker brands, with expansion plans across the fashion industry, luxury items, and consumer collectibles. The seed round attracted other investors including Marcy Ventures Partners, Superlayer, Thirty Five Ventures, and retired tennis professional Serena Williams.

Edited by Jonathan Stoker

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