Quick take:
- Setter has raised $5 million in a seed round led by A16z.
- The Web3 consumer app wants simple Web3 experiences for non-crypto native users.
- The company is building a “smart contract wallet” that allows users to easily switch from traditional Web2 payments to crypto using their credit cards.
Web3 consumer-facing app Setter has announced a $5 million seed round led by Andreessen Horowitz (A16z). The fundraising also attracted participation from Marcy Ventures Partners, Dreamers VC, Thirty-Five Ventures and Serena Williams among others.
Setter is building an app that its CEO Juan Hernandez explained to CoinDesk on Tuesday as basically a “full-blown smart contract wallet under the hood.”
The Web3 startup wants to help brands easily explore Web3-powered commerce by enabling them to offer payment options that allow users to easily switch from traditional Web2 payments (fiat) to crypto using their credit cards.
According to the report by CoinDesk, Brands will be able to offer promotions of exclusive products and provide customers with limited edition drops.
Setter explains its mission as one that aims to address “the complexity and unfriendliness of current wallet technologies.” The company wants to make it simpler for non-crypto native users to join Web3.
“We’re trying to make it really seamless, where the Web2 and Web3 objects are just sitting right next to each other,” Hernandez told CoinDesk. “Whether you’re just paying with traditional Web2 rails or whether you need to convert into crypto from a credit card.”
The company said its initial plans are to develop partnerships with leading streetwear and sneaker brands, with an ultimate goal of expanding its ecosystem across fashion, luxury items and consumer collectibles.
This fundraising comes at a time when funding for Web3 startups is declining. According to TechCrunch, the industry registered its seventh consecutive quarterly decline in funding in Q3 2023.
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