Web3 Pioneer Setter Secures $5M Seed Funding Led by A16z

New York's Setter, a consumer app, has recently garnered a substantial financial boost through a $5 million seed round led by the notable venture capital firm Andreessen Horowitz (a16z). Setter's primary goal revolves around streamlining entry into the realm of Web3, actively addressing the intricacies and user-unfriendly nature often associated with existing wallet technologies.

The announcement on Tuesday outlined Setter's vision of assisting brands in navigating Web3-powered commerce. The app's innovative strategy is centered on aiding brands in transforming their promotional approaches for exclusive products, fostering the release of limited edition items to effectively engage customers.

CEO Juan Hernandez, in a discussion with Bitsday, emphasized Setter's dedication to delivering a seamless user experience, effectively bridging the gap between Web2 and Web3 technologies. Despite its outward appearance as a Web2 application, Setter functions as a fully-fledged smart contract wallet, operating discreetly beneath the surface. Hernandez articulated, 

"We're striving to create a truly seamless experience, where the Web2 and Web3 components coexist seamlessly...whether you're utilizing traditional Web2 channels for payment or converting from a credit card to crypto."

Setter's initial concentration revolves around forming partnerships within the realm of streetwear and sneaker brands, with future plans to expand into fashion, luxury goods, and consumer collectibles.

Beyond a16z's involvement, the seed round garnered support from Marcy Ventures Partners, Superlayer, Thirty Five Ventures, and retired tennis icon Serena Williams. The diverse backing from these entities underscores the widespread interest and confidence in Setter's mission to enrich accessibility and user interaction within the ever-evolving landscape of Web3-powered commerce.

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