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Web3 Commerce App Setter Raises $5M Seed Round Led by A16z

Web3 consumer-facing app Setter has raised $5 million in a seed round led by Andreessen Horowitz (A16z) and featuring participation from Marcy Ventures Partners, Dreamers VC, Thirty-Five Ventures, and Serena Williams. The company is building a "smart contract wallet" that allows users to easily switch from traditional Web2 payments to crypto using their credit cards. Setter aims to make it simpler for non-crypto native users to join Web3 and wants to help brands explore Web3-powered commerce by enabling them to offer payment options that allow users to easily switch from fiat to crypto. The company's 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.

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