Venture capital giant Andreessen Horowitz (a16z) has led a $5 million seed round in Setter, a consumer app that allows brands to explore Web3-powered commerce.
New York-based Setter’s app plans to help brands innovate ways to promote exclusive products and provide customers with limited-edition products, the company said in an emailed announcement on Tuesday.
According to the announcement, Setter aims to address the “complexity and unfriendliness of current wallet technology” and provide a more seamless Web3 experience to more users.
“It looks and feels like a Web2 application, but it’s actually a full-fledged smart contract wallet,” CEO Juan Hernandez told CoinDesk. Web2 Refers to existing, centralized Web-based technology.
“We’re working on making it truly seamless, with Web2 and Web3 objects sitting next to each other…whether you’re just paying with traditional Web2 rails or need to convert from credit card to cryptocurrency”
Setter’s initial focus is on partnerships with streetwear and sneaker brands with the goal of expanding into the fashion, luxury and consumer collectibles sectors.
The seed round also received support from Marcy Ventures Partners, Superlayer, Thirty Five Ventures and retired tennis superstar Serena Williams.