Set Raises $14M Series A Led by 1kx and Hashed

We’re excited to announce that Set Labs has raised a $14M Series A round led by 1kx and Hashed! We welcome new and existing supporters including Mechanism Capital, Defiance, Spartan, ParaFi, Coinbase Ventures, Craft, Threshold Ventures, and long-term Set community members.

Set’s Mission to Accelerate the Adoption of DeFi Asset Management

In an internet-first world, we believe in the inevitability of an internet-native financial system (DeFi) that is global, 24/7, permissionless, and transparent. This new system will have all the elements of the existing financial system including trading, borrowing / lending, derivatives, insurance and enable new use cases we can’t imagine today. In this new paradigm, Set’s mission is to accelerate the adoption of DeFi asset management.

Our Progress

So far, we’ve manifested our mission through:

• Index Coop — Crypto’s Blackrock, which provides decentralized exchange traded products (ETPs) such as the DeFi Pulse Index, Metaverse Index and the ETH 2x Flexible Leverage Index. Since inception, we’ve seen enormous growth with TVL recently reaching $400M, the development of a robust community, the cultivation of significant ties with ecosystem partners, and the fostering of a trusted brand.
• Set Protocol — Stripe for Asset Management, which provides asset management infrastructure for anyone looking to launch an ETP or delegated management solution. Customers such as Index Coop, Ember Fund, Yam Finance, and many others use Set for many use cases including social trading, treasury management, and structured product creation.

“Asset management is a core component of financial services, and Set Labs approaches the problem space with a highly crypto-native and community-driven approach.

Set has been able to attract some of the brightest product contributors in DeFi to their communities, which we believe is key to establishing a long lasting competitive advantage.”

- Lasse Clausen, Founding Partner at 1kx

Going Forward

This is just the beginning. We plan to continue advancing our mission by:

• Continuing the decentralization of our protocol and furthering community ownership.
• Building, iterating, and innovating on the suite of financial products offered by Index Coop.
• Partnering with more asset management businesses to deliver end to end solutions.
• Enabling more use cases and increased accessibility through L2 and alternative chain deployments.

Thanks to all for your support so far! If you’re excited about what we’re building at Set and want to work with us, we’d love to hear from you in our careers page!