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SoSoValue, a crypto market data provider known for its ETF tracking tools, has raised $15 million in Series A funding.
Author: Sahil Thakur
SoSoValue, a crypto market data provider known for its ETF tracking tools, has raised $15 million in Series A funding. The funding round valued the firm at $200 million and was co-led by HongShan (formerly Sequoia China) and SmallSpark.ai. Mirana Ventures and SafePal also participated in the round, which closed within four weeks, according to co-founder May Wang.
The funding was structured as a simple agreement for future equity (SAFE) with a 1:1 token warrant. Wang noted that the $200 million valuation represents the soon-to-be-launched token’s fully diluted value, marking a 300% increase from its $50 million post-seed valuation.
SoSoValue’s total funding now stands at $19.5 million, following its $4.15 million seed round in June 2022. The team will adhere to a 54-month token lock-up period, signaling its long-term commitment. Wang stated, “We want to build adoption for all crypto assets, as we believe the growth has only just begun.”
SoSoValue has also launched its spot crypto indices protocol and four wrapped tokens on Base, an Ethereum Layer 2 network incubated by Coinbase. These include:
These tokens allow users to trade baskets of spot assets, with monthly rebalancing to adapt to the evolving crypto market. A 0.01% tech service fee is charged daily, and custodial services are provided by licensed firms Cobo and Ceffu.
Unlike many crypto indices that only track assets, SoSoValue’s protocol enables trading of wrapped tokens, offering a practical solution for investors. Wang emphasized, “Our mission is to make it easier for traders of all shapes and sizes to access crypto information and services.”
SoSoValue currently employs over 100 people and plans to expand its workforce by 50% this year. Key hires will focus on marketing, engineering, and business development as the company scales its operations and product offerings according to the team.
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