SoSoValue Secures $15 Million in Series A Funding

SoSoValue, a crypto market data provider known for tracking daily ETF inflows and outflows, has raised $15 million in a Series A funding round at a $200 million valuation.

Funding Details

HongShan (formerly Sequoia China) and SmallSpark.ai co-led the round, joined by Mirana Ventures and SafePal, the Singapore-based firm announced on Wednesday.

SoSoValue initiated its Series A fundraising early last month, closing the round in just 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 ratio.

Wang indicated that the $200 million valuation reflects SoSoValue’s upcoming token on a fully diluted basis, representing a 300% increase from its $50 million post-seed valuation. Previously, the company raised $4.15 million in its seed round in June last year, totaling $19.5 million in capital raised.

Wang mentioned that the SoSoValue team will undergo a lock-up period of 54 months (4.5 years) for their tokens, stating, “We are in this for the long haul and want to build adoption for all crypto assets, as we believe the growth has only just begun.”

New Indices Protocol and Wrapped Tokens Launch

SoSoValue also announced the public launch of its spot crypto indices protocol and four wrapped tokens on Base, an Ethereum Layer 2 network incubated by Coinbase. The four tokens — MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI — were beta-tested last month.

• MAG7.SSI represents a basket of the top seven tokens by market cap, with a minimum weight of 10% per token.
• MEME.SSI offers exposure to the top 10 meme tokens based on market cap.
• DEFI.SSI includes 10 DeFi assets weighted by market cap.
• USSI is a delta-neutral basket providing exposure to the top seven crypto assets for stable, sustained returns.

To trade these tokens, users must connect their web3 wallets to SoSoValue and authorize transactions. Wang stated the firm plans to launch more index tokens in the future.

When asked how SoSoValue’s indices protocol differs from others, Wang noted that many simply track baskets of tokens without enabling trading. In contrast, SoSoValue’s protocol offers wrapped tokens that allow for trading of spot baskets (not futures) and features monthly rebalancing to adapt to the dynamic crypto market.

The wrapped tokens automatically rebalance monthly, with holders subjected to a 0.01% tech service fee every 24 hours. Licensed custodians Cobo and Ceffu safeguard the underlying assets. Addressing self-custody concerns, Wang emphasized, “Our mission at SoSoValue is to make it easier for traders of all shapes and sizes to have easier access to information and services related to crypto trading.”

Currently, SoSoValue employs over 100 people and intends to expand its workforce by at least 50% this year, targeting key areas like marketing, engineering, and business development.

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