Setpoint Raises $31 Million in Series B
Setpoint, a New York-based infrastructure provider for the credit industry, has raised $31 million in Series B funding, bringing its total capital to $76 million.
The round was led by 645 Ventures, with significant strategic investments from Citi and Wells Fargo, alongside Andreessen Horowitz, NextView Ventures, Floating Point, Henry Kravis, Zillow founder’s 75 & Sunny, Vesta Ventures, Fifth Wall, Eltura Ventures, and Outrunner Capital.
645 Ventures is an early-stage venture capital firm that invests in exceptional founders at the Seed and Series A stages. Leveraging its Voyager software platform, 645 Ventures helps companies scale to the growth stage. With over $550 million in assets under management across five funds, the firm is based in New York and San Francisco and is supported by leading institutional investors.
The company will use the funding to expand its engineering and data science teams, focusing on leveraging machine learning and large language models to enhance the verification of asset data and calculations, driving further innovation in credit infrastructure.
Setpoint provides advanced infrastructure solutions for the credit industry, focusing on automating and streamlining the management of debt facilities. Setpoint offers software platforms like Asset OS and Capital OS that digitize, organize, and verify data related to asset-backed lending. These platforms automate processes involved in managing complex financial arrangements, such as warehouse financing, securitization, and loan purchases. The company serves customers, including major banks, credit funds, and asset-backed lenders.
Funding Details
Company: Setpoint Technologies Inc.
Raised: $31.0M
Round: Series B
Funding Date: August 2024
Lead Investor: 645 Ventures
Additional Investors: Citi, Wells Fargo, Andreessen Horowitz, NextView Ventures, Floating Point, Henry Kravis, Zillow founder’s 75 & Sunny, Vesta Ventures, Fifth Wall, Eltura Ventures, Outrunner Capital
Company Website: https://www.setpoint.io/
Software Category: Financial, Credit Insfracture