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

HongShan (formerly Sequoia China) and SmallSpark.ai co-led the round, with participation from Mirana Ventures and SafePal, the Singapore-based firm said Wednesday.

SoSoValue began raising money for the Series A round early last month and closed within four weeks, co-founder May Wang told The Block. The round was structured as a simple agreement for future equity (SAFE) with a token warrant in a 1:1 ratio, she said.

Wang added that the $200 million valuation reflects SoSoValue's soon-to-be-launched token on a fully diluted basis — marking a 300% increase from its $50 million post-seed valuation. SoSoValue raised $4.15 million in its seed round in June last year, bringing its total capital raised to $19.5 million.

Wang said that the SoSoValue team would face a lock-up period of at least 54 months (4.5 years) for their tokens, emphasizing, "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."

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.

The MAG7.SSI or "Magnificent 7" token 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, with a weighted average based on market cap. DEFI.SSI comprises a basket of 10 DeFi assets weighted by market cap. USSI is a delta-neutral basket providing exposure to the top seven crypto assets, designed to offer stable, sustained returns.

To trade these tokens, users must connect their web3 wallets to SoSoValue and authorize a transaction. Wang said that the firm plans to launch additional index tokens in the future.

When asked how SoSoValue's indices protocol differs from other similar products in the market, Wang highlighted that most crypto indices simply track baskets of tokens without enabling trading. In contrast, SoSoValue's protocol offers wrapped tokens that allow trading of spot baskets (not futures) and feature monthly rebalancing to keep pace with the fast-evolving crypto market.

The wrapped tokens automatically rebalance each month, and holders are charged a 0.01% tech service fee every 24 hours. The underlying spot assets are safeguarded by licensed custodians Cobo and Ceffu, Wang said. On potential concerns from self-custody enthusiasts, Wang said, "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."

SoSoValue currently employs over 100 people and plans to expand its workforce by at least 50% this year, Wang said. The hiring push will span key areas such as marketing, engineering and business development, she added.

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