Electric Capital Leads $10M Series A Round for Solana-Based Multisig Protocol Squads

The fundraising also attracted participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital and Mert Mumtaz.
Image source: sqds.io

Quick take:

  • Squads also announced the launch of its retail-focused iOS wallet app called Fuse on public TestFlight.
  • The protocol allows companies and businesses to manage digital assets using multi-signature security.
  • Some of its more popular clients include Jito, Jupiter, Tensor, Drift, Zeta, Backpack and Kamino.

Squads Labs, a Solana-based multi-sig protocol that allows businesses to manage digital assets using multi-signature security has secured a $10 million Series A round led by Electric Capital. The fundraising also attracted participation from Coinbase Ventures, Placeholder VC, RockawayX, and L1 Digital, with Mert Mumtaz — the co-founder and CEO of Helius and founder of Odyssey Ventures joining as an angel investor.

The company is building an infrastructure that makes it easier for businesses, teams and individuals to securely transact, manage and own digital assets like tokens and treasuries.

The company also announced the launch of its smart wallet dubbed Fuse for public testing on the iOS TestFlight.

The Solana-based wallet is already used by more than 250 businesses including the likes of Jito, Jupiter, Tensor, Drift, Zeta, Backpack and Kamino.

The smart wallet enables users to gain access to their accounts without having to remember key phrases, and without compromising security. According to Squads, its protocol has already helped secure $10 billion in digital assets to date, which is a significant increase from the $500 million secured as of October 2023.

Commenting on the announcement, Stepan Simkin, CEO of Squads Labs told the Block that his company does not really view Solana-based Phantom as a direct competitor: “While Phantom and other wallets focus on onboarding and connectivity, Fuse aims to be the ultimate savings account for your digital net worth, eliminating the need for solely relying on cold wallets or CEXs.” 

According to Simkin, Fuse primarily focuses on internal features like two-factor authentication (2FA), wallet recovery, progressive security, time locks and spending limits, thus allowing users to “fully program their self-custody setup.” 

“The distinction I would make is that Fuse is for storing and compounding assets, while other providers are for ecosystem interactions,” Simkin said.

Fuse is scheduled to launch in the main iOS App store in July. The company also plans to add to its team of 17 people by hiring more designers and engineers, added Simkin.


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