June 10, 2024
Squads Labs, a Solana-Based Multisig Protocol Developer that enables businesses to manage digital assets, has successfully raised $10 million in a Series A funding round. The round was spearheaded by Electric Capital and saw contributions from Coinbase Ventures, Placeholder VC, RockawayX, and L1 Digital. Mert Mumtaz, co-founder and CEO of Helius and founder of Odyssey Ventures, also joined the round as an angel investor.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Squads Labs | $10M | June 10, 2024 | Series A | $22.5M | Electric Capital | Wallet |
The firm is in the process of creating an infrastructure that simplifies the process for businesses, teams, and individuals to securely transact, manage, and own digital assets such as tokens and treasuries.
In addition, Squads Labs has announced the public testing of its smart wallet, Fuse, on the iOS TestFlight platform. This Solana-based wallet is already being utilized by over 250 businesses, including Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.
The smart wallet allows users to access their accounts without the need to remember key phrases, all while maintaining security. Squads reports that its protocol has already secured $10 billion in digital assets, a significant increase from the $500 million secured as of October 2023.
Stepan Simkin, CEO of Squads Labs, shared his thoughts on the announcement. He stated that his company doesn't consider Phantom, another Solana-based wallet, as a direct competitor. According to Simkin, while Phantom and other wallets are focused on onboarding and connectivity, Fuse is designed to serve as the ultimate savings account for users' digital net worth, eliminating the need to rely solely on cold wallets or centralized exchanges.
About Squad Labs
Squads Labs is a technology company that develops tools to enable efficient economic activity on the blockchain. The company’s mission is to grow the on-chain economy by developing smart account technology and products that make it easy for businesses, teams, and individuals to securely transact, manage, and own digital assets.
Founded in 2021, Squads Labs is betting on a future where an ever-increasing amount of productive economic activity happens on-chain. The company’s products include the Squads Platform, which enables businesses to run their operations on-chain, and Fuse, a modern savings account for secure custody of digital assets. They also offer Otacon, a developer infrastructure for easily deploying and managing SVM smart accounts.
Website: https://www.sqds.io/
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About Investor
Investor: Electric Capital
Electric Capital is a venture capital firm that focuses on accelerating disruptive innovations in the crypto and Web3 sectors. The team at Electric Capital has collectively started eight companies, shipped products for billions of users, run billion-dollar business units, invested in over 100 technology startups with a cumulative market cap of over $50B, and traded billions in derivatives.
The firm invests in both liquid and illiquid tokens that are emerging stores of value and rooted in novel technology. They have a deep understanding of community governance, token economics, cryptography, and distributed systems. Electric Capital invests in cryptocurrencies, blockchain-based businesses, fintech companies, and marketplaces5.
Their portfolio includes investments in the next generation of iconic founders in crypto and Web3. They have also released a developer report, providing insights and updates on the crypto ecosystem. Electric Capital is led by a team of technology entrepreneurs, engineers, and successful investors.
Location: Upper Marlboro, MD
Website: https://www.electriccapital.com/
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