Squads Labs, the primary developer behind the Solana-based multisig protocol Squads, has raised $10 million in a Series A funding round.
Concurrently, the company has introduced its retail-focused iOS wallet app named Fuse, which is now available for public testing on TestFlight.
Squads Labs Secures $10M in Series A Funding and Launches Fuse Wallet
Squads Labs, the developer behind the Solana-based multisig protocol Squads, has successfully raised $10 million in a Series A funding round. Electric Capital led the funding, with participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, among others. The fundraising campaign, initiated in March, concluded earlier this month. The round was structured with equity and included token warrants similar to Squads’ previous seed round, although specific valuation details were not disclosed by Squads Labs.
This Series A funding brings Squads’ total funding to $22.5 million, having previously raised $12.5 million across three earlier funding rounds. Squads is renowned for its Solana-based multisig protocol, which facilitates the secure management of on-chain assets such as treasury funds, tokens, and administrative keys through multi-signature security. Since its launch in 2021, Squads has played a pivotal role in securing over $10 billion in assets, marking a substantial increase from $500 million just last October.
According to Squads Labs CEO Simkin, the number of clients utilizing Squads has grown significantly, from over 100 in October to more than 250 currently. Notable clients include Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.
With the fresh infusion of capital, Squads plans to further enhance its protocol capabilities and expand its support for businesses across all stages of their on-chain workflows.
Squads Launches Fuse Wallet and Plans for Expansion
Squads Labs has expanded its offerings with the launch of Fuse, a retail-oriented iOS wallet app built on the Solana blockchain. Fuse integrates Squads’ multisig protocol to provide secure management of personal assets through multi-signature security. The app was released on public TestFlight today, aiming to offer users advanced features such as 2FA, wallet recovery, progressive security, time locks, and spending limits. According to Squads Labs CEO Simkin, Fuse is designed to serve as a comprehensive savings account for digital assets, contrasting with other wallets like Phantom which prioritize ecosystem interactions and connectivity.
Simkin emphasized that Fuse’s focus is on enhancing self-custody capabilities, enabling users to manage and compound their assets effectively without relying solely on cold wallets or centralized exchanges (CEXs). The app is scheduled for a full launch on the main app store in early July, expanding its accessibility to a broader audience.
Additionally, Squads Labs plans to bolster its team by hiring designers and engineers to support its growth initiatives. Currently employing 17 people, the company is also in the process of establishing its permanent headquarters in Dubai, signaling its commitment to expanding operations and presence in key global markets.
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