With Coinbase Ventures, Placeholder VC, RockawayX, and L1 Digital, co-founder and CEO of Helius and creator of Odyssey Ventures, joining the investment round, Electric Capital led the round, Squads Labs said Monday. Stepan Simkin, CEO of Squads Labs, told that the company started financing in March and closed earlier this month. Simkin added, declining to discuss the valuation, that the deal was set up as equity with token warrants akin to Squads’ seed round.

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Having earlier raised $12.5 million in three investment rounds, the Series A round takes Squads‘ total capital to $22.5 million.

About Squads Labs’ Protocol

Using multi-signature security, Squads—a Solana-based multisignature protocol—helps companies handle on-chain assets including administrative keys, tokens, and treasury. Launched in 2021, Squads claims to have secured over $10 billion in assets—a significant increase from $500 million in October.

Simkin claimed the biggest clients include Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino; the number of clients has also increased from over 100 in October to over 250 now.

Squads intends to keep improving its protocol and help more companies operate their on-chain operations at every level of their lifecycle with new funding in place, Simkin added.

On public TestFlight today, Squads also debuted Fuse, an iOS money software with retail orientation. Designed on top of the Squads protocol using multi-signature security for personal funds, Fuse is a Solana wallet.

“Not really,” Simkin answered when asked whether Fuse intends to compete with Solana’s top wallets, including Phantom.

“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 to strictly depend on cold wallets or CEXs (centralized exchanges),” Simkin added. “So the emphasis is on internal features like 2FA [two-factor authentication], wallet recovery, progressive security, time locks, and spending limits, allowing users to totally program their self-custody arrangements. Fuse is for storing and compounding assets, while other suppliers are for interactions in ecosystems.”

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