We're thrilled to announce that Squads Labs, the main contributor to Squads Protocol, has raised a strategic round of funding in the amount of $5.7mln. The round was led by Placeholder, with participation from 6th Man Ventures, L1 Digital, Solana Ventures, Multicoin Capital, Jump Crypto, Delphi Ventures, Layer One Ventures and Everstake, as well as numerous angel investors including but not limited to Anatoly Yakovenko (co-founder of Solana), Mert Mumtaz (CEO of Helius Labs) and Lucas Bruder (CEO of Jito Labs). This round brings our total funding to $12.5M to date. The fresh funds will be used to expand support for institutional investors and crypto-native startups, develop a mobile-first smart wallet and advance account abstraction on Solana.
Since launching in late 2021, developers have quickly converged on Squads as the multisig standard in the Solana ecosystem. Squads Protocol v3 was the first formally verified program on Solana, and today more than 100 teams—including prominent projects like Helium, Jito, Drift, Marginfi, Jupiter, Pyth, Tensor and more—rely on Squads to manage their team and treasury assets, securing over $500 million in value. We have made tremendous progress advancing self-custody in the Solana ecosystem, offering a formally verified protocol with a suite of power tools specifically designed for crypto-native teams and institutional investors.
We also recently released a major protocol upgrade - Squads Protocol v4, which introduces several new features including time locks, spending limits, roles, sub-accounts, fee relayer, multiple-party payments and support for address lookup tables. The fourth version of the protocol was audited by Neodyme, OtterSec and Trail of Bits prior to release and is currently in the process of being formally verified by OtterSec and Certora. The Squads platform has also been completely redesigned and updated with new features, including a light theme, private interfaces, transaction simulations, verifiable builds and more.
Finally, we just launched SquadsX, a new Chrome-based browser extension that enables teams to connect their multisigs to Solana dapps for the first time, solving one of the largest pain points for the Solana ecosystem. Institutions can now perform various on-chain strategies knowing their funds are protected by their multisig setup. SquadsX joins our desktop and mobile applications as the latest interface to the protocol. The SquadsX browser extension and the new platform features are now available through Squads Pro, a subscription tailored for advanced teams and priced at $399 per Squad a month. The core Squads multisig wallet and base-level platform features will remain free for Solana developers forever.
To learn more about the new Squads platform and v4, check out our announcement article.
About Squads Labs
Squads Labs is a core contributor to Squads Protocol, the leading multisig infrastructure on Solana. In addition to helping maintain the protocol, Squads Labs makes the Squads platform, an institutional-grade multisig platform for Solana-based teams. The Squads platform helps web3-native teams manage and secure digital assets on-chain. To learn more about Squads Labs, please visit https://www.sqds.io/.
About Squads Protocol
Squads is a multisig protocol that helps web3-native teams manage and secure digital assets on-chain. Squads Protocol v3 is the first formally verified program on Solana. Squads Protocol v4 introduces time locks, spending limits, roles, sub-accounts, fee relayers, multiple-party payments, support for SquadsX and more. Squads v4 has already been audited by Neodyme, OtterSec, and Trail of Bits. It is currently undergoing two formal verifications, one by OtterSec and the other by Certora. To learn more about Squads Protocol, please visit https://squads.so/protocol
