Squads Raises $5 million in a strategic round and goes live on Solana mainnet
We are excited to announce a $5 Million strategic round to bring web3 collaboration infrastructure to Solana-based teams led by Multicoin Capital with participation from Jump Capital, Delphi Digital, Collab + Currency, Volt Capital, Chaotic Capital, Reciprocal Ventures, Blockwall Digital, Seed Club Ventures, Davinci DAO, Reverie and angel investors:
- Joe McCann
- Dylan Macalinao
- Kash Dhanda
- Jed Halfon
- Ayush Menon
- Julian Weisser
- Tyler Willis
- Michael Tant
- Alexander Golding
- Nicholas Platias
The funding announcement comes alongside Squads mainnet launch.The funding will be used to hire key developers, support the project through mainnet, and continue to fund products that improve web3-native collaboration.
A word from Kyle Samani, Managing Partner at Multicoin Capital
“Squads is bringing an essential piece of Web3 infrastructure to the Solana ecosystem. A dedicated multisig is one of the last remaining DAO primitives that has been lacking in the Solana ecosystem. DAOs on Solana have the ability to be more feature rich due to the inherent composability of the ecosystem. Using infrastructure like Squads, teams can now form quickly, vote cheaply, and manage assets in far more sophisticated ways.”
Alongside out investors we would like to thank the Solana community for supporting us and guiding on the path to mainnet. Spending time at Breakpoint and various Solana Hacker Houses, talking to real builders and founders has helped us enormously in navigating our product strategy and roadmap.
Squads is a protocol that helps web3-native teams organize, make decisions on-chain and manage digital assets together. Squads make it easy to codify membership, form multi-signature wallets (multi-sigs) called “Vaults,” or use tokenless, on-chain voting for governance. Rather than issuing a dedicated DAO token, voting power can be customized and assigned to different members of the Squad, giving members more control over how on-chain decision making happens in a light-weight, more efficient way. Squads were designed for decentralized teams building startups, contributing to protocols or co-investing together.
Using Squads’ Vaults, members can deposit NFTs or fungible tokens directly into a Squad’s treasury. The Squad can then quickly swap those tokens for others directly from the Vault, making balance sheet diversification and treasury management simple and secure.
We also plan to work with established Solana DAOs to facilitate creation of sub-committees and working groups within communities to focus on a specific area of DAO development. Acting as decentralized departments, Squads make the governance processes more agile and efficient by delegating budgets and ownership over workstreams to contributors with the right skill sets and incentives to actively participate in decision making.
What’s coming next
After spending two months on devnet (with over 2,000 devnet Squads created!) and completing the Neodyme audit we are finally ready to take Squads to mainnet today.
We already successfully completed the integration of swaps via Raydium Protocol, which is available upon launch and plan to work on further treasury management integrations such as staking and structured products in the coming weeks and months.
Finally, next week we will open source our code for anyone to review!