Squads Raises $1.5 Million in its Seed Round

Published on: 28.10.2021

Squads is excited to announce, they raised a $1.5 Million seed round to take the DAO framework mainstream, led by Collab+Currency.

The rest of the amazing investors: Reciprocal Ventures, Volt Capital, Chaotic Capital, 6thman Ventures, Republic Capital, 8186 Capital, Solana Capital. Ryan Selkis, Ryon Nixon, Chris Hermida, and Julia Lipton are the angel investors supporting them on this round.

They want to thank the Solana community for being incredibly welcoming and supportive along the way and with the upcoming releases they hope to fulfill the governance needs of the Solana ecosystem.

“There’s a huge gap in Solana DAO tooling and Squads is the team to bridge it. Squads is building critical infrastructure that will unlock a tremendous amount of value in the ecosystem. We are delighted to support Stepan and the rest of the Squads leadership team as they build out the infra stack for DAO tooling and management.” Soona Amhaz, General Partner at Volt Capital

DAOs are taking over and Investors Agree

“Smart contracts are a significant evolution in human organization on par with the invention of the corporation. The recognition by the state of corporations as a single entity composed of multiple actors drove significant economic growth. DAOs are poised to initiate progress as important as the corporation once did.” Julie Fredrickson, Managing Partner at Chaotic Capital.

They believe that DAOs will become the main way to organize and will pose a viable alternative to traditional forms of organization. The way DAOs profoundly changed social coordination and put pressure on traditional corporate vehicles by expanding within the wider DeFi and NFT ecosystems has shown us that this is just the beginning for DAOs and the real transition is yet to come.

“Squads sees a future where DAOs become a commonplace structure for organizing economic activity. We believe that rather than working for a corporation or nonprofit, many people will work for a protocol someday. So does the Squads team.” Stephen McKeon, Partner at Collab+Currency

DAOs have become an important building block of the web 3.0 infrastructure and as more users come to the web 3.0 space, having an accessible DAO framework is game-changing since it allows users to frictionlessly organize in a wide variety of use cases such as protocol / NFT governance, startups, freelance, gaming guilds, co-investment, and many others.

Squads: the mainstream DAO tool

Squads is here to simplify the DAO framework and make it accessible to the majority of users who either already firmly exist in the web 3.0 space or are just discovering it. By combining the core DAO primitives under one platform and building it on a fast and scalable layer 1 blockchain like Solana, we hope that Squads will become a social hub for web 3.0 coordination.

Squads focus on a clean and simplified UI/UX combined with scalability and predictable fees that Solana provides — allow to democratize the DAO framework and make it available to a wide range of use cases across the web 3.0 landscape and beyond.

On November 9th they are going to bring Squads v0.1 to mainnet, which will act as a multi-governance client for the Solana ecosystem facilitating decentralized on-chain voting for already established communities (which already launched a token on Solana or have successfully completed the NFT drop).

While Squads v0.2 will go to devnet and will have all of the DAO primitives (deployment, voting, treasury) combined in one interface.