Squid, a cross-chain infrastructure platform initially incubated within the Axelar ecosystem and since grown into an independent platform, has raised $6 million in strategic funding to launch a new consumer-facing product.
North Island Ventures led the round, with Ripple, Dialectic, and Borderless also participating. Angel investors, including Axelar co-founder and former director Georgios Vlachos, Enso Finance founder Connor Howe, and Constructive founder Dan Lynch, also joined the round, Squid's pseudonymous co-founder Fig told The Block.
The round came together over the past few months and closed recently, Fig said, declining to disclose the round's structure, Squid's valuation, or whether any investors received board, advisory, or observer seats.
The new funding brings Squid's total funding to $13.5 million, having previously raised a $3.5 million seed round in 2023 and a $4 million strategic round in 2024.
Since launching in 2023, Squid says it has processed more than $6 billion in volume through more than 4 million transactions across over 100 blockchain networks. The platform says it has served more than 1 million users through its own app and partner integrations spanning wallets, decentralized finance applications, payments, and agentic commerce.
