Cross-chain routing platform Squid has closed a $6M strategic funding round led by North Island Ventures, with Ripple joining as a notable participant. The raise brings Squid’s total capital to $13.5M, a meaningful war chest for a protocol that quietly became one of crypto’s most-used plumbing systems.
Other investors in the round include Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital. The money is earmarked for building out consumer-facing products and, perhaps more importantly, introducing transaction fees as a new revenue stream alongside its existing enterprise services.
The numbers behind the raise
Since launching in January 2023, Squid has processed over $6B in volume across more than 4 million transactions. The platform serves over 1 million users and operates across more than 100 blockchains, supporting upwards of 20,000 tokens.
North Island Ventures previously led Squid’s $3.5M seed round in 2023 and has now doubled down. The firm cited Squid’s execution track record and its ability to generate actual revenue from enterprise integrations as the primary reasons for re-upping.
