Squads Labs, the main developer of the Solana-based multisig protocol Squads, has raised $10 million in a Series A funding round and launched its retail-focused iOS wallet app called Fuse on public TestFlight.

Electric Capital led the funding round, with Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital and Mert Mumtaz, co-founder and CEO of Helius and founder of Odyssey Ventures, participating in the round, Squads Labs said Monday. The firm began fundraising in March and closed it earlier this month, Stepan Simkin, CEO of Squads Labs, told The Block. The round was structured as equity with token warrants similar to Squads' seed round, Simkin said, declining to comment on the valuation.

The Series A round brings Squads' total funding to $22.5 million, having previously raised …