Cryptocurrency hardware wallet maker Ledger is raising €100 million ($109 million) in this funding round which values the company at €1.3 billion ($1.4 billion). Investors include the returning backers 10T, Cap Horn, Morgan Creek, and Cathay Innovation, while the additional investors are True Global Ventures, Cite Gestion SPV, Digital Finance Group and VaynerFund.
The Paris-based firm is set to hold two closes for the fundraise and a third if the demand warrants it. The second one is slated to be conducted in the middle of April while, if the third close is held, it would help to steady the company’s valuation from its last $380 million fundraise in June 2021.
Following FTX’s collapse, and U.S. regulatory actions against Binance, many digital asset owners have become wary of leaving their tokens in the hands of others. Ledger’s hardware products serve as a secure, physical location for users to store their assets.
Ledger Chief Executive Pascal Gauthier spoke on the situation, saying “Suddenly people were like ‘wow, to leave crypto on an exchange is actually dangerous.' And 2023 is even better for us because now you can’t even leave money at a Swiss bank.”
The company also added renowned computer engineer, iPod creator Tony Fadell, to its experienced board of advisors. Fadell, alongside his wife Danielle Lambert, will be helping Ledger to create a specialized hardware wallet based around the company’s latest acquisitions.
Ledger has seen exponential growth since it was founded in 2014, and has enjoyed a unified global development team of over 600 professionals. This series-C funding round shows the confidence that its investors have in the company, and could potentially lead to an increase in their popularity and a market share expansion.
The hardware wallet maker's products are trusted by business worth a collective market capitalization of $4 trillion, which is likely to increase with the recent investments. Furthermore, investors are likely attracted to the company's headway in security.
In conclusion, Ledger’s funding round has elicited interest from global investors who are looking to support the company in its mission to expand the security, scalability and convenience of its products. Its €1.3 billion valuation also demonstrates investors’ faith in the Paris-based firm’s efforts for revolutionizing the cryptocurrency industry.
Heidi Martin
- 2023-03-30
Ledger Securing €100 Million Investment at €1.3 Billion Valuation
Ledger, a cryptocurrency hardware wallet maker, is raising €100 million ($109 million) in this funding round which values the company at €1.3 billion ($1.4 billion). Investors include 10T, Cap Horn, Morgan Creek, Cathay Innovation, and other investors.
