News

Crypto Wallet Ledger Impresses With €100 Million Funding Round

Key Points:

  • Ledger has secured €100 million in an expansion of its Series C fundraising round, valuing the company at €1.3 billion.
  • Sales of the company only rose following the bear market and the FTX crash.
  • The funds will be used to improve manufacturing, extend the company’s distribution network, and create new goods.
According to Bloomberg, Ledger, a company that creates hardware wallets for crypto investors to keep their digital assets, has received the majority of its €100 million investment round at first close, benefiting from industry instability elsewhere. The fund is the first of three rounds of investment.
Crypto Wallet Ledger Impresses With €100 Million Funding Round 2

This puts Ledger at €1.3 billion, which is close to the price tag set by investors in its most recent financing in June 2021.

According to the source, a second closure is scheduled for April, followed by a third fundraising at a later date owing to considerable investor demand. The funds will be used to improve manufacturing, extend the company’s distribution network, and create new goods.

Pascal Gauthier, Chief Executive Officer of Ledger, said in an interview in Paris:

“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.”

Ledger is one business that makes USB-like devices for storing crypto assets. These devices are also referred to as cold wallets since they do not have an active internet connection. As a result, these wallets provide an additional layer of security against hackers who might potentially access and exploit all wallets linked to the internet.

Ledger secured an additional €356 million in a fundraising round in 2021, which equals more than $385 million at the current currency rate. Despite the extra €100 in investment, the company’s value remained unchanged at €1.3 billion, which corresponds to $1.41 billion at the time of writing using the current currency rate.

True Global Ventures, VaynerFund, and Digital Finance Group were among the companies that skipped the first investment round but participated in the second. Cathay Innovation, Morgan Creek, 10T, and Korelya Capital were among the firms that contributed significantly to both fundraising rounds.

After the stunning collapse of the crypto exchange FTX, the firm apparently enjoyed its biggest month of revenues in November. In the last year, revenue from Ledger Live’s buy-and-sell crypto app has increased by 200%. According to Ledger, it currently keeps more than 20% of the world’s cryptocurrencies and 30% of non-fungible tokens (NFTs).

Trezor, a hardware wallet supplier, benefitted from FTX’s bankruptcy as well, citing a 300% increase in sales income as a consequence of investors retrieving their cash.

Ledger has sold over 6 million hardware wallets since 2014. Between June 2022 and February 2023, the business sold around one million gadgets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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