Key Points:
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.
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