Ledger Closes $109M Funding Round with Majority of Funds Raised
Ledger, a blockchain firm developing cold and hardware wallets, secured most of the funding in the close of its $109 million financing round, Bloomberg reported Thursday. The firm’s valuation remains around $1.4 billion, almost the exact figure it was given following its previous funding round in June 2021. Plans for the capital raise were first reported last August.
Ledger Valuation Remains at Around $1.4B
Hardware crypto wallet developer Ledger raised most of its €100 million ($109 million) funding round in the first close, according to Bloomberg. The round brings Ledger’s valuation to around $1.4 billion, representing the similar price tag investors gave it following its last fundraising in June 2021.
Investors that participated in the round include existing investors 10T, Cap Horn, Morgan Creek, and Cathay Innovation, as well as new backers such as True Global Ventures, Cite Gestion SPV, Digital Finance Group, and VaynerFund. Ledger is set to have a second close for the financing round in mid-April, with a third close also likely due to robust demand.
Ledger said it would use the fresh funding to expand the business by broadening its network of distributors, increasing production, and further developing its products, said Ledger CEO Pascal Gauthier.
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Demand for Hardware Wallets on the Rise After Crypto Collapses
The move comes amid intense interest in hardware wallets after a series of collapses and hacks in 2022 that left users anxious about leaving their crypto funds on online platforms. Unlike digital wallets, wallets developed by Ledger allow users to store their private keys – passwords that grant access to their crypto assets – on protected hardware devices.
“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.”– said Ledger CEO Pascal Gauthier.
The wallet maker saw its best month in sales in November 2022, breaking daily records in the week following the FTX fiasco. Revenue in Ledger Live, the company’s app providing crypto trading services, jumped 200% year-over-year. The firm said it currently stores over 20% and 30% of global crypto and non-fungible token (NFT) assets.
In June 2021, Ledger secured $380 million in a Series C funding round – one of the highest in the history of blockchain and crypto industries. The blockbuster round helped the company join the rank of crypto unicorns valued at more than $1 billion.
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