- Ledger’s last round was at a €1.3 billion valuation.
- The startup will use the funds to develop a new generation of hardware wallets, building on its latest offer Ledger Stax.
- New investors in the series C extension round included VaynerFund and True Global Ventures.
Ledger, the leading cryptocurrency hardware wallet maker, has raised €100 million ($109 million) in its series C extension round.
As reported by Bloomberg on Thursday, the French startup was valued at €1.3 billion ($1.4 billion), which was the valuation during the previous financing round closed in June 2021.
Ledger is proud to announce our Series C extension fundraising round.
We continue our mission of bringing ease-of-use and uncompromised security to your digital value.
— Ledger (@Ledger) March 30, 2023
“Today, Ledger announced our funding round. I’m grateful for our long-term investors’ continued support, and I welcome the new investors backing the current undeniable revolution of value and hardware. These funds will accelerate our mission to bring a new generation of secure consumer devices to hundreds of millions exploring critical digital assets and blockchain-enabled technology,” Ledger CEO & Chairman Pascal Gauthier said in a statement.
New backers for the round include VaynerFund, True Global Ventures, Cité Gestion SPV, and Digital Finance Group. Returning investors included Cathay Innovation, Draper Dragon, Morgan Creek, and Cap Horn.
Ledger eyeing next generation hardware wallet
The funding round comes amid growing demand from crypto holders for devices that offer next generation level storage and security for the digital asset industry.
According to Gauthier, the world is entering a new era of Internet of Value and billions of people will want access to devices that are built for the decentralised Internet of Value – in this case hardware wallets that go beyond the basic security features.
The recent launch of Ledger’s new hardware wallet Ledger Stax is the beginning of that journey into the future of “next-generation” hardware wallets. Stax’s designer is iPod and iPhone co-inventor & designer Tony Fadell.
Ledger was founded in 2014, and one of its most popular USB-type hardware wallets is the Ledger Nano S, Ledger Nano S Plus and Nano X. The company also offers Ledger Live on desktop and mobile.