Ledger has raised 100 million euros in a Series C funding round extension, placing its valuation at 1.3 billion euros in line with its previous funding in June 2021, Bloomberg reported on March 30. The funding is the first of three investment rounds.
According to the report, a second closing is due in April, followed by a third funding to take place at a later date, given “high investor interest.” The capital will be used to expand the company’s distribution network, increase production, and develop new products.
Ledger’s new investors include VaynerFund, Cité Gestion SPV, True Global Ventures and Digital Finance Group. Previous investors include Morgan Creek, Cathay Innovation, Draper Dragon and Cap Horn, among others.
Ledger CEO Pascal Gauthier noted that the collapse of crypto exchanges and banks in recent months had raised the level of awareness about crypto self-custody.
Ledger reportedly had its best month of sales in November following the dramatic collapse of the crypto exchange FTX. According to the company, revenue from Ledger Live’s buy-and-sell crypto app has grown 200% in the past 12 months. Hardware wallet provider Trezor also benefited from FTX’s failure, reporting a 300% surge in sales revenue as a result of investors rescuing their funds.
