Ledger CEO Pascal Gauthier said the investment backed by Molten Ventures comes after ‘a standout year’ for the company in 2022.
French blockchain wallet Ledger has raised €100m in a Series C funding round despite financial turbulence in the crypto sector.
The extension round was backed by existing investors including Molten Ventures, 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation and Korelya Capital. New investors include True Global Ventures, Digital Finance Group and VaynerFund.
Ledger, which makes hardware crypto wallets that allow for secure storage of crypto assets such as bitcoin, maintains its valuation at €1.3bn with this latest funding round.
The Paris-headquartered company founded in 2014 has sold more than 6m devices and currently holds around 25pc of the world’s crypto and 30pc of NFTs.
The latest round will allow Ledger to realise its continued expansion plans and invest in future innovations in crypto hardware such as easier onboarding and user experience in the world of Bitcoin and wallet-connected apps.
Pascal Gauthier, chair and CEO at Ledger, said the investment comes after “a standout year” for the company in 2022.
“I’m excited to share that we’re starting 2023 where we left off – doubling down on our mission to bring self-custody to everyone,” Gauthier said.
“We’re glad to see our long term investors and partners are continuing to back us after a marquee year, and we welcome the new faces who are seeing the rapid digital value and hardware revolution that is coming and jumped on board.”
Molten Ventures chief executive Martin Davis said the latest round is a “testament to the strength of Ledger’s business and its revolutionary technology”
“[Ledger] will continue to play a critical role in the future of crypto assets and blockchain far beyond what the bank can offer,” Davis said.
The investment marks a vote of confidence in the crypto sector which has not performed well for a while. Last month, the sector was rocked by the news of a $200m hack that affected crypto lender Euler Finance. The hacker has since returned a large portion of the funds to the platform.
10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.