Crypto hardware wallet maker Ledger raises $108m

The Series C extension sees the fintech’s valuation remain at €1.3bn.

French crypto startup Ledger is extending its 2021 $380m Series C funding round with an additional $108m.

The company, which designs and manufactures crypto infrastructure, is impressively retaining its €1.3bn valuation with the extension round, which was led by Molten Ventures.

Despite the recent chaos of the crypto landscape, Ledger has sold more than six million of its physical crypto infrastructure devices so far, which it says has secured more than 20 per cent of the world’s cryptocurrencies and more than 30 per cent of NFTs.

With the new funds, it plans to enhance user experience with easier onboarding and to build and provide more services, including buying, swapping, earning yield on crypto and further exploring NFTs.

This will also include creating further stock for its credit-card sized ‘Ledger Stax’ device, which launched in December and has already sold out — the typical Ledger hardware more resembles a USB stick.

“2022 was a standout year for Ledger, culminating in the launch of Ledger Stax at Ledger Op3n in Paris. 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,” Ledger CEO and chairman Pascal Gauthier said.

Molten Ventures were joined by fellow existing investors including 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation and Korelya Capital, with new investors True Global Ventures, Digital Finance Group, and VaynerFund also participating in the extension round.

“This latest round is testament to the strength of Ledger’s business and its revolutionary technology that will continue to play a critical role in the future of crypto assets and blockchain far beyond what the bank can offer,” Molten Ventures CEO Martin Davis said.