Hardware wallet manufacturer Ledger has raised $109 million in a Series C funding round extension.
The company is now valued at $1.4 billion.
Ledger Raises 100 Million Euros In Series C
Ledger, one of the leading hardware wallet manufacturers in the cryptocurrency space, has reportedly raised 100 million euros ($109 million) in a Series C funding round extension.
This is according to a report by Bloomberg which revealed that the French company is now valued at 1.3 billion euros ($1.4 billion). Bloomberg added that this funding is the first of three investment rounds. The second closing is due next month, and Ledger will have another funding round take place in the coming months.
The hardware wallet manufacturer added that the funds would be used to expand the company’s distribution network, increase production, and develop new products.
The Series C funding round was led by some leading crypto-focused VC firms, including VaynerFund, Cité Gestion SPV, True Global Ventures, Digital Finance Group, Morgan Creek, Cathay Innovation, Draper Dragon and Cap Horn, among others.
In a recent interview, Ledger CEO Pascal Gauthier pointed out that the collapse of cryptocurrency exchanges and banks in recent months has increased awareness regarding crypto custody. He stated that;
“Whenever the market gets stressed and whenever people fear for their savings, you know, they rush to crypto and to Ledger.”
The company reportedly recorded its best month of sales in November 2022 following the collapse of the FTX cryptocurrency exchange. Ledger revealed that revenue from Ledger Live’s buy-and-sell crypto app has grown 200% in the past one year.
The hardware manufacturer also claims to store over 20% of crypto assets in circulation and 30% of the market NFT supply.