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Bitcoin wallet provider Ledger attracts $75M in Series B funding
Ledger, a leading bitcoin hardware wallet provider, has raised $75 million in its Series B round, marking one of the largest traditional series B investment into blockchain and cryptocurrency related technologies to date (excluding ICOs).
The latest funding round was led by Draper Esprit and also drew support from Draper Venture Network funds, including Draper Associates, Draper Dragon and Boost VC, as well as FirstMark Capital, Cathay Innovation, and Korelya Capital. Existing investors, CapHorn Invest, GDTRE and Digital Currency Group, also participated in the round. Seed and Series A investor Xange remains at the capital.
The series B round follows a $7 million series A round announced in March 2017, a €1.3 million seed round in February 2015, and a €1.4 million grant in September 2015, bringing the total funding till date to over $85 million. Ledger said it will dedicate the amount raised towards scaling up its operations in the wake of growing demand for its products.
“We initially designed our Ledger hardware wallet as an enabler for the blockchain revolution. Three years later and with this Series B, we are reaching a significant milestone in our path to build a technological giant in the promising space of cryptocurrencies. These funds will be used to keep investing significantly in R&D while scaling our operations and deploying our teams globally. I am delighted to bring on board Draper Esprit and a truly global group of investors who will support the company as it grows rapidly,” Eric Larchevêque, CEO at Ledger, said.
Founded in 2014, Ledger has over a million cryptocurrency hardware wallets across 165 countries. It is also launching a new solution for financial institutions, the Ledger Vault, enabling banks, hedge funds and family offices to manage their crypto assets. Last year, the company partnered with Intel and Gemalto, aiming at delivering high-assurance security infrastructure for crypto assets applications.
In addition to the funding round, Ledger also announced new additions to its executive board, which now includes Simon Cook at Draper Esprit, Fleur Pellerin at Korelya Capital, Cyril Bertrand at Xange. Nicolas Bacca, Pascal Gauthier, and Eric Larchevêque will be seen in the roles of CTO, President and CEO at Ledger. Matt Turck at FirstMark Capital and Ming-Po Cai at Cathay Innovation are also joining as board observers.
“Blockchain, as evidenced by crypto assets, is a truly revolutionary technology. Security will be paramount to its success and we believe that Ledger has built the world’s best security platform to manage private keys for all blockchain and crypto asset applications. This is a global company for a global industry and we have built an international syndicate through the Draper Network to support the team in their huge ambition. We look forward to partnering with Eric, Pascal and the talented team at Ledger,” Simon Cook, CEO at Draper Esprit, said.