French cryptocurrency startup Ledger has secured an additional €100m ($108m) in funding for its Series C round. The company, which designs and manufactures hardware wallets for securing crypto assets, raised €356m ($385m) in 2021. Ledger's valuation maintained at €1.3bn ($1.41bn).
Despite not raising its valuation, the company managed to secure a long list of investors, including True Global Ventures, Digital Finance Group and VaynerFund, as well as some existing investors such as Cap Horn, Cathay Innovation and Morgan Creek.
Ledger's hardware wallets offer a high level of security by keeping the private key of the crypto wallet in a certified secure chip, while transactions are validated using a public address and the private key. The company's flagship product is the Ledger Nano S Plus, which costs $79, and the Ledger Nano X, which is similar but features a built-in battery and Bluetooth chip. The company's most recent product is the Ledger Stax, this high-end wallet costs $279 and features a large E Ink display similar to a Kindle display.
Ledger has sold six million devices since its inception in 2014, with one million sold between June 2022 and February 2023. In addition to its hardware business, the company also offers enterprise solutions to secure crypto assets with governance and treasury management features, as well as DeFi and NFT management features.
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