🏆 Deal of the Week · CW 23/2021
Ledger raised USD 380 million in a Series C round in June 2021, reaching a post-money valuation of USD 1.5 billion. The round drew participation from more than 30 investors across the venture capital, crypto-native, and institutional asset management segments. The raise confirmed Ledger's status as one of the most heavily capitalised hardware security companies in the digital asset space.
Ledger — key deal facts
| Company | Ledger |
| Founded | 2013 |
| Headquarters | Paris, France |
| Amount raised | USD 380M |
| Valuation | USD 1,5 Billion |
| Round | Series C |
| Investors | 10T Holdings (https://10tfund.com/) Alliance Entreprendre (https://www.crunchbase.com/organization/alliance-entreprendre) Animoca Brands (https://www.animocabrands.com/) Ascendant Capital (https://ascendantcapital.com/) CapHorn Invest (https://caphorn.vc/) Cardinal Capital Partners Cathay Innovation (https://cathayinnovation.com/) CITA Investissement (http://www.cita-invest.com/) Crypto.com Capital (https://crypto.com/capital) Crédit Agricole Centre Loire (https://www.credit-agricole.fr/ca-centreloire/particulier.html) Cygni Capital Digital Currency Group (https://dcg.co/) Draper Associates (https://draper.vc/) Draper Dragon (http://draperdragon.com/home-en) Draper Esprit (https://draperesprit.com/) Fabric Ventures (https://www.fabric.vc/) Felix Capital (https://www.felixcap.com/) FirstMark (https://firstmarkservices.com/) Global Founders Capital (https://www.globalfounderscapital.com/) Groupe Arnault (https://www.crunchbase.com/organization/groupe-arnault) iAngels (https://www.iangels.com/) Inherent Group (https://www.inherentgroup.com/) Korelya Capital (https://www.korelyacapital.com/) Libertus Capital (https://www.libertuscapital.com/) MACSF (https://www.macsf.fr/) Marcy Venture Partners Rosemoor Capital Management LLC (https://www.rosemoorcapital.com/) Scott Galloway Tekne Capital (https://www.teknecap.com/) The Maze Group (https://themazegroup.com/) Uphold (https://uphold.com/en-us) Warburg Serres Investments (https://www.warburgserres.com/) Wicklow Capital (https://www.crunchbase.com/organization/wicklow-capital) |
| Sectors | Cryptocurrency |
Who invested in Ledger?
The Series C attracted a broad and strategically diverse syndicate including Draper Associates, Draper Dragon, Draper Esprit, Digital Currency Group, Animoca Brands, Crypto.com Capital, Cathay Innovation, Felix Capital, FirstMark, Global Founders Capital, Korelya Capital, Fabric Ventures, Tekne Capital, Libertus Capital, Groupe Arnault, 10T Holdings, Alliance Entreprendre, Ascendant Capital, CapHorn Invest, Cardinal Capital Partners, CITA Investissement, Crédit Agricole Centre Loire, Cygni Capital, iAngels, Inherent Group, MACSF, Marcy Venture Partners, Rosemoor Capital Management LLC, Scott Galloway, The Maze Group, Uphold, Warburg Serres Investments, and Wicklow Capital. The investor mix is notable for combining marquee crypto-focused funds with traditional venture firms, luxury-sector capital via Groupe Arnault, and institutional players such as MACSF and Crédit Agricole Centre Loire, signalling broad conviction in hardware-based digital asset security beyond the native crypto community.
What does Ledger do?
Founded in 2013 and headquartered in Paris, France, Ledger designs and manufactures hardware cold wallets that store private cryptographic keys offline, shielding digital assets from online attack vectors. Its core product line spans the Nano S Plus, Nano X, Flex, and Stax devices, each paired with the Ledger Live companion application for portfolio management and transaction signing. Pascal Gauthier serves as Chairman and CEO, leading a team with deep roots in embedded security and cryptographic engineering. By 2025 the company had shipped over six million devices globally and estimated it secured between 15 and 20 percent of all cryptocurrency assets in existence.
Ledger valuation & multiples
No existing multiples analysis was provided for this deal. Cryptocurrency hardware and infrastructure companies are typically benchmarked against EV/Sales and EV/EBITDA multiples observed across the broader digital asset infrastructure and fintech security sectors; readers can consult the relevant sector multiples pages on DealMatrix for current comparable ranges and valuation context.
Explore the benchmarks: Series C Cryptocurrency.
Frequently asked questions
How much did Ledger raise in its Series C?
Ledger raised USD 380 million in its Series C round, closed in June 2021.
What is Ledger's valuation?
Ledger was valued at USD 1.5 billion on a post-money basis following the Series C close.
Who invested in Ledger?
The round included more than 30 investors, among them Draper Associates, Digital Currency Group, Animoca Brands, Crypto.com Capital, Cathay Innovation, Felix Capital, Groupe Arnault, and Global Founders Capital, alongside a range of institutional and crypto-native co-investors.
When was Ledger founded and where is it based?
Ledger was founded in 2013 and is headquartered in Paris, France.
Source: original announcement — read the full report.