🏆 Deal of the Week · CW 13/2023
Ledger raised USD 108 million in an extended Series C round; the company's valuation was not disclosed. The round drew participation from ten investors spanning crypto-native funds, venture capital firms, and institutional asset managers. No single lead investor has been publicly identified for this extension.
Ledger — key deal facts
| Company | Ledger |
| Founded | 2014 |
| Headquarters | Paris, France |
| Amount raised | USD 108M |
| Valuation | Valuation Remains Undisclosed |
| Round | Series C |
| Investors | 10T Holdings CapHorn Invest Cathay Innovation (https://www.cathayinnovation.com/) Cite Gestion (https://www.citegestion.com/) Digital Finance Group (DFG) (https://dfg.group/en/) Korelya Capital (https://www.korelyacapital.com/) Molten Ventures Morgan Creek Capital Management (https://www.morgancreekcap.com/) True Global Ventures (TGV) VaynerFund (https://vaynerx.com/) |
| Sectors | Cyber Security |
Who invested in Ledger?
The round included 10T Holdings, CapHorn Invest, Cathay Innovation, Cité Gestion, Digital Finance Group (DFG), Korelya Capital, Molten Ventures, Morgan Creek Capital Management, True Global Ventures (TGV), and VaynerFund. The investor mix is notable for its breadth: it combines specialist digital-asset managers such as DFG and TGV with generalist European venture funds and a U.S. institutional allocator in Morgan Creek Capital Management. That combination signals confidence in Ledger's position across both retail and institutional crypto-security markets.
What does Ledger do?
Ledger is a digital asset security company founded in Paris, France, in 2014. The company manufactures hardware wallets — including the Ledger Nano Gen5, Ledger Flex, and Ledger Stax — that store private keys offline, reducing exposure to online attack vectors. Its enterprise arm, Ledger Enterprise, provides institutional-grade custody infrastructure and hardware security modules (HSMs) for asset managers and exchanges. Headquartered in Paris, with offices in Vierzon, London, New York, and Singapore, Ledger employs more than 900 people and reports that its devices secure over 20% of the world's crypto assets.
Ledger valuation & multiples
Explore the benchmarks: Series C Cyber Security.
Frequently asked questions
How much did Ledger raise in its Series C?
Ledger raised USD 108 million in an extended Series C round, announced in the first quarter of 2023 (KW 13/2023).
What is Ledger's valuation?
Ledger's valuation was not disclosed in connection with this Series C extension.
Who invested in Ledger?
The round included 10T Holdings, CapHorn Invest, Cathay Innovation, Cité Gestion, Digital Finance Group (DFG), Korelya Capital, Molten Ventures, Morgan Creek Capital Management, True Global Ventures (TGV), and VaynerFund.
When was Ledger founded and where is it based?
Ledger was founded in 2014 and is headquartered in Paris, France.
Source: original announcement — read the full report.