We are pleased to announce that Molten has participated in an extended Series C funding round for portfolio company Ledger—alongside other existing investors including 10T, Cité Gestion Private Bank, Cap Horn, Morgan Creek, Cathay Innovation, Korelya Capital. The extension round was also backed by new investors with True Global Ventures, Digital Finance Group, and VaynerFund all participating. With this round, Ledger maintains its valuation of €1.3 billion. This as well as the range of existing and new investors reflects stability and sustained growth in the company despite headwinds facing the cryptocurrency sector and the broader macroeconomic climate.
Ledger continues to grow rapidly having sold over six million devices and securing more than 20% of the world’s cryptocurrencies and over 30% of the world’s NFTs. This latest fundraising round will allow Ledger to realise its expansion plans and future hardware innovations. Key among these include easier onboarding and user experience in the world of Bitcoin and wallet-connected apps. Ledger is building and providing further services for its users including buying, swapping, earning yield on crypto, and exploring NFTs. The company recently announced that the demand for its Ledger Stax device, launched in December 2022, had already exceeded supply, making it the most successful product launch in the Ledger’s history. Further inventory will be available through drops later in Summer 2023.
Pascal Gauthier, Chairman and CEO at Ledger, said: “2022 was a standout year for Ledger, culminating in the launch of Ledger Stax at Ledger Op3n in Paris. I’m excited to share that we're starting 2023 where we left off — doubling down on our mission to bring self-custody to everyone. We’re glad to see our long term investors and partners are continuing to back us after a marquee year, and we welcome the new faces who are seeing the rapid digital value and hardware revolution that is coming and jumped on board.”
Martin Davis, Chief Executive Officer of Molten Ventures, commented: “This latest round is testament to the strength of Ledger’s business and its revolutionary technology that will continue to play a critical role in the future of crypto assets and blockchain far beyond what the bank can offer. Molten’s strategy means we continue to back the best businesses within our portfolio and I am pleased to announce this latest support for one of our core assets.”
Jonathan Sibilia, Partner at Molten Ventures, said: “We are thrilled to have participated in this latest round for Ledger, a unique business in prime position to be the market leader of digital asset protection. Ledger has become a recognised leader in the space, adopted by a growing community of crypto and NFT enthusiasts. Over 6 million Ledger hardware wallets have been sold so far and – as evidenced by the excess demand for Ledger Stax – customers demand remains high. Ledger’s technology continues to be cutting edge and disruptive and we are excited to continue supporting this core asset within our portfolio.”