10T Holdings leads $380m round for Ledger

Eliza Punshi
10 June 2021

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10T Holdings has led a $380m series-C funding round for French cryptocurrency and blockchain security company Ledger, giving it a valuation of more than $1.5bn.

Other investors taking part in the round were Tekne Capital, Uphold Ventures, Rosemoor Capital, Libertus Capital II, Felix Capital, Inherent Private Opportunities, iAngels Technologies, Ascendant, Cygni SPV, MACSF, Financière Agache, Marcy Venture Partners, Loire Centre Capital/Caisse d'Epargne Loire Centre, Alliance Entreprendre, Scott Galloway, Crédit Agricole Centre Loire, Korelya Capital, Cité Gestion, FirstMark Capital, Caphorn Invest, Global Founders Capital, Animoca Brands, Fabric Ventures, Crypto.com Capital, The Maze Group, Cardinal Capital and Warburg Serres.

The funding round, which gives the company "unicorn" status, will allow Ledger to further innovate its hardware products and expand its enterprise capabilities.

In addition, the company, which is already profitable, will use its new funding to invest in its proprietary operating system, which runs across all of Ledger's products and services, and continue expanding its operational and geographical footprint.

Previous funding
In 2017, Ledger raised $8.3m in a series-A round led by Maif Avenir and joined by a total of 10 investors, including XAnge Private Equity and Kima Ventures.

A year later, Draper Esprit led a $75m series-B round for Ledger, with participation from FirstMark Capital, Cathay Innovation, Korelya Capital and existing investors.

Company
Founded in 2014 and headquartered in Paris, Ledger is a cryptocurrency and blockchain security hardware provider. The company produces hardware wallets for securing cryptocurrencies and digital identities.

The company manages an estimated 15% of all cryptocurrency assets globally, has sold more than 3 million hardware wallets in 190 countries to date, and has more than 1.5 million monthly users on its platform Ledger Live. It has 200 employees across offices in Paris and Vierzon in France, and New York and Hong Kong.

People
Ledger – Pascal Gauthier (chairman, CEO).
10T Holdings - Dan Tapiero (founder, CEO).
Draper – Tim Draper (founder).
Cathay Innovation - Jacky Abitbol (managing partner).