The hardware wallet maker Ledger and venture firm Cathay Innovation have launched a €100 million fund to invest in Web 3.0 startups.
We believe in a future where Internet users truly own their digital assets.
To help realize this future, we’re establishing a €100 million fund in partnership with @Cathayinnov to invest in projects covering all facets of the Web3 ecosystem.
Learn more: https://t.co/VQuCMOjwL9 pic.twitter.com/BdLHx4TYyD
— Ledger (@Ledger) June 8, 2022
The structure was supported by the French state investment bank Bpifrance and several other companies, The Block reported, citing Cathay Innovation co-founder Deni Barrie. He declined to name them, citing confidentiality concerns.
Ledger Cathay Capital invests in early-stage startups across DeFi, security, infrastructure, and digital-ownership technology. The fund has just been created and has not yet made any investments, Barrie said.
Regarding the market conditions under which Ledger Cathay Capital will begin operating, he noted that the company views Web 3.0 as an evolving space and “an investment opportunity for decades.”
“We have no plans to slow down or cut back our investment activity. We believe that current conditions present a real opportunity for us to create a fund and actively invest in crypto startups,” Barrie said.
Ledger’s chair and CEO Pascal Gauthier agreed with Barrie’s view, noting that the fund will actively back projects that “create a decentralised future for the coming billion users.”
Ledger is a portfolio company of Cathay Innovation. The venture firm participated in three funding rounds, including Series C for $380 million in June 2021. As a result, the wallet maker was valued at more than $1.5 billion.
Earlier, Ledger itself invested in several cryptocurrency startups. Now the management of these assets will be handled by the created fund.
According to Barrie, Ledger Cathay Capital will back deals in both equity and token forms, with average ticket sizes ranging from €500 000 to €4 million. The fund aims to acquire 20–25 portfolio companies over two to three years.
In April, Dragonfly Capital launched a Web3-focused investment fund with a $650 million capital.