Ledger raises $380 million in Series C at a valuation of more than $1.5 billion

Ledger, the hardware-wallet maker, raised $380 million in a Series C round. The company was valued at more than $1.5 billion.

The round was led by venture fund 10T Holdings with participation from Cathay Innovation, Draper Esprit, Wicklow Capital, Uphold Ventures, Felix Capital and other investors.

“We achieved a $1.5 billion valuation, but our real target is $100 billion. The reason we consider it possible is that the market will become truly enormous,” said the company’s CEO Pascal Gauthier in an interview The Block.

The funds will be used to broaden its product lineup, to integrate transactional services into the Ledger Live app, including those oriented to decentralized finance, and to advance its own operating system.

The company also plans further international expansion. According to Gauthier, it will invest in “internationalisation and localisation” with a focus on adapting services for non-English-speaking countries.

The CEO noted that over the past years Ledger has sold more than 3 million hardware wallets in 190 countries. Its services are used by more than 40 institutional clients. According to the company, its products secure 15% of all digital assets worldwide.

Many thanks to the pioneers and the newer @Ledger customers who have purchased more than 3M wallets in more than 190 countries over the past years and to our 40+ institutional clients.

— Pascal Gauthier (@_pgauthier) June 10, 2021

In June 2020, unknown individuals gained access to email addresses, names and phone numbers of Ledger’s customers.

Earlier in April 2021, Roche Freedman lawyers filed a class-action suit in San Francisco against Ledger and Shopify over the data breach.

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