Ledger has just raised an impressive Series B round of $75 million (€61 million), led by Draper Esprit. The startup already raised a $7 million over the last year. But the cryptocurrency mania probably made it easy to get more money.
If you have some money in cryptocurrencies, you’ve probably heard about Ledger wallets. The French startup has been designing some of the most secure equipment wallets out there. If you do not want to get hacked, get a Ledger wallet. (ред.)
Cathay Innovation, FirstMark Capital, Korelya Capital and existing investors CapHorn Invest, GDTRE and Digital Currency Group also invested in today’s round. XAnge remains in the capital. Ledger says that the round was oversubscribed, and that it is the largest Series B round in a cryptocurrency startup when you exclude ICOs.
The company has sold a million equipment wallets in 2017. While this sounds exciting, it’s even more exciting when you compare it to 2016. Ledger only sold 30,000 wallets in 2016 — it shows a 33x year-over-year increase.
This is way to understanding Ledger’s wallet. Few people could predict the cryptocurrency boom of 2017. That’s why Ledger has been struggling with keeping up with orders. When you buy a Ledger Nano S today, you’re going to get delivered in March 2018.
So the company is going to use today’s funding round to ramp up production and solve those back-order issues. It’s important to note that Ledger is already gainful. Ledger currently has 82 employees in Paris, San Francisco and Vierzon.
Another goal of this company is to launch the Ledger Vault, a security solution for banks, hedge funds and family offices that want to invest in cryptocurrencies.
“For the wallets, we integrated our operating system in a secure chip, and for the Vault, we are integrating it in a hardware security module,” Ledger co-founder and CEO Eric Larchevêque told me. “The idea behind it is to provide additional features and services, such as multiaccounts, multisignature or timelocks.”
Ledger is the equivalent of a gold pick supplier. When there’s a gold rush, the one selling the gold picks end up with more money than people looking for gold.