French cryptocurrency and blockchain security company Ledger nabbed a $75 million (EUR 61 million) Series B round, led by Draper Esprit. The investment funds will enable the company to scale up its operations as demand for its security products increases. While the round was led by Draper Esprit, additional funding came from Draper Venture Network funds, including Draper Associates, Draper Dragon and Boost VC, as well as FirstMark Capital, Cathay Innovation, and Korelya Capital. The round is reportedly one of the largest traditional series B investment into blockchain and cryptocurrency related technologies to date (excluding ICOs). Existing investors, CapHorn Invest, GDTRE and Digital Currency Group, also participated in the round. Seed and Series A investor Xange remains at the capital, noted the platform.
“We initially designed our Ledger hardware wallet as an enabler for the blockchain revolution. Three years later and with this Series B, we are reaching a significant milestone in our path to build a technological giant in the promising space of cryptocurrencies,” stated Ledger CEO Eric Larchevêque. “These funds will be used to keep investing significantly in R&D while scaling our operations and deploying our teams globally. I am delighted to bring on board Draper Esprit and a truly global group of investors who will support the company as it grows rapidly.”
[clickToTweet tweet=”CEO @EricLarch Comments on @LedgerHQ $75M Series B Funding Round” quote=”CEO Eric Larchevêque Comments on @LedgerHQ $75M Series B Funding Round”]
As cryptocurrency participation has increased, so have associated security challenges, said the platform: cryptocurrency investors face a nascent landscape of exchanges, brokers and wallet providers. In this context, there are substantial opportunities to improve security and trust for participants. Founded in 2014 by a team of eight entrepreneurs who saw the potential of blockchain technology, Ledger has grown at a fast pace and now employs 82 people in San Francisco, Paris and Vierzon.
The French company, which already claims profitability and has sold over a million cryptocurrency hardware wallets across 165 countries, also plans to launch a new solution for financial institutions, the Ledger Vault, which will enable banks, hedge funds and family offices to manage their crypto assets. These products are underpinned by an operating system specifically designed to run on any secure hardware and to support any cryptocurrency which enables security for blockchain applications to eventually accelerate advancement in a wide variety of industries, from IoT to driverless cars, where security prevents widespread adoption.