True Global Ventures has invested more than $24 million into Ledger, a global platform for digital assets and Web3.
As well as True Global, the current Series C extension round is backed by a number of existing and new investors, including Ventures, 10T and Molten Ventures (formerly Draper Esprit) who are members and observers of the Supervisory Board. FirstMark Capital from previous rounds is also an observer of the Supervisory Board.
Ledger currently secures more than 20 per cent of the world’s cryptocurrencies and more than 30 per cent of the world’s NFTs. In December, the company announced its latest device, ‘Ledger Stax’, with a unique design from Ledger adviser Tony Fadell, builder of the iPod, iPhone, and co-founder of Nest.
“Why do we believe that Ledger will play a critical role for the foreseeable future, both on retail self-custody as well as on the enterprise-institutional side with solutions like Komainu, the JV between Nomura and Ledger?” said Dušan Stojanović, founding partner of True Global.
“There are three reasons. Firstly, during the last nine months, we have seen major crashes with Terra-LUNA and FTX. In both instances, there has been a ‘flight to secure’ assets safely.
“Secondly, now with three US and one European bank being closed and saved either by regulators or competitors, there has been a ‘flight to Bitcoin’, attracting new flows where users need to have a secure solution, when increasing their exposure to Bitcoin.
“Thirdly, this is the fourth company that we have invested into that has become or is a global market leader, which we believe will benefit from a general bear market.”
Chairman and CEO of Ledger, Pascal Gauthier, added:“2022 was a standout year for Ledger, culminating in the launch of Ledger Stax at Ledger Op3n in Paris. I’m excited to share that we’re starting 2023 where we left off — doubling down on our mission to bring self custody to everyone.
“We’re proud to have True Global ventures join us on our journey. Dušan and the team at True Global Ventures are seeing the rapid digital value and hardware revolution that is coming. They join a strong list of investors who believe Ledger is the gold standard.”
Ledger’s product offerings include Ledger Nano X and Ledger Nano S Plus; Ledger Live, the secure omni-chain digital asset app, and Ledger Enterprise Solutions – an enterprise-grade digital assets security solution.
Ledger has also partnered with True Global Ventures’ portfolio company The Sandbox – a leading open metaverse platform. The “School of Block” education experience in the LedgerVerse was launched with more than 300,000 unique visitors and 4.6 million quests completed during the Alpha Season 3 period in September 2022.
Ledger recently announced that Ledger Stax demand had already exceeded supply, making it the most successful product launch in the company’s history. Further inventory will be available for pre-order through drops later this year.
Ledger was supported by Goldman Sachs Bank Europe SE who acted as sole placement agent on the transaction and by Jones Day as legal advisors.