True Global Ventures (TGV), a Singapore-based venture capital firm, has invested over $24 million in French digital asset and Web3 platform Ledger’s Series C extension round to bolster the latter’s global expansion, according to a statement.
The French startup raised a total of $108 million in this round, according to media reports, after securing about $380 million in its original Series C fundraising in 2021.
“Today, Ledger announced our funding round. These funds will accelerate our mission to bring a new generation of secure consumer devices to hundreds of millions exploring critical digital assets and blockchain-enabled technology,” Pascal Gauthier, chairman and CEO of Ledger, said in the company’s blog post.
The Series C extension maintains Ledger’s valuation at 1.3 billion euros ($1.4 billion), reflecting investors’ confidence in the company despite uncertain macroeconomic conditions and industry-specific problems.
Dušan Stojanović, Founding Partner of TGV, said there are three reasons why the VC believes that Ledger will play a critical role in the foreseeable future.
“Firstly, during the last 9 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 in that has become or is a global market
leader, which we believe will benefit from a general bear market,” Stojanović said in the statement.
According to the statement, the round was joined by both existing and new investors, including TGV, mid-to-late stage growth equity fund 10T Holdings, and European tech-focused VC Molten Ventures (formerly Draper Esprit).
Ledger was founded in 2014 as a global platform for digital assets and Web3, striving to be the world leader in Critical Digital Asset security and utility. It has more than 6 million devices sold to customers across 200 countries, securing more than 20% of the world’s digital assets and 30% of the world’s NFT.
Its most popular USB-type hardware wallets are the Ledger Nano S, Ledger Nano S Plus, and Nano X.
TGV secured the first close of its $146 million follow-on fund focused on later-stage Web 3.0 startups in June 2022 with over 40% of the total corpus coming from its GPs and investment committee.
TGV’s portfolios include Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled, and others. Ledger claimed to have also partnered with some of TGV’s portfolios, including The Sandbox.