Hardware wallet manufacturer Legder …
Hardware wallet maker Legder raises $ 75 million in funding
French hardware wallet company Legder has successfully completed Series B funding, raising € 61 million ($ 75 million) with support from UK venture capital firm Draper Espirit and other investors..
“This is one of the largest traditional investment series related to cryptocurrencies and blockchain to date, with the exception of ICOs,” the company said..
This money Ledger is going to spend both on expanding its business on a global level and hiring new employees. Among its priorities Ledger names team expansion, research, development and entering new volumes..
Ledger was founded in 2014. The company has two offices in France in Paris and Vierzon and one in San Francisco. In total, the Ledger employs 82 people. The startup’s operating revenue from sales in the US, Europe and Asia was € 46 million ($ 56 million) in 2017 and € 600,000 in 2016.
Ledger intends to sell between 3 million and 6 million wallets this year, with about 1 million sold to date..
In addition to serving individual clients, Ledger is actively interested in the possibility of generating additional income by providing its services to large financial institutions. Although the details of this proposal are still rather scarce, it is already known that the new service will be called the “Ledger Vault” and will be targeted at banks, hedge funds and family management companies who can use it to manage their cryptocurrency assets..
“Ultimately, we will be able to port our software to new hardware – this is part of our future roadmap. We want to become a tech giant that will secure the bitokin and blockchain infrastructure, ”Ledger CEO Eric Larshaw said in an interview with Bloomberg..
Draper Venture Network Funds, which includes Draper Associates and Boost VC, FirstMark Capita, Cathay Innovation and Korelya Capital, also participated in the funding round..
In 2015, the company attracted initial investments in the amount of € 1.3 million, in April 2017 it successfully completed Round A of financing, raising $ 7 million.In total, since its foundation in 2014, the startup has raised $ 85 million.
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