Crypto hardware wallet maker Ledger lands $380 million Series C raise led by 10T Fund

Quick Take

  • Dan Tapiero’s $200 million digital assets investment fund is leading the round.
  • The raise gives Ledger a valuation of more than $1.5 billion, vaulting it to unicorn status.

Ledger, the Paris-based producer of crypto hardware wallets, has closed a $380 million Series C fundraise valuing the startup at more than $1.5 billion.

10T Fund, a digital assets fund founded by renowned macro investor Dan Tapiero, led the raise. Tapiero’s $200 million fund was set up earlier this year.

10T Fund invested alongside existing investors and new backers, including Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache (Groupe Arnault) and iAngels Technologies. 

“It’s a $1.5 billion valuation that we’ve reached through this round, but the reality is that our real target is a $100 billion valuation, and the reason why we think it’s going to be a $100 billion valuation is because the market’s going to be really huge,” Pascal Gauthier, chairman and CEO of Ledger, told The Block. “Comparing bitcoin to gold is fun, but this market is going to be the whole value in the world going onto blockchain at one point, the whole value in the world being tokenized… Ledger is ideally and uniquely positioned to be that secure gateway to Web3.”

The proceeds of the Series C raise will go towards product innovation, with plans to give users access to new transactional services such as Decentralized Finance (DeFi) solutions through Ledger Live, the firm’s crypto management app. Ledger is also planning to expand its enterprise capabilities and invest in upgrading its operating system. 

Further international expansion is also on the cards. Gauthier said Ledger, a global service, is investing in “internationalization and localization” — with a focus on tailoring the service to suit non-English speaking countries. 

Ledger currently employs 360 people, with plans to hire another 300. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and