It has been announced that following their Series B round of fundraising, Ledger has managed to earn an additional $75 million. This comes after they raised $7 million in 2017 during their initial round, with the hype surrounding the world of crypto of late having no doubt increased the confidence of investors who saw this as an ideal opportunity to get involved with what is now the leading provider of hardware crypto wallets.
Latest Round of Investment
Ledger wallets are a French-based startup, and they have become massively popular for their hardware wallets. The idea behind this product is that it keeps your valuable coins safe and secure from potential hackers. You essentially transfer your coins to this physical wallet and then store it somewhere safe. It is not connected to any network so it cannot be hacked.
Some significant names invested in this latest round of fundraising, with the likes of the Digital Currency Group, GDTRE, CapHorn Invest, Korelya Capital, Cathay Innovation and FirstMark Capital all getting involved.
The company said that this latest round was oversubscribed and when you disregard initial coin offerings (ICOs), it is the most significant Series B round that a cryptocurrency related startup has had.
They managed to sell more than one million hardware wallets in 2017 compared to the 30,000 they had sold in 2016, which is an increase x33 year on year.
Capitalizing on Market Sentiment
Not many people forecasted the massive crypto boom that occurred in 2017, which is why there has been a significant backlog of orders as they struggle to keep up with demand. If you try to order their Ledger Nano S model today, you will have to wait until March until it is delivered.
The uptake in demand is why they had the latest fundraising round, so they can ramp up the rate of production and be able to fulfill all orders that they receive quickly. They are already a profitable company, and they have 82 staff members located in their Vierzon, San Francisco and Paris offices.
They also have other projects currently in the pipeline, such as the Ledger Vault. This new security solution has been created for the likes of family offices, hedge funds and banks that are interested in making cryptocurrency investments.
Their wallets utilize the operating system found in the secure chip whereas, with the Vault, the system will be integrated into a hardware security module.
With the Vault model, there will be more features and services that can be utilized, such as timelocks, multi-signatures, and multi-accounts.
Ledger looks to be going from strength to strength, and they have been compared to those people who sold gold picks and equipment to those mining for gold during the gold rush.
With this latest round of investments, they are only going to become more popular.