JAKARTA — Singapore-based True Global Ventures (TGV) has invested over $24 million in a Series C extension round by Ledger, a French digital asset and Web3 platform, to bolster the startup’s global expansion, according to a statement.
The French company raised $108 million in the round, according to media reports, after securing about $380 million in its original Series C fundraising in 2021.
“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,” said Pascal Gauthier, chairman and CEO of Ledger, on the company’s blog.
The Series C extension maintains Ledger’s valuation at 1.3 billion euros ($1.4 billion).
Dusan Stojanovic, founding partner of TGV, said there are three reasons why the company believes that Ledger will play a critical role in the foreseeable future.
“Firstly … 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 U.S. and one European banks being closed … 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,” Stojanovic said in a statement.
According to the statement, the round was joined by both existing and new investors.
Ledger was founded in 2014 as a platform for digital assets and Web3, which has been touted as a new stage of the internet driven by technology such as blockchain.
Ledger says it has sold over 6 million devices to customers across 200 countries, securing more than 20% of the world’s digital assets.
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 Web3 startups in June 2022.