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- Ledger
Ledger Revenue, Valuation, Funding & Investors
Ledger is valued at $1.3B as of March 2023, a 18.3x multiple on its last reported $71M revenue.
Last Ledger valuation
$1.3B
Series C · Mar 2023
Last Ledger funding round
$108M
Series C · Mar 2023
Ledger revenue
$71M
Series C · Mar 2023
Key investors in Ledger
XAnge
CapHorn Invest
Digital Currency Group
Molten Ventures
Cathay Innovation
Korelya Capital
About Ledger
Ledger is a Paris-headquartered developer of hardware wallets and security infrastructure for cryptocurrencies and blockchain applications. Founded in 2014, the company produces Nano S Plus and Nano X devices featuring certified secure elements for offline private key storage. Ledger supports individual users via its Ledger Live desktop and mobile app for portfolio management across thousands of coins and tokens. Enterprises rely on Ledger Vault, a SaaS platform for secure custody of diverse digital assets against IT and physical threats. The firm applies its secure chips to industrial IoT, linking sensors and machinery to smart contracts. Manufacturing occurs at a facility in Vierzon, France, complemented by offices in San Francisco.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Product sales, Subscription
Revenue
$71M (Mar 2023)
Valuation
$1.3B (Mar 2023)
Ledger Valuation
Ledger is currently valued at $1.3B, based on its Series C in March 2023.
The $108M round was led by Molten Ventures, with participation from Digital Finance Group (DFG), Korelya Capital, White Loop Capital, Morgan Creek Capital Management, True Global Ventures (TGV) and 5 other investors.
Ledger's valuation has grown 4.5x from $290M at its undisclosed-stage round in April 2019 to $1.3B in March 2023, across 3 priced rounds.
Ledger valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2023 | Series C | $1.3B | 18.3x |
| Jun 2021 | Series C | $1.5B | 71.4x |
| Apr 2019 | Undisclosed stage | $290M | - |
Ledger Revenue
Ledger's latest recorded revenue is $71M, as of its Series C in March 2023. At a $1.3B valuation, that implies a 18.3x revenue multiple.
Revenue grew from $21M in June 2021 to $71M in March 2023, while the revenue multiple moved from 71.4x to 18.3x.
Ledger revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2023 | $71M | $1.3B | 18.3x | Series C |
| Jun 2021 | $21M | $1.5B | 71.4x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ledger Funding History
Ledger has raised a total of $575M across 6 funding rounds.
Ledger's first fundraising round was a $2M seed round in February 2015. The most recent completed round was a $108M Series C in March 2023.
Ledger funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2023 | Series C | Molten Ventures (lead); Digital Finance Group (DFG); Korelya Capital; White Loop Capital; Morgan Creek Capital Management; True Global Ventures (TGV); CapHorn Invest; VaynerFund; 50T Funds; Cite Gestion; Cathay Innovation | $108M | $1.3B | Ledger is a Paris-based provider of cryptocurrency hardware wallets, securing approximately $100 billion in bitcoin assets for customers worldwide. The company focuses on digital asset security solutions amid rising cyberattacks and bitcoin thefts, positioning itself as a leader in the hardware wallet market against competitors like Trezor and Tangem. In March 2023, Ledger completed a Series C extension round raising $109 million led by Molten Ventures with participation from investors including 50T Funds (also referenced as 10T Holdings), CapHorn Invest, Cathay Innovation, Cite Gestion, Digital Finance Group, Korelya Capital, Morgan Creek Capital Management, True Global Ventures, VaynerFund, and White Loop Capital, achieving a post-money valuation of $1.3 billion while maintaining its prior valuation without dilution despite a challenging crypto market downturn. This round followed Ledger's June 2021 Series C raise of $380 million at a $1.5 billion valuation and an April 2019 Series B of $85 million at $290 million post-money. The 2023 extension solidified Ledger's status as one of the most valuable private companies in blockchain security. Revenue figures show growth from $20.7 million in 2021 to $36.7 million in 2023 and $70.9 million in 2024, reflecting increasing cryptocurrency adoption and demand for secure storage, though specific ARR or revenue run rate near the March 2023 round is not detailed with required terminology. Ledger has since experienced strong performance, with CEO Pascal Gauthier noting triple-digit million revenues in 2025, its best year since founding in 2014, driven by heightened security needs. The company launched products like a multisig wallet app and iOS enterprise applications, though the app's fee structure faced community criticism for deviating from cypherpunk principles. As of 2025-2026 reports, Ledger is considering a New York listing or new funding round targeting over $4 billion valuation, capitalizing on capital concentration in the US and seasonal sales spikes. |
| Jun 2021 | Series C | 50T Funds (lead) | $380M | $1.5B | Ledger is a French startup founded in 2014 that designs and manufactures hardware wallets, known as 'cold' wallets, to securely store cryptocurrency assets offline, reducing risks from hacks and theft. The company also provides enterprise solutions for crypto asset governance, treasury management, DeFi, and NFT features, alongside revenue-generating services like staking via Ledger Live. Ledger had sold 6 million devices by early 2023, securing an estimated 20% of cryptocurrencies and 30% of NFTs worldwide. In June 2021, Ledger raised $380 million in its Series C funding round led by 50T Funds (also referred to as 10T Holdings or 10T), achieving a post-money valuation of $1.5 billion. The funds were intended to accelerate growth and expand product lines. This round followed earlier funding, including a $75 million Series B in January 2018 led by Molten Ventures. No specific revenue, ARR, or EBITDA figures for 2021 appear in the sources using explicit terms like 'revenue' or 'ARR'. Traction metrics highlight strong hardware sales, with 1 million devices sold between June 2022 and February 2023 amid crypto market events like the FTX collapse, underscoring demand for secure storage. Ledger extended its Series C in March 2023 with $108 million at a flat €1.3 billion ($1.41 billion) valuation, involving new investors like True Global Ventures and returning ones including 10T and Molten Ventures. The company has raised over $574 million total by 2023. Ledger operates in the crypto hardware wallet market, competing amid sector volatility but benefiting from increased focus on self-custody post-exchange failures like Voyager and Celsius. |
| Apr 2019 | Undisclosed stage | Samsung Ventures (lead); 1289 Capital | $3M | $290M | Ledger is a hardware wallet-maker for cryptocurrency holders that secures approximately 15% of all cryptocurrency assets. In April 2019, Ledger raised $2.9 million from Samsung Ventures in a Series Unknown funding round, though the valuation was not publicly disclosed. The company used this funding to integrate advanced security features and expand partnerships. Revenue and EBITDA figures near the round date were not available in the sources. Ledger later raised significantly larger rounds, including a $380 million Series C in June 2021 at a $1.5 billion valuation. |
| Jan 2018 | Series B | Molten Ventures (lead); Korelya Capital; FirstMark; Digital Currency Group; CapHorn Invest; XAnge; Boost VC; Cathay Innovation; Draper Dragon; GDTRE; Draper Associates | $75M | - | Ledger is a cryptocurrency and blockchain security company that produces hardware wallets for securing digital assets. The company's flagship product is a hardware wallet device that enables users to securely store and manage cryptocurrencies and NFTs offline, protecting against online attacks. On 18 January 2018, Ledger announced a USD 75 million Series B funding round led by Draper Esprit, with participation from Draper Venture Network funds (Draper Associates, Draper Dragon, Boost VC), FirstMark Capital, Cathay Innovation, Korelya Capital, and existing investors including CapHorn Invest, GDTRE, and Digital Currency Group. The round was described as one of the largest traditional Series B investments into blockchain and cryptocurrency technologies to date, excluding ICOs. At the time of the Series B announcement, Ledger had sold over 1 million hardware wallets across 165 countries and employed over 80 people across France and the US, having previously raised USD 8.3 million in a Series A in March 2017. The Series B proceeds were intended for R&D investment, operations scaling, and global team deployment. Later, in what appears to be a Series C extension round (date unspecified but referenced in 2024 portfolio materials), Ledger maintained a valuation of €1.3 billion with participation from existing and new investors including Molten Ventures, and had sold over 6 million hardware wallets by that time. |
| Mar 2017 | Series A | MAIF Avenir (lead); Nicolas Pinto; Digital Currency Group; CapHorn Invest; Wicklow Capital; ICE.vc; The Whittemore Collection; XAnge; Libertas Capital; ACI Capital; Kima Ventures; GDTRE | $7M | - | - |
| Feb 2015 | Seed | XAnge (lead); HiPay; Pascal Gauthier; Thibaut Faurès Fustel de Coulanges; AdUX; Alain Tingaud; Hard Yaka; Nicolas Louvet; Fred Potter | $2M | - | - |
Who has invested in Ledger?
36 investors have backed Ledger across its funding rounds, including XAnge, CapHorn Invest, Digital Currency Group, Molten Ventures, Cathay Innovation and Korelya Capital.
Lead investors include Molten Ventures, 50T Funds, Samsung Ventures, MAIF Avenir and XAnge.
Ledger Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Mar 2017 | ||
| 3 | Lead | Feb 2015 | ||
| 2 | Participant | Jan 2018 | ||
| 2 | Participant | Mar 2017 | ||
| 2 | Lead | Jan 2018 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Jan 2018 | ||
| 2 | Participant | Mar 2017 | ||
| 1 | Participant | Mar 2023 | ||
| 1 | Participant | Mar 2023 | ||
| 1 | Participant | Feb 2015 | ||
| 1 | Participant | Mar 2023 | ||
| 1 | Participant | Mar 2017 | ||
This data is available for Pro users. Sign up to see all 36 Ledger investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by Ledger
Ledger has invested in 4 companies to date.
Latest investment by Ledger was on August 7th 2025. Ledger invested in Build on Bitcoin in their $10M Series A round.
Latest Investments by Ledger
| Description | Build on Bitcoin is a hybrid Layer-2 network extending the Bitcoin blockchain with smart contract capabilities and enhanced scalability. It combines Bitcoin's security with Ethereum Virtual Machine compatibility, allowing developers to deploy decentralized applications directly on Bitcoin infrastructure. The platform supports DeFi protocols, NFTs, and gaming dApps through its rollup architecture. Launched in 2023, Build on Bitcoin operates from a global team and integrates with Bitcoin sidechains for faster transactions and lower fees. | Build on Bitcoin is a hybrid Layer-2 network extending the Bitcoin blockchain with smart contract capabilities and enhanced scalability. It combines Bitcoin's security with Ethereum Virtual Machine compatibility, allowing developers to deploy decentralized applications directly on Bitcoin infrastructure. The platform supports DeFi protocols, NFTs, and gaming dApps through its rollup architecture. Launched in 2023, Build on Bitcoin operates from a global team and integrates with Bitcoin sidechains for faster transactions and lower fees. | Baanx Group is a provider of white-label mobile banking platforms that bridge fiat and digital assets via multi-currency wallets, debit cards, payment gateways, and remittance services. Its API-driven solutions support buy, hold, exchange, and spend functionalities for cryptocurrencies, deployable as managed services or app integrations. The London-headquartered company launches branded banks in days for telecoms, exchanges, and global brands, handling secure transactions across 150 countries with over 1 million active users. | - | |
| HQ Country | |||||
| HQ City | George Town | George Town | London | - | |
| Deal Date | 7 Aug 2025 | 9 Jul 2024 | 5 Mar 2024 | 18 May 2022 | |
| Round | Series A | Seed | Series A | Pre-seed | |
| Raised | $10M | $2M | $20M | $1M | |
| Investors | Asymmetric; Castle Island Ventures; Sats Ventures; Amber Group; RockawayX; Nathan McCauley; Anchorage; Bankless Ventures; IOSG Ventures | - | British Business Bank; Tezos; Chiron | Jigsaw VC; MIQ; Francesco Perticarari; Founders Factory; Nice; Entrepreneurs First; Charlotte Street Capital; IPONWEB | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Ledger investments and their VC round multiples. Start Free Trial | |||||
Ledger Competitors
Ledger competitors include listed companies like Mitek Systems and Radware, and private ones like Zama, Lukka, Boba Network and Optimism.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1.3B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | $45M | - | $1.6B | 36.7x | ||
| Publicly listed | $180M | $37M | $781M | 3.7x | ||
| Publicly listed | $302M | $20M | $1.3B | 3.4x |
Ledger Public Comps
Ledger is still privately-owned, but its public comps include Radware, Red Violet, Eastcompeace Tech, DPtech, OSL Group, Securitize, Secunet, CloudWalk, NSFOCUS and Progress Software.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $302M | $20M | 3.6x | 3.4x | 56.1x | 23.2x | |||
| $90M | $24M | 13.2x | 11.7x | 50.0x | 31.7x | |||
| $197M | $26M | 4.8x | - | 36.4x | - | |||
| $182M | $25M | 5.3x | 4.9x | 39.0x | - | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $528M | $86M | 2.8x | 2.6x | 17.3x | 16.3x | |||
| $75M | ($75M) | 18.8x | 19.1x | (18.7x) | - | |||
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Common questions about Ledger
| When was Ledger founded? | Ledger was founded in 2014. |
| Where is Ledger headquartered? | Ledger is headquartered in Paris, France. |
| Is Ledger publicly listed? | No, Ledger is a private, VC-backed company. |
| What is Ledger's valuation? | Ledger was last valued at $1.3B in its Series C in March 2023. |
| How much funding has Ledger raised? | Ledger has raised $575M across 6 funding rounds. |
| What was Ledger's last funding round? | Ledger's last funding round was a $108M Series C in March 2023, led by Molten Ventures. |
| Who are Ledger's investors? | Ledger's investors include CapHorn Invest, XAnge, Korelya Capital, Digital Currency Group, Molten Ventures, 50T Funds, Cathay Innovation, GDTRE, Digital Finance Group (DFG), White Loop Capital and 26 others. |
| What is Ledger's revenue? | Ledger's latest recorded revenue is $71M (March 2023). |
| What is Ledger's revenue multiple? | Ledger's latest valuation implies a 18.3x revenue multiple ($1.3B valuation on $71M of revenue). |
| Which companies are comparable to Ledger? | Companies comparable to Ledger include Zama, Lukka, Boba Network, Optimism, Mitek Systems and Radware. |
| How many companies has Ledger invested in? | Ledger has invested in 4 companies, including Build on Bitcoin, Baanx Group, Kaizan and Starton. |
| What was Ledger's last investment? | In August 2025, Ledger invested in Build on Bitcoin's $10M Series A alongside Asymmetric, Castle Island Ventures, Sats Ventures and 6 other investors. |
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