True Global Ventures invests over $24 million in ledger

True Global Ventures (TGV) has invested over $24 million into Ledger, the leading global platform for digital assets and Web3. This funding will enable Ledger to further its global ambitions and accelerate its drive to becoming a truly desirable consumer technology brand.

This Series C extension round maintains the same valuation of €1.3 billion. The valuation reflects confidence from investors in Ledger despite macroeconomic and industry-specific headwinds. It is backed by a number of existing and new investors, including True Global

Ledger currently secures more than 20 percent of the world’s cryptocurrencies and over 30 percent of the world’s NFTs. In December, the company announced its latest device, Ledger Stax, with a unique design from Ledger adviser Tony Fadell, builder of the iPod, iPhone, and co-founder of Nest.

True Global Ventures came out with the 5 Web3 megatrends for 2023, which were very well received by the global investor community. Within one of the Megatrends, TGV believes that the 3 decentralisation winners for 2023 are: Self-custody, Bitcoin, DeFi.

“Traditional Finance” (TradFi) firms like Institutional custodians and investment advisers, etc are accelerating their efforts to work more closely with Ledger which provides best-in-class enterprise security solutions, including the only secure governance layer for enterprise self-custody. This includes Komainu, a hybrid custodian solution set up as a joint venture between Nomura and Ledger. Also, Coinhouse, a leading French regulated exchange and portfolio company of True Global Ventures, offers Ledger Enterprise as a custodian solution for their clients.

Dušan Stojanović, founding partner of True Global Ventures, said: “Why do we believe that Ledger will play a critical role for the foreseeable future, both on retail self-custody as well as on the enterprise-institutional side with solutions like Komainu, the JV between Nomura and Ledger? There are three reasons. Firstly, during the last nine months, 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 US and one European bank being closed and saved either by regulators or competitors, 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 into that has become or is a global market leader, which we believe will benefit from a general bear market.”

“2022 was a standout year for Ledger, culminating in the launch of Ledger Stax at Ledger Op3n in Paris. I’m excited to share that we’re starting 2023 where we left off — doubling down on our mission to bring self custody to everyone,” said Pascal Gauthier, Chairman & CEO of Ledger. “We’re proud to have True Global ventures join us on our journey. Dušan and the team at True Global Ventures are seeing the rapid digital value and hardware revolution that is coming. They join a strong list of investors who believe Ledger is the gold standard.”

Ledger’s product offerings include Ledger Nano X (awarded Editor’s Choice for Best Crypto Wallet) and Ledger Nano S Plus, the best-selling hardware wallets, Ledger Live, the secure omnichain digital asset app, and Ledger Enterprise Solutions, the best enterprise-grade digital assets security solution.

Ledger has outperformed the market as people flee centralised crypto and banking solutions for self-custody, and recently crossed six million device sales, with more than 1.5 million monthly users on Ledger Live. The company has managed to infiltrate mainstream culture through partnerships with fashion brands Fendi and Hublot, and further establish its role as a leader in Web3 through partnerships with brands such as VeeFriends and Nike’s RTFKT. Ledger has come to physically represent digital value and collectibles in culture and art.

Ledger has also partnered with True Global Ventures’ portfolio company, The Sandbox, the leading Open Metaverse platform. The “School of Block” education experience in the LedgerVerse was launched with over 300,000 unique visitors and 4.6 million quests completed during the Alpha Season 3 period in September 2022. It focuses on educating users on securing their digital assets while making the process fun. This initiative was popular and they also relaunched it with a French flair to celebrate the French Weeks now till April 6, 2023.

Ledger was supported by Goldman Sachs Bank Europe SE who acted as sole placement agent on the transaction and by Jones Day as legal advisers.