Monday 23 April 2018

Dublin-listed Draper Esprit in $24m investment in cryptocurrency security company

Simon Cook
Simon Cook
Ellie Donnelly

Ellie Donnelly

Dublin and London-listed venture capital investor Draper Esprit has announced a $24m (€20m) investment in Ledger, a Paris-based cryptocurrency and blockchain security company.

The investment will enable Ledger to significantly scale up its operations as demand for its products increases.

In a $75m funding round, which was oversubscribed, Ledger received funding from among others Draper Esprit, with additional funding from Draper Venture Network funds, including Draper Associates and Boost VC, as well as FirstMark Capital, Cathay Capital, and Korelya Capital.

"Blockchain, as evidenced by crypto assets, is a truly revolutionary technology. Security will be paramount to its success and we believe that Ledger has built the world's best security platform to manage private keys for all blockchain and crypto asset applications,” Simon Cook, chief executive at Draper Esprit, said.

Read more: Draper Esprit in €20m acquisition of Seedcamp Funds I and II

The funding round is the largest venture capital series B investment into blockchain and cryptocurrency related technologies to date (excluding ICOs).

Existing investors, CapHorn Invest, GDTRE and Digital Currency Group, also participated in the round.

Founded in 2014, Ledger now employs 82 people in San Francisco, Paris and Vierzon, as the company continues to grow.

The company, which is already making a profit, has sold over a million of cryptocurrency hardware wallets to customers in 165 countries.

Ledger are also launching a new financial institutions solution, the Ledger Vault, enabling hedge funds, banks and family offices to manage their crypto assets.

The products are underpinned by a unique operating system designed to run on any secure hardware and to support any cryptocurrency.

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