Singapore venture investor True Global Ventures invests $24m in Web3 platform Ledger

True Global Ventures (TGV), a Singapore-based technology equity venture capital firm, has invested more than $24 million in France-based digital asset platform and Web3 provider, Ledger.

The funding, which comes in the form of a Series C extension round, will enable Ledger to continue its expansion efforts and pursue its goal of becoming a desirable consumer technology brand.

This round of funding was backed by several new and existing investors, including TGV, Molten Ventures, and 10T. Despite industry-specific and macroeconomic headwinds, Ledger has maintained its €1.3 billion ($1.41 billion) valuation, which reflects the investors’ confidence in the company.

The latest round of funding will help Ledger expand its operations, including Ledger Stax and future hardware innovations. The company has crossed six million device sales, with more than 1.5 million monthly users on Ledger Live. Ledger’s partnership with TGV portfolio company

According to TGV, Ledger currently secures over 20% of the world’s cryptocurrencies and 30% of the world’s non-fungible tokens (NFTs). Ledger’s product offerings include the Ledger Nano X crypto wallet and hardware wallets, the Ledger Nano S Plus, and the secure omnichain digital asset app Ledger Live.

The company has also launched Ledger Enterprise Solutions, an enterprise-grade digital asset security solution. Additionally, Ledger has made a name for itself by partnering with fashion brands Fendi and Hublot, and with Web3 brands such as VeeFriends and Nike’s RTFKT.

TGV Founding Partner Dušan Stojanović stated that the fund believes Ledger will continue to play a critical role in the foreseeable future, both in retail self-custody and on the enterprise-institutional side.

Stojanović said that there are three reasons for this belief: major crashes with Terra-LUNA and FTX have led to a “flight to secure” assets safely; there has been a “flight to Bitcoin” after the closure of four banks; and the company has become a global market leader, which is expected to benefit from a general bear market.

Ledger’s recent product launch, Ledger Stax, has already exceeded demand, making it the company’s most successful product launch to date. The company recently announced that more inventory will be available for pre-order through drops later in Summer 2023. Ledger has also launched the Ledger Extension, a secure browser connection that simplifies the use of the Ledger device with wallet-connected applications.