Deal #10. Ledger
The content on the page is limited to qualified investors
Paris, Ile-de-France, France
Latest round valuation (march 2023)
Cyber Security
Latest round investments (march 2023)
Deal #10. Ledger
Company & Products
Ledger is the world's most secure ecosystem for storing and managing crypto assets.

The company began its journey with the release of the world's first cold hardware Bitcoin wallet. Currently, Ledger Nano wallets support 1,300 cryptocurrencies and tokens. Ledger Live, the online wallet, supports over 5,000 assets.

The Ledger team possesses exceptional expertise in crypto security, which has led to the expansion of their services into creating customized storage and asset management systems for corporate funds. They are also actively involved in developing blockchain protocols for the future of IoT, enabling seamless communication between internet devices.
20% of the world's crypto assets are securely stored on Ledger wallets.
4,5 mln of people
4,5 mln of people
Ledger hardware wallets
Corporate solutions
Ledger Stax
Since 2014, 6.5 million devices have been released, making it the undisputed market leader. It offers seamless integration with major cryptocurrency exchanges and the Ledger Live online wallet. It supports De-Fi, NFTs, Web3, and staking. There is also the option to obtain a Visa card.
Ledger provides services in areas such as Decentralized Finance (DeFi), Token and NFT creation, Custody, and Governance systems. It serves over 100 companies, including prominent names like Samsung,, Animoca Brands, Bitstamp, and Uphold.
Ledger made an exciting announcement in December 2022 with the launch of their long-awaited wallet model, Ledger Stax. The design of this model was created by a designer from Apple. The shipments are scheduled to start in May 2023. The overwhelming demand for Ledger Stax led the company to temporarily halt pre-orders. This model has already proven to be the most successful hardware wallet in Ledger's entire history.
Ledger has joined forces with MoonPay and Wyre to make the conversion of fiat to crypto a seamless experience.
In April 2022, Ledger partnered with ZenLedger to offer US users the ability to automate tax calculations. This could become another lucrative opportunity for Ledger.
In February 2022, Ledger formed a partnership with Coinbase Wallet, the world's second-largest cryptocurrency exchange with 100 million users. This collaboration allows Coinbase users to benefit from the highest level of security provided by Ledger wallets for asset storage.
In January 2022, Fendi, a luxury fashion brand, entered into a partnership with Ledger. Fendi seeks assistance in the development of Web3 and NFTs. Ledger will release a line of Nano S wallets under the Fendi brand, while Fendi will produce fashionable accessories for them.
In December 2021, Ledger launched its own Visa debit card, enabling users of Ledger Live (the online wallet connected to Ledger hardware) to make payments anywhere, with automatic conversion of their crypto assets into fiat currency.
In December 2021, Ledger entered into a partnership with 1inch, the largest DEX cryptocurrency converter, allowing for instant asset swaps within the Ledger Live wallet.
In December 2022, Ledger formed partnerships with four giants - Salesforce, TIME, Merlin, and Farfetch.
The Ledger team is assisting Samsung in developing its own cryptocurrency wallet.
November 2022 marked a record-breaking period for Ledger, as following the FTX exchange's bankruptcy, users started withdrawing their assets from exchanges, including to Ledger hardware wallets. From June 2022 to February 2023 alone, Ledger sold 1 million wallets.
Ledger collaborated with Samsung and Amazon to launch an NFT collection that celebrates the start of Galaxy S23 phone sales.
Ledger entered into a partnership with the Swiss crypto lending platform YouHodler in March 2023. This allows Ledger wallet users to engage in borrowing and lending activities without having to leave the Ledger ecosystem.
Ledger partnered with the web3 giant The Sandbox in April 2022 to strengthen the security of its 2.2 million users and offer them custom Ledger wallets. This collaboration has the potential to attract hundreds of thousands of new users to Ledger.
Revenue for 2021.
Net profit for 2021.
Revenue growth rate in 2021.
Cash balance on the balance sheet (March 2023).
€215 mln
€55 mln
€300 mln
Financial metrics
In March 2023, Ledger raised €100 million in its previous funding round (Series C extension) conducted in June 2021. Since then, the company's business has grown fivefold.

Despite the overall market decline and multiple downward valuations (down rounds) of even the most popular venture-backed companies (such as Klarna, Stripe, Instacart, Brex, Snyk...), Ledger was able to secure a mega-round at its previous valuation, demonstrating investor confidence in the company's success.

The EV/R multiple (Enterprise Value/Revenue), based on the company's valuation in the latest round, currently stands at 4x. The average EV/R ratio in the Blockchain sector for rapidly growing private companies ranges from 8-12x for loss-making companies to 20-50x for profitable ones.
Samsung, Animoca Brands, 10T Holdings, AdUX, Animal Ventures, Cité Gestion, FirstMark Capital, Draper Associates
Nicolas Bacca
Eric Larchevêque
Pascal Gauthier
Co-founder of Ledger, serial entrepreneur, engineer, early Bitcoin adopter
Co-founder of Ledger, serial entrepreneur, founder of the first offline Bitcoin point of sale in Europe, and founder of the first crypto startup community in Paris.
CEO of Ledger, founder of the successful venture startup Kaiko in the field of crypto asset analytics.
Investment opportunity - Ledger
High revenue growth rates
Profitability and high margins
Significant cash reserves on the balance sheet
Leadership in the rapidly developing blockchain industry
Successful expansion into new business areas
Support from top venture and crypto funds worldwide
Terms and conditions
Valuation - $1,93 bln
Share price - $10.50
Min amount:
Syndicate fundraising in USDT
Legal Structure
Setup fee 5% & Carry 20%.
SPV organized in Delaware, USA
For transaction-related inquiries, contact your manager
The information and material presented in this document is provided for your informational purposes only and does not constitute an offer by Angel Talks & Partners LLC or any of their affiliates (collectively, "Angel Talks & Partners") to sell, or a solicitation of an offer to buy any securities, and may not be used or relied upon in connection with any offer or sale of securities. An offer or solicitation can be made only through the delivery of final offering document(s) and purchase agreement, and will be subject to the terms and conditions and risks delivered in such documents.

Any information regarding the valuation of portfolio companies is an estimate based on analysis of data that is publicly disclosed and is based upon information reasonably available to Angel Talks & Partners as of the date noted herein. The public information incorporated into Angel Talks & Partners analysis has been obtained from sources that Angel Talks & Partners believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness and have not been independently corroborated by Angel Talks & Partners or confirmed by the portfolio companies. There may exist material non-public information that impacts valuation. Valuations are intended to be illustrative rather than definitive and are subject to change. Therefore, you should conduct your own research and analysis on portfolio companies or fund interests and should not rely on Angel Talks & Partners analysis.

The investment examples set forth in this document have been included to provide you with thematic detail pertaining to the types of investable opportunities that Angel Talks & Partners aspires to make available for investment. Investments in portfolio companies offered through Angel Talks & Partners may ultimately generate positive returns, and other investments made in portfolio companies offered through Angel Talks & Partners may generate negative returns. It should not be assumed that investments in portfolio companies offered through Angel Talks & Partners will match the performance or character of the investment examples discussed throughout this document

Angel Talks & Partners does not make any representation or warranty or guarantee as to the completeness, accuracy, timeliness or suitability of any information contained within any part of this document nor that it is free from error. Angel Talks & Partners does not accept any liability (whether in contract, tort or otherwise howsoever and whether or not they have been negligent) for any loss or damage (including, without limitation, loss of profit), which may arise directly or indirectly from the use of or reliance on such information. Whilst the information provided has been obtained from sources believed to be reliable, Angel Talks & Partners does not attest to its accuracy or completeness. Angel Talks & Partners reserves the right to change any source without restriction or notice.

This document is intended for the exclusive use of the person or entity to which it is addressed and may contain confidential or privileged information. This document may not be reproduced, distributed to any third party or otherwise published (in the case of the information contained herein, insofar as reference is made to the fact that Angel Talks & Partners has provided the information) without the prior written consent of Angel Talks & Partners. If the reader of this document is not the intended recipient or his authorized agent, the reader is hereby notified that any dissemination, distribution or copying of this document is prohibited. If you believe that you have received this document in error, please advise the sender by reply email of the error and delete this email immediately.