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Ledger raises $75 million in largest non-ICO crypto funding round

Cryptocurrency hardware firm Ledger has raised $75 million in series B funding, bringing its total funding to $82 million since the start of 2017.

Participants in the round, led by Draper Espirit, included FirstMark Capital, Cathay Innovation, Korelya Capital and existing investors CapHorn Invest.

The round, according to Ledger, was oversubscribed, and has become the largest Series B round for a cryptocurrency firm – excluding ICOs.

Related: Kodak pivots to blockchain and cryptocurrency, shares triple in value

Ledger sold more than one million of its hardware wallets in 2017, up from 2016 when it sold 300,000. The firm has been struggling to keep up with demand following the cryptocurrency boom in 2017.

It will be using the funding from the round to increase its production and resolve back-end supply issues. It also plans to launch a new product named Ledger Vaut, a security solution for banks, family offices and hedge funds which want to invest in crypto.

Decentralized exchange startup Radar Relay announced this week that it was adding support for the Ledger hardware wallet, the first instance in which a decentralised exchange is allowing funds trading from one wallet to another.

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