Draper Esprit PLC Significant Investment in Ledger (1995C)
January 18 2018 - 2:30AM
UK Regulatory
TIDMGROW
RNS Number : 1995C
Draper Esprit PLC
18 January 2018
Strictly embargoed until: 07.30 on 18(th) January 2018
Draper Esprit plc
("Draper Esprit" or the "Company")
DRAPER ESPRIT ANNOUNCES A SIGNIFICANT INVESTMENT IN LEDGER,
A LEADING CRYPTO ASSETS AND BLOCKCHAIN SECURITY COMPANY
Draper Esprit (AIM: GROW, ESM: GRW), a leading venture capital
firm investing in and developing high growth digital technology
businesses, today announces a GBP18 million ($24 million)
investment in Ledger, the Paris headquartered cryptocurrency and
blockchain security company. The investment will enable Ledger to
significantly scale up its operations as demand for its products
increases at pace.
The GBP56 million ($75 million) round, which was oversubscribed,
was led by Draper Esprit, with additional funding from Draper
Venture Network funds, including Draper Associates, Draper Dragon
and Boost VC, as well as FirstMark Capital, Cathay Capital, and
Korelya Capital. The 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.
As cryptocurrency participation has increased, so have
associated security challenges. Cryptocurrency investors face a
nascent landscape of exchanges, brokers and wallet providers. In
this context there are substantial opportunities to improve
security and trust for participants.
Ledger was founded in 2014 by an ambitious team of eight
entrepreneurs who saw the potential for blockchain technology to
advance the way we live and that security would be the cornerstone
of its long term success. The company has been growing strongly
since then and now employs 82 people in San Francisco, Paris and
Vierzon.
Ledger, which is already profitable, has sold over a million of
cryptocurrency hardware wallets to customers in 165 countries. They
are also launching a new financial institutions solution , the
Ledger Vault, enabling hedge funds, banks and family offices to
manage their crypto assets.
All these products are underpinned by a unique Operating System
(OS) specifically designed to run on any secure hardware and to
support any cryptocurrency. This OS enables security for wider
blockchain applications and will eventually accelerate adoption in
a wide variety of industries, from the internet of things to
driverless cars.
Simon Cook, CEO at Draper Esprit, who has joined the Ledger
Executive Board, commented:
"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. This is a global company for a global industry and we
have built an international syndicate through the Draper Network to
support the team in their huge ambition. We look forward to
partnering with Eric, Pascal and the talented team at Ledger."
Tim Draper, Founder of DFJ, the Draper Network, and one the
largest owners of Bitcoin, commented: "Ledger creates security for
cryptocurrency far beyond what I get from my bank. This is where
people store money now. Ledger lets me take control of my currency
rather than having to ask my bank. We're seeing digital currency
blossom across every continent and so several of the Draper Network
funds, from Silicon Valley, Europe and Asia have come together to
fund Ledger and help them expand globally."
Eric Larchevêque, CEO at Ledger, added:
"We initially designed our Ledger hardware wallet as an enabler
for the blockchain revolution. Three years later and with this
series B, we are reaching a significant milestone in our path to
build a technological giant in the promising space of
cryptocurrencies. These funds will be used to keep investing
significantly in R&D while scaling our operations and deploying
our teams globally. I am delighted to bring on board Draper Esprit
and a truly global group of investors who will support the company
as it grows rapidly."
*ends*
For further information, please contact:
Draper Esprit plc
Simon Cook (Chief Executive Officer)
Ben Wilkinson (Chief Financial Officer) +44 (0)20 7931 8800
Numis Securities
Nominated Adviser & Joint Broker
Alex Ham
Richard Thomas
Jamie Loughborough
Harry Trueman +44 (0)20 7260 1000
Goodbody Stockbrokers
ESM Adviser & Joint Broker
Don Harrington
Linda Hickey
Charlotte Craigie
Richard Tunney +353 1 667 0420
Belvedere Communications (PR)
John West
Kim van Beeck +44 (0)20 3567 0510
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in
Europe, developing and investing in disruptive, high growth
technology companies. We believe the best entrepreneurs in Europe
are capable of building the global businesses of the future. We
fuel their growth with long- term capital, access to international
networks and decades of experience building businesses. Currently
Draper Esprit is a shareholder in a diverse portfolio of companies
including Trustpilot, Graze, Perkbox, PushDoctor and Graphcore.
Visit www.draperesprit.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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