Funding round
Ledn Series A
Ledn, which works in digital asset lending services in George Town, raised $30M in a Series A round announced on 26 May 2021, led by Kingsway Capital, at a $230M post-money valuation. 6 firms took part. It is Ledn's second venture round on record; the one before was a Seed in Feb 2021.
$30M
Amount raised
36,100,000 CAD converted
$230M
Post-money valuation
6
Investors
1 lead
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Ledn at $230M after the new money. The $30M bought investors about 13% of the company. It came 3 months after Ledn's Seed. It is 29% of the $103M Ledn has raised in the venture rounds on record. Ledn raised again 7 months later: a Series B round of $70M in Dec 2021, at $540M post-money.
Ledn's funding rounds
Ledn has 3 venture rounds on record and 2 other deals. This one is highlighted.
Investors
Who put money in
Kingsway Capital led the round with 5 other firms.
Lead investor
- Kingsway Capital new investor
Also in the round
- Alan Howard new investor
- Seven Seven Six backs 90 venture-backed companies new investor
- Susquehanna Private Equity Investments new investor
- ParaFi Capital new investor
- backs 62 venture-backed companies new investor
Joined the board: Manuel Stotz (Kingsway Capital).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
79 Series A rounds in Loans & Financing within a year either side disclosed an amount; the median was $12M, and this round was 2.5 times the median. The closest in time, other companies' Series A rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Wayflyer Loans & Financing | 27 May 2021 | $76M | not disclosed | Left Lane Capital |
| Loans & Financing | 30 May 2021 | $30M | not disclosed | Mirae Asset Venture Investments |
| Loans & Financing | 26 May 2021 | $10M | not disclosed | Crosslink Capital |
| Capchase Loans & Financing | 4 Jun 2021 | $125M | not disclosed | QED Investors |
| Loans & Financing | 23 Jun 2021 | $100M | not disclosed | Accel |
| Loans & Financing | 7 Apr 2021 | $26M | not disclosed | not named |
| Loans & Financing | 11 Jun 2021 | $14M | not disclosed | Global Founders Capital and Third Prime |
| Loans & Financing | 29 Apr 2021 | $10M | not disclosed | Pantera |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Ledn raise in its Series A round?
Ledn raised $30M in its Series A round, announced in May 2021.
Who led Ledn's Series A round?
Kingsway Capital led it, with Alan Howard, Seven Seven Six, Susquehanna Private Equity Investments, ParaFi Capital and Hashed.
What was Ledn's valuation at the Series A round?
$230M post-money.
How does it compare with other Series A rounds in Loans & Financing?
79 Series A rounds in Loans & Financing within a year either side disclosed an amount; the median was $12M, and this round was 2.5 times the median.
Did Ledn raise again after this round?
Yes: a Series B round in Dec 2021 of $70M at $540M post-money.