Funding round
Ledn Series B
Ledn, which works in digital asset lending services in George Town, raised $70M in a Series B round announced on 15 Dec 2021, led by 50T Funds, at a $540M post-money valuation. 15 firms took part. It is Ledn's third venture round on record; the one before was a Series A in May 2021.
$70M
Amount raised
$540M
Post-money valuation
15
Investors
1 lead
2.3x
Step-up from the Series A
$230M in May 2021
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Ledn at $540M after the new money, 2.3 times the $230M of its Series A (May 2021). The $70M bought investors about 13% of the company. It came 7 months after Ledn's Series A. It is 68% of the $103M Ledn has raised in the venture rounds on record. No later venture round is on record for Ledn.
Ledn's funding rounds
Ledn has 3 venture rounds on record and 2 other deals. This one is highlighted.
Investors
Who put money in
50T Funds led the round with 14 other firms.
Lead investor
- backs 10 venture-backed companies new investor
Also in the round
- Golden Tree Asset Management new investor
- backs 42 venture-backed companies new investor
- FJ Labs backs 316 venture-backed companies new investor
- White Star Capital new investor
- Kingsway Capital new investor
- Coinbase Ventures new investor
- Alan Howard new investor
- Parafi Capital new investor
- Susquehanna Private Equity Investments new investor
- backs 295 venture-backed companies new investor
- backs 62 venture-backed companies new investor
- backs 62 venture-backed companies new investor
- Ascendant Capital new investor
- John Pfeffer new investor
Joined the board: Dan Tapiero (10T Holdings).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
41 Series B rounds in Loans & Financing within a year either side disclosed an amount; the median was $32M, and this round was 2.2 times the median. The closest in time, other companies' Series B rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 18 Nov 2021 | $150M | not disclosed | Greater Bay Area Co-building Home Development Fund |
| Loans & Financing | 12 Nov 2021 | $38M | not disclosed | Zain Ventures |
| Loans & Financing | 18 Jan 2022 | $11M | not disclosed | Burda Principal Investments |
| Wayflyer Loans & Financing | 1 Feb 2022 | $150M | $1.60B | DST Global and QED Investors |
| Loans & Financing | 21 Feb 2022 | $118M | not disclosed | not named |
| Loans & Financing | 18 Feb 2022 | $35M | not disclosed | WestBridge Capital |
| Loans & Financing | 21 Feb 2022 | $20M | not disclosed | Undisclosed global top-tier strategic investor |
| Loans & Financing | 1 Mar 2022 | $137M | $1.30B | Insight Partners and B Capital |
Sources
Where this comes from
Reported by 9 sources.
Questions
Frequently asked
How much did Ledn raise in its Series B round?
Ledn raised $70M in its Series B round, announced in Dec 2021.
Who led Ledn's Series B round?
50T Funds led it, with Golden Tree Asset Management, Raptor Group, FJ Labs, White Star Capital and Kingsway Capital and 9 more.
What was Ledn's valuation at the Series B round?
$540M post-money.
How does it compare with other Series B rounds in Loans & Financing?
41 Series B rounds in Loans & Financing within a year either side disclosed an amount; the median was $32M, and this round was 2.2 times the median.