Investment thesis
Ledger Cathay Capital is a €100M venture fund launched in 2022 as a partnership between hardware wallet maker Ledger and Cathay Innovation. It invests at seed and Series A in web3 and blockchain companies worldwide, covering decentralised finance, security, infrastructure, protocols, digital ownership and tokenisation. Cheques run from $500K to $4M and the fund will lead, co-lead or follow on. Its portfolio includes Morpho, Ether.fi and Huma Finance.
Past investments
| Company | Round | Date | Round size |
|---|---|---|---|
| Midas Berlin, Germany | Series A | Apr 2026 | €43.4M |