Alongside Sequoia Capital further participants in the round are Xavier Niel, Harry Stebbings, Visionaries Club, and several leading SaaS founders including UiPath's Daniel Dines and Front's Mathilde Collin. Existing investors Myke Näf, Paul Sevinç, btov Partners, Creathor Ventures and VI Partners participated as well. Sequoia partner Luciana Lixandru is joining Ledgy’s board.
The fresh capital of $10 million will enable Ledgy to continue expanding into new markets within Europe and beyond, as well as building new features to support better workflow automation, solutions for public company administration, and enhanced fund and portfolio management capabilities. The company has hired its first Head of Talent and plans to more than double in size by the end of 2021. The startup’s current team represents 17 nationalities and with a 47% gender balance.
Ledgy was founded in 2017 by ETH Zurich physics graduates Yoko Spirig, Ben-Elias Brandt and Timo Horstschäfer to tackle the pains of growing companies’ experience. The startup has built the first platform for company ownership that can be used, for the benefit of companies and funds, in any jurisdiction and from founding to IPO and beyond. It offers software to automate the administration of a number of vital business processes, from cap table management to setting up option plans and modelling exit scenarios. Venture Capital firms and angel investors also have the ability to manage their portfolios of investments through a single hub and collaborate with companies on reporting and KPIs.
Some of Europe’s biggest scale-ups, including 'unicorns' wefox, Kry, Bitpanda and Pleo, use Ledgy to close funding rounds, engage investors and empower employees. In total, Ledgy is used by more than 1,500 businesses, which have collectively opened up ownership to many thousands of employees. Although Ledgy's growth so far has centred on Europe, customers around the world, from Indonesia to Israel, already use Ledgy's software. Monthly recurring revenue has increased 10x in the last 12 months, and Ledgy saw 20% month-on-month growth through the first quarter of 2021. The company enjoys close to no churn.
“The companies using Ledgy give their teams meaningful ownership and real transparency, enhancing their ability to attract talent and boosting retention. This funding round allows us to further expand our reach across the globe and continue building a first-in-class product to serve our international customer base,” Ledgy’s CEO Yoko Spirig.
“Our ecosystem in Europe is flourishing, with startup activity and VC funding at an all-time high, yet outside the US, there is a lack of infrastructure in equity management. Ledgy, the first platform to be geo- and jurisdiction agnostic, will play a key role in allowing European innovation to compete on a global level,” said Luciana Lixandru, Partner at Sequoia Capital. “We're incredibly excited to partner with Yoko and the Ledgy team on their vision to build a new category within business software and fundamentally change the culture of company ownership.”