Ledgy raises USD 22 million Series B to fund European expansion of its equity management platform for high-growth international startups

Ledgy, the platform empowering finance and HR teams to leverage the value of equity to create a culture of ownership, announced a USD 22 million Series B funding round led by global venture capital firm, New Enterprise Associates (NEA), with participation from Sequoia Capital, Speedinvest, btov, Visionaries Club and VI Partners, as well as existing angel investors. Ledgy also ranked third at the TOP 100 Swiss Startups Awards at the beginning of the month.

This comes one year after its USD 10 million Series A, led by Sequoia, which saw Luciana Lixandru (Partner, Sequoia) join Ledgy’s board. As part of the Series B funding, Jonathan Golden, Partner at NEA, will also now join the Ledgy board. Ledgy will use the funds to hire top-class talent, increase the pace of product and feature development, and solidify its market presence in Europe. 

Born out of Europe’s complex jurisdictional landscape, Ledgy empowers startup founders to build global companies by providing a key part of the infrastructure needed to attract, engage, incentivize and retain top international talent. Ledgy moves equity management off of high-maintenance, error-prone spreadsheets and onto a platform that gives all company stakeholders (i.e. founders, investors, and employees) visibility and insight into what the equity ownership component of their remuneration packages means to them. 

With its ability to run different country-specific equity plans side-by-side, leadership teams can trust that the platform will treat all stakeholders fairly, and provide a single source of truth. All while relieving the financial team of complex administrative processes and enabling HR and People Teams to confidently hire cross-border talent. Besides ensuring compliance and risk reduction, Ledgy increases transparency, tangibility, and visibility into equity management, while also automating the labor-intensive tasks of creating, sharing, signing, and storing contracts for each new grant to employees. 

Ledgy integrates with secondary platform Semper, compensation benchmarking platforms Pave and Figures as well as over 40 HRIS platforms, such as Hibob, Personio, and Workday. Ledgy is also the equity management partner of choice for the portfolios of over 50 leading venture capitalist firms and accelerators, such as Techstars, Entrepreneur First, and APX. Ledgy’s customers include some of the most exciting companies in Europe, like Getir, Kry, Monese, Selina Finance, Gorillas, Choco, Alan, Pennylane, Scalapay, wefox, and Yokoy to name just a few. 

“In the past 12 months, we have enjoyed double-digit monthly growth. We have gone from 15 to 65 employees, expanded our customer base to over 45 countries and 2,500 companies, opened a London office, and grown our presence in Berlin, and we’re just getting started,” said Ledgy Co-founder and CEO, Yoko Spirig. “The participation of top tier VCs in our Series B is significant for two reasons. First, it’s a powerful validation of Ledgy and our strong growth in the 12 months since our Series A. Second, it reflects a significant trend in which leading US investors are increasing their exposure to the European continent by partnering with the best companies in what is a fast-growing and vibrant startup ecosystem.”

Ledgy ranked from 2018 to 2022 at the TOP 100 Swiss Startup Awards. “We were very excited to place 3rd in the Top 100 Swiss Startups ranking. The award is a recognition of our growth over the last year, and we are proud to count many other members of the Top 100 as our customers. The Swiss startup ecosystem continues to go from strength to strength: we are looking forward to seeing the continued success of the Top 100 over the next year,” said Yoko Spirig, CEO and Co-founder of Ledgy.

Source: Ledgy Press Release