Ledgy Raises $22 Million Series B to Fund European Expansion

Ledgy, the equity management platform for high-growth international startups, today announced a US$22 million (€22 million/£19 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. This comes a year after Sequoia-led $10 million Series A, which saw Luciana Lixandru (Partner, Sequoia) join Ledgy’s board of directors. As part of the Series B funding, Jonathan Golden, partner at NEA, will now also join Ledgy’s board of directors. Ledgy will use the funds to hire high caliber talent, increase the pace of product and feature development and solidify its market presence in Europe.

Emerging from Europe’s complex legal landscape, Ledgy empowers start-up founders to build global companies by providing a vital piece of the infrastructure needed to attract, engage, incentivize and grow top international talent keep. Ledgy shifts equity management from high-maintenance, error-prone spreadsheets to a platform that provides all company stakeholders (i.e., founders, investors and employees) with transparency and insight into how the equity component of their compensation packages matters to them.

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With its ability to run different country-specific equity plans side-by-side, leadership teams can trust the platform to treat all stakeholders fairly and provide a single source of truth. At the same time, the finance team is relieved of complex administrative processes and HR and people teams are enabled to confidently hire cross-border talent. In addition to ensuring compliance and mitigating risk, Ledgy increases the transparency, tangibility, and visibility of equity management while automating the labor-intensive tasks of creating, sharing, signing, and storing contracts for each new employee donation.

Ledgy integrates with secondary platform Semper, compensation benchmarking platforms Pave and Figures, and 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 capital firms and accelerators such as Techstars, Entrepreneur First and APX. Ledgy’s clients include some of the most exciting companies in Europe such as: Getir, Kry, Monese, Selina Finance, Gorillas, Choco, Alan, Pennylane, Scalapay, wefox and Yokoy to name a few.

“Over the past 12 months we have seen double digit monthly growth. We’ve grown from 15 to 65 employees, expanded our client base to over 45 countries and 2,500 companies, opened a London office and expanded our presence in Berlin, and we’re just getting started,” said Yoko, co-founder and CEO of Ledgy Spirig. “Having top VCs participate in our Series B is important for two reasons. First, it is a strong endorsement of Ledgy and our strong growth over the 12 months since our Series A. Second, it reflects a significant trend with leading US investors increasing their exposure to the European continent by investing in the best companies in the world A fast-growing and vibrant startup ecosystem work together in this industry.”

Jonathan Golden, Partner at NEA added: “Through my lens as an investor at NEA, combined with my previous experience at industry-defining companies like Airbnb, Dropbox and Hubspot, I have seen the central role ownership plays in building enduring businesses. The challenge of managing equity is particularly acute in Europe, as each country has different legal structures for equity. Ledgy has created an intelligent and powerful stock software platform and built an incredible, world-class team to support it. Yoko, Ben and Timo understand the challenges companies face as they scale and we are excited to be working with the Ledgy team as they continue to reinvent how companies think about equity and ownership.”

AI company Peak, which employs over 350 people internationally, raised $75 million in Series C funding in 2021, at which point it began collaborating with Ledgy. John Fraser, Peak Finance Director, said: “Culture, team engagement and employee well-being have always been incredibly important to us at Peak. Part of this is always focused on building a more productive and meaningful culture of ownership within the team. In collaboration with Ledgy, we have created a new stock option premium company-wide. It was well received and saved days – not hours, days – of the process for my team. It’s day and night compared to what we had before.”

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