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5ire Turns Unicorn After Raising $100m in Series A Funding

5ire Turns Unicorn After Raising $100m in Series A Funding

Last updated 5th Aug 2022
Disclosure
  • The investment rendered 5ire the most rapidly growing blockchain unicorn in India
  • 5ire will use the funds raised to grow its business across Asia, Europe, and North America

5ire, a level 1, fifth-generation blockchain network and flagship sustainable blockchain, raised Series A funding in the amount of $100 million from UK-based multinational SRAM & MRAM, Bankless Times learned from a press release.

The investment has rendered 5ire the most rapidly growing blockchain unicorn in India with a valuation of $1.5 billion, as well as the world’s only sustainable blockchain unicorn.

Funds invested in business expansion

5ire raised $21 million in funding in its seed round at a valuation of $110 million. Among the participating investors were Marshland Capital, Alphabit, Moonrock Capital, Launchpool Labs, and many other private and institutional stakeholders.

5ire will use the funds raised to grow its business and extend its footprint across Asia, Europe, and North America. India will remain the main area of focus and the hub of operations.

5ire will continue to invest in augmenting its blockchain and make sure this decentralised technology benefits a larger base worldwide. The corporation also plans to hire top talent in the industry across marketing, engineering, product, and other functions.

SRAM & MRAM group chairman Dr. Sailesh Lachu Hiranandani commented on the occasion:

We have great confidence in moving forward with investments in sustainable technologies. As a scientist, I have always believed in finding better ways to do things, and 5ire is committed to finding solutions for the 17 UN Sustainability Development Goals. We are assured in the abilities of the leadership team at 5ire and wish them all the very best.

5ire CEO and founder Pratik Gauri added:

We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’. The 5ire team has worked round-the-clock to develop a platform that combines both technology and processes for the benefit of humankind. Becoming the world’s first and only sustainable unicorn born out of India, in just 11 months, is testimony that we are on the right path. We are humbled by the trust shown in 5ire by the SRAM & MRAM group and thrilled to find a partner who also wants to promote the transition of the world from the 4th Industrial Revolution to the 5th Industrial Revolution.

About 5ire

5ire was founded by web3 financier Vilma Mattila and entrepreneurs Pratik Gauri and Prateek Dwivedi in August 2021. The blockchain ecosystem is ushering in the fifth industrial revolution (5IR) by investing in technology, sustainability, and innovation.

The corporation is on a mission to incentivize practices in accordance with UN Sustainable Development Goals (SDGs), promoting the transition from 4IR to 5IR.

It empowers working groups and DAOs to speed up the implementation of the UN’s 17 SDG goals, providing guarantees for inclusivity, openness, and purpose.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.