Blockchain firm 5ire turns unicorn with $100 million fundraise
- ByStartupStory | July 15, 2022
The latest unicorn, 5ire, a fifth generation level 1 blockchain network, announced on Friday that it had raised $100 million in Series A funding from UK firm SRAM & MRAM at a post-money valuation of almost $1.5 billion. With this investment, 5ire becomes the world’s only sustainable blockchain unicorn and the unicorn with the fastest growth rate in India.
Pratik Gauri, Prateek Dwivedi, and Vilma Mattila of web3 founded 5ire in August 2021. By the time it raised its seed round in October, 5ire had a valuation of roughly $110 million. With India serving as the base of operations and primary area of concentration, the funds received will be used for company expansion and expanding 5ire’s reach across three continents, including Asia, North America, and Europe.
Additionally, 5ire will make investments to fortify its blockchain and aim to ensure that a bigger global audience benefits from this decentralised technology. Additionally, the firm seeks to hire the top talent in the sector across roles like the product, engineering, marketing, etc. It does not have a headquarters because it believes in decentralised technology.
According to Pratik Gauri, CEO and Founder of 5ire, the bear market had no effect on the company’s growth because of its goal of ushering in the 5th Industrial Revolution (5IR) using sustainable blockchain. he continued, “Being the first and only sustainable unicorn in the world to be born in India in just 11 months is a testament that we are on the correct route.”
Prior to this, 5ire earlier raised $21 million from Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and other investors in its seed round funding. By encouraging behaviours that are in line with the Sustainable Development Goals (SDGs) of the United Nations, the 5ire ecosystem aims to entrench the for-benefit ethos at the core of blockchain and facilitate the shift from the 4IR to the 5IR.
To hasten the accomplishment of the 17 UN SDGs, 5ire empowers working groups and decentralised autonomous organisations (DAOs). The company’s main product is 5ireChain, a first-layer, sustainability-driven fifth-generation blockchain that guarantees adherence to the 5IR concept and serves mankind and the world.
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