Layer One Blockchain Startup 5ire Raised $100M and Joins Unicorn Club
Tier 1 blockchain network 5ire has joined the unicorn club after raising $100 million at a $1.5 billion Series A valuation. It received funding from UK conglomerate SRAM & MRAM Group, which turned 5ire India in the unicorn number 105.
5ire, a blockchain company founded in August last year, is yet to generate revenue and is expected to start generating revenue from November. It just hit $1 billion in revenue in the last three years. For the uninitiated, Bitcoin, Litecoin, and Ethereum are also top-tier blockchains.
5ire previously raised $21 million in seed round funding for a $110 million valuation last year with the help of private and institutional investors including Marshland Capital, Launchpool Labs, Moonrock Capital and other investors.
The blockchain company plans to use the capital to expand operations to reach different continents like Asia, North America, and also Europe. 5ire intends to keep India as an operational hub, focusing primarily on it.
5ire is India’s fastest blockchain startup to reach $1 billion
5ire has become one of the fastest growing blockchain unicorns in India, with a current valuation of $1.5 billion. The blockchain startup was founded by Indian entrepreneurs Pratik Gauri, Prateek Dwivedi, and web3 financier Vilma Mattila.
Pratik Gauri, co-founder of 5ire said:
Our jump in valuation was due to the 12 pending patents we have and all the other consensus evidence of the benefits we have built. The UK-based conglomerate owns around 800 hospitals and numerous properties. Then we will also have access to a lot of relational capital.
He further mentioned,
We are on a mission to integrate sustainability into the blockchain and change the current paradigm from ‘for-profit’ to ‘for-profit’.
Related Reading | Sri Lanka Keeps Crypto Illegal Despite Ongoing Economic Turmoil
5ire will primarily cater to blockchain businesses
The company maintains that it is a sustainable blockchain and has created its own blockchain validation mechanism called “proof of benefit”.
This validation mechanism will work in alignment with the 17 Sustainable Development Goals of the United Nations and the ESG (Social and Environmental Governance) parameters.
In an interview, company co-founder Pratik Gauri did not disclose the size of the stake that was diluted in the Series A round. All three co-founders were major players in the company.
The company is elevating Decentralized Autonomous Organizations (DAOs) and other working groups to accelerate the Sustainable Development Goals, which will ease the transition from 4IR to 5IR.
Not just a blockchain platform, 5ire has a venture capital company by the name of 5ire VC, which is a research and development center.
pratik gauri added,
We are on a mission to integrate sustainability into the blockchain and change the current paradigm from ‘for-profit’ to ‘for-profit’. The 5ire team has been working day and night to develop a platform that combines technology and processes for the benefit of humanity.
Suggested Reading | New high tax rate for crypto miners in Kazakhstan, here’s why
Bitcoin was priced at $20,900 on the four-hour chart | Source: BTCUSD on TradingView Featured Image from IndianStartupNews, Chart from TradingView.com
- Click to share on Twitter (Opens in a new window)
- Click to share on Facebook (Opens in a new window)
- Click to share on LinkedIn (Opens in a new window)
- Click to share on WhatsApp (Opens in a new window)