London, the U.K-based layer one blockchain company 5ire raised USD 100 in funding. The Series A round took place on July 15, 2022. UK-based SRAM & MRAM Group led the funding for 5ire. With the recent funding, the valuation of the company soared to USD 1.5 billion.
5ire is the 105th company to turn unicorns for India. It is the 20th company to join the most coveted unicorn club in 2022.
Purpose of Funding for 5ire
With the latest capital infusion, 5ire seeks business expansion. It intends to use the recent funds to extend the company’s footprint across three continents, including Asia, North America and Europe. However, India is the hub of operations and core area of focus for the company.
The blockchain’s platform 70 per cent of employees are based out of India. The firm plans to ramp up its hiring operations. It has plans to expand its team of 100 employees and further develop its technology. 5ire intends primarily to cater to businesses with its blockchain.
What the co-founder has to say
Pratik Gauri, the co-founder of 5ire, said, “Our valuation jump has come from the fact of 12 pending patents that we have and all the other proof of benefit consensus that we’ve built. The UK-based conglomerate owns about 800 hospitals and a lot of real estates. So we will also get access to a lot of relationship capital.”
Gauri further 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.”
What the investor has to say
Dr Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group, said, “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.”
About 5ire
Registered in London, 5fire was set up by Pratik Gauri, Prateek Dwivedi, and Vilma Mattila in August 2021. 5ire is a layer one blockchain technology. Its vision is to build the 5th Industrial revolution by focusing on sustainability, technology and innovation. Earlier, the startup raised funding of USD 21 million in its seed round. The valuation for the firm back then stood at USD 110 million. The company raised funds from both private and institutional investors such as Marshland Capital, Launchpool Labs, Moonrock Capital, and other investors.
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