5ire raises USD 100 million in Series A Funding from UK-based SRAM & MRAM
Biznextindia : 5ire, a fifth generation level 1 blockchain network and the world’s first and only sustainable blockchain, has announced that it has raised$100 million in Series A funding from UK-based conglomerate SRAM & MRAM. This investment makes 5ire the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world, valued at $1.5 billion. 5ire was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.
The funds raised will be used for business expansion and extending 5ire’s footprint across three continents including Asia, North America and Europe, with India as the hub of operations and core area of focus. 5ire will continue to invest in strengthening its blockchain further and work towards ensuring this decentralised technology benefits a larger base globally. Additionally, 5ire aims to hire the best talent in the industry across functions like product, engineering, marketing etc.
5ire had earlier raised a funding of $21 million in its seed round at a valuation of $110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and amongst many other investors.
“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” Pratik Gauri, CEO and Founder of 5ire said.
5ire is a blockchain ecosystem that brings forth Sustainability, Technology & Innovation to build the 5th industrial revolution (5IR). The mission of the 5ire ecosystem is to embed the for-benefit paradigm at the heart of blockchain, by highly incentivizing practices that align with the United Nations Sustainable Development Goals (SDGs), therefore facilitating the transition from the 4IR to 5IR. 5ire empowers decentralized autonomous organizations (DAOs) and working groups to help accelerate the implementation of the UN’s 17 SDG goals. It assures openness, unity of purpose, and inclusivity. Thus, shaping the ethics of business and collaborations toward sustainability while providing a cross-chain environment as well as advanced governance and rewarding mechanisms for participants.