Layer One Blockchain Startup 5ire raised $ 100 million, joins Unicorn Club
Level One blockchain network, 5ire, has joined the unicorn club after raising $ 100 million worth $ 1.5 billion in the Serie A round. It received funding from the British conglomerate SRAM & MRAM Group, which made 5ire India’s 105th unicorn.
5ire, which is a blockchain company founded in August last year, is still pre-revenue and expects to start earning revenue from November and has just reached a billion dollar turnover limit in the last three years. For the uninitiated, Bitcoin, Litecoin and Ethereum are also level one blockchains.
5ire had previously raised $ 21 million in the $ 110 million seed round last year through both private and institutional investors such as Marshland Capital, Launchpool Labs, Moonrock Capital along with some other investors.
The blockchain company plans to use the capital to expand its business to reach different continents such as Asia, North America and also Europe. 5ire intends to retain India as the operational hub, and focuses primarily on it.
5ire is the fastest Indian Blockchain startup reaching $ 1 billion
5ire has become one of the fastest growing blockchain unicorns in India with its current value of $ 1.5 billion. The blockchain start-up was founded by Indian entrepreneurs, Pratik Gauri, Prateek Dwivedi and web3 financier Vilma Mattila.
Pratik Gauri, co-founder of 5ire stated,
Our appreciation jump has come from the fact of 12 pending patents that we have and all the other evidence of utility consensus that we have built. The UK-based conglomerate owns around 800 hospitals many properties. So we will also have access to a lot of relationship capital.
He further mentioned,
We are on a mission to integrate sustainability into the blockchain and shift the current paradigm from “for-profit” to “for-benefit”.
Related reading | Sri Lanka is holding crypto illegally despite ongoing economic turbulence
5ire will primarily serve businesses in the blockchain
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 line with 17 UN Sustainability Goals and ESG (Environmental Social Governance) parameters.
In one interview, co-founder of the company, Pratik Gauri did not reveal the size of the stake that was diluted in the Serie A round. The three co-founders were major stakeholders in the company.
The company lifts decentralized autonomous organizations (DAOs) and other working groups to accelerate Sustainable Development Goals that will facilitate the transition from 4IR to 5IR.
Not just a blockchain platform, 5ire has a venture capital firm called 5ire VC which is a research and development center.
Pratik Gauri added,
We are on a mission to integrate sustainability into the blockchain and shift the current paradigm from “for-profit” to “for-benefit”. The 5ire team has worked around the clock to develop a platform that combines both technology and processes for the benefit of humanity.
Suggested reading | New high tax rate on crypto miners in Kazakhstan, here’s why
Featured image from IndianStartupNews, chart from TradingView.com
