Blockchain start-up 5ire turns unicorn with $100m Series-A fundraise

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Blockchain start-up 5ire turns unicorn with $100m Series-A fundraise
Blockchain start-up 5ire turns unicorn with $100m Series-A fundraise

Last year, at a valuation of $110 million, the blockchain platform had raised a funding of $21 million in its seed round with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, amongst many other investors

Layer 1 blockchain platform – 5ire that focuses on sustainability, has raised $100 million in Series-A funding (at a valuation of $1.5 billion) from UK-based conglomerate SRAM & MRAM, as per yourstory.com.

Indian-origin entrepreneurs Pratik Gauri and Prateek Dwivedi, along with Web3 financier Vilma Mattila founded the blockchain platform in August 2021.

As per yourstory.com, the start-up has said, with India as the hub of operations and core area of focus, the funds will be used for business expansion and extending blockchain platform’s footprint across Asia, North America, and Europe.

As per the media report on yourstory.com, Pratik Gauri, CEO and Founder of the blockchain platform – 5ire was quoted as saying:”It is an all-equity deal, with no tokens involved. Our testnet goes live in a month, followed by the mainnet in November, after which revenues will kick in. At this stage, our valuation is based on our patents, technology, and Proof-of-Benefit vision. We have also partnered with Intex to bring them into Web3, and are exploring MoUs with various Fortune 500 companies and government bodies to boost adoption of our technology.”

Currently standing at over 100 employees, the blockchain platform is also planning to increase its team size.

Apart from the cash injection, Pratik said the SRAM & MRAM deal also helps the blockchain platform leverage investor connects to build and establish relationships with several industries and governments across the world.

“We have been running pilots to get employee records on blockchain, and we believe we can achieve adoption at scale for many more uses cases across companies. We can’t achieve our goals without connecting with large enterprises and sectors, and so we went ahead with SRAM & MRAM who can help us scale adoption,” he said.

With the fundraise coming at a tumultuous and difficult time in the Web3 world, Pratik explained 5ire is not a crypto company, but a blockchain technology firm, and therefore, “is agnostic of the crypto bear market, and so are [our] investors.”

As per the media report on yourstory.com, Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group, was quoted as saying, “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.”

Last year, at a valuation of $110 million, the blockchain platform had raised a funding of $21 million in its seed round with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, amongst many other investors.

Pratik clarified that it secured a $100 million capital commitment from Global Emerging Markets (GEM) Global Yield LLC SCS (GGY) in February 2022 – an amount that can be drawn upon if and when 5ire goes public, as per yourstory.com.

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