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Monday, April 15, 2024

Blockchain startup 5ire turns unicorn in $100M funding round

Blockchain startup 5ire has secured $100 million in Series A round of funding. With this, the fifth generation level one blockchain network has become a unicorn.

Fifth-generation level one blockchain network 5ire has joined the exclusive club of unicorns after securing $100 million in Series A investment from UK company SRAM & MRAM.

With a current valuation of $1.5 billion, it is the fastest-growing blockchain unicorn in India, claims 5ire.

According to a press statement from 5ire, the funds will be utilized to expand the company’s activities across Asia, North America, and Europe, with India serving as the operational center and primary area of emphasis.

Additionally, the firm wants to employ talented individuals for roles in marketing, engineering, and product development. Currently, 70% of the entire staff is based in India. Pratik Gauri and Prateek Dwivedi, two founders of 5ire who are of Indian descent, came up with the idea, and Vilma Mattila, a web3 financier, later joined them. 5ire had previously raised $21 million in its seed round at a valuation of $110 million from Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among others.

A blockchain ecosystem called 5ire focuses on innovation, technology, and sustainability to create the fifth industrial revolution (5IR). It facilitates the shift from the 4IR to the 5IR by empowering decentralized autonomous organizations (DAOs) and working groups to aid in accelerating the implementation of the Sustainable Development Goals (SDGs) of the United Nations.

In addition to its blockchain platform, 5ire also manages a venture capital division called 5ire VC and a research and development center called 5ire Labs. The business said that it is still in the pre-revenue stage and anticipates beginning to make money in November of this year.

5ire, a London-registered company, is the third business of Indian descent to become a unicorn at the Series A stage. Previously, edtech startup PhysicsWallah and OfBusiness’ financing division Oxyzo both raised $100 million and $200 million in Series A rounds, respectively, to join the club. In total, 105 companies have accomplished this, including 43 in 2021 and 20 in the current year (2022).


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