5ire Raises USD 100 Million in Series A Funding at Valuation USD 1.5 Billion, Turns Unicorn
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India, July 15, 2022: 5ire, a fifth generation level 1 blockchain network and the world’s first and only sustainable blockchain, today announced that it has raised USD 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 USD 1.5 billion. 5ire was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.
5ire raised a funding of USD 21 million in its seed round at a valuation of USD 110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and amongst many other investors.
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.
Speaking on the occasion, 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
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