Wednesday, October 5, 2022

5ire raises $100 million, sets sights on sustainable blockchain projects

Indian blockchain firm 5ire has announced securing $100 million in Series A funding. According to the Friday announcement, the investment was secured from the U.K.-based conglomerate Sram and Mram.

5ire to use funding for expansion purposes

With the funding, 5ire plans to fulfil its expansion ambitions by taking its business outside the shores of India, where its operations are presently headquartered. The firm will use the funding to foray into the Asian, North American and European regions.

Also, the $100 million funding brings 5ire’s valuation to a whopping $1.5 billion, making it the world’s first sustainability-focused blockchain unicorn.

It is noteworthy that 5ire presents a seemingly unique use case for blockchain technology. On its part, it uses the tech to promote practices in line with United Nations Sustainable Development Goals (SDGs). And to further prove this, 5ire CEO and co-founder Pratik Gauri has confirmed the firm’s resolve to support decentralized autonomous organizations (DAOs) and other working groups. According to Gauri, this will help fast-track the quick actualization of the U.N.’s 17 SDG goals.

Also about the funding, Sailesh Hiranandani, founder of Sram & Mram, spoke highly about 5ire and the potential of its blockchain. He believes that it is only a matter of time before governments and large corporations start maximising its potential. Hiranandani said in part:

“We feel entry into the market with a layer 1 partner which is sustainable is ideal and 5ire being a sustainable blockchain is perfect for us.”

More growth in sight

Currently, the project now has no less than $121 million in investment fund. Back in October, it completed a seed round of $21 million from top tech investors. That round had the likes of Moonrock Capital, Marshland Capital, Alphabit, and Launchpool in participation.

Now, however, the firm has plans to hire more hands although it currently boasts of over a 100 staff. It will also continue diversifying its offering in the tech development space.

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