Level 1 blockchain 5ire, a fifth-generation network and the world’s first sustainable blockchain raised $100 million in a Series A round. The leading investor was SRAM & MRAM, a UK-based multinational, Coin Journal learned from a press release.
5ire is launching the fifth industrial revolution (5IR), hence the name, through investments in sustainability, technology, and innovation. After raising these funds, it became the fastest-growing blockchain unicorn in India, currently valued at $1.5 billion.
The only sustainable unicorn blockchain in the world
5ire will invest the funds in business expansion. The corporation raised $21 million in funding at a valuation of $110 million in its seed round.
Among the investors that took part in the round were Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and a few other private and institutional investors.
5ire will use the funds to extend its footprint across Europe, Asia, and North America, but India will remain the key area of focus and growth.
5ire intends to keep investing in blockchain improvement and will ensure the decentralised technology is put to good use all over the world. It attracts top professionals in the industry across engineering, marketing, and other areas.
5ire CEO and founder Pratik Gauri said:
The 5ire team has worked round-the-clock to develop a platform that combines both technology and processes for the benefit of humankind. Proof of the fact that we’re on the right path is that we became the first and only sustainable unicorn from India in less than a year. We are deeply grateful to SRAM & MRAM for the trust and delighted to find a partner who also wants to promote the transition to the 5th Industrial Revolution.
Chairman of SRAM & MRAM, Dr. Sailesh Lachu Hiranandani, added:
5ire has made a commitment to discover solutions for the 17 UN Sustainability Development Goals. We are confident in their leadership team’s abilities.
On a mission to empower
Finance expert Vilma Mattila and entrepreneurs Pratik Gauri and Prateek Dwivedi founded 5ire in August 2021.
The corporation empowers DAOs and working groups to accelerate fulfilment of the UN’s SDG goals, offering guarantees for openness, inclusivity, and goal accomplishment.