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Sustainable blockchain network 5ire secures $100 million Series A

Sustainable blockchain network 5ire secures $100 million Series A

5ire has raised funding from futuristic technology group SRAM & MRAM to be dubbed the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world, boasting a valuation of $1.5 billion.

A blockchain ecosystem that integrates sustainability, technology and innovation initiatives to build the 5th industrial revolution, 5ire aims to incentivise practices that align with the UN’s Sustainable Development Goals (SDGs) to move from the 4th to the 5th industrial revolution.

Further to this, 5ire supports decentralised autonomous organisations (DAOS) and working groups to hasten the implementation of the SDGs.

Founded by Pratik Gauri, Prateek Dwivedi and Web 3.0 financier Vilma Mattila in August 2021, 5ire raised seed capital of $21 million at a valuation of $110 million with participation from private and institutional investors such as Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, to name a few.

The unicorn will use the funds to expand the business across Asia, North America and Europe with the intention of maintaining India as the operational hub.

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 assured in the abilities of the leadership team at 5ire and wish them all the very best.”

Pratik Gauri, CEO and founder of 5ire added, “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’. The 5ire team has worked round-the-clock to develop a platform that combines both technology and processes for the benefit of humankind. Becoming the world’s first and only sustainable unicorn born out of India, in just 11 months, is testimony that we are on the right path. We are humbled by the trust shown in 5ire by the SRAM & MRAM group and thrilled to find a partner who also wants to promote the transition of the world from the 4th Industrial Revolution to the 5th Industrial Revolution.”

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