Blockchain Startup 5ire Raises $100 Million in Series A Funding
- 5ire is a layer 1 blockchain network that seeks to bring sustainability, technology, and Innovation to build the 5th industrial revolution.
Blockchain Company, 5ire announced on Friday that it has raised $100 million in a Series A funding round from UK-based conglomerate SRAM & MRAM Group. A funding round that sees the company valued at $1.5 billion.
Following the funding event, 5ire has emerged as the fastest growing blockchain to reach a steep valuation of $1.5 billion in India. The event marks a major milestone for the company as it is now recognized as India’s 105th unicorn and 20th this year.
5ire is a layer 1 blockchain network that seeks to bring sustainability, technology, and Innovation to build the 5th industrial revolution. The just concluded funding round will see it emerge as the world’s first blockchain unicorn with sustainability at its core according to the announcement.
In a bid to ensure adequate sustainability, the platform deploys a validating mechanism it built itself, dubbed “proof of benefit”. The proof-of-benefit mechanism works along the lines of 17 UN Sustainable Development Goals and various ESG parameters.
Its business model is apparently focused on embedding the for-benefit paradigm by highly incentivizing practices that align with the United Nations Sustainable Development Goals (SDG).
The company had managed to gather interest from the public since its inception. It had initially conducted a funding round in October where it raised $21 million.
The seed round saw participation from retail and institutional investors including, Marshland Capital and Moonrock Capital, and others.
5ire to Fund Expansion of Sustainable Blockchain
5ire is basically focused on serving businesses with its blockchain. Hence, it revealed that the funds generated from the seed round will be used to expand its team of 100 employees and develop its technology, according to the announcement.
The Dubai-based blockchain network had also disclosed plans to use the funds to expand into Asia, North America, and Europe while keeping India as the hub of operations and core area of focus. This will enable it to extend its functional reach to other countries.
In a bid to facilitate the expansion of sustainable blockchain, the company has disclosed plans to provide support for decentralized autonomous organizations (DAO) and working groups to help accelerate the implementation of the U.N. ‘s 17 SDG goals.
Following the seed round, 5ire’s cooperation with SRAM & MRAM groups is aimed toward facilitating sustainability in blockchain while also shifting the ongoing paradigm from ‘for-profit’ to ‘for-benefit’.
Sailesh Hiranandani, the founder and chairman of Sram & Mram commented on the development saying;
“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. This will benefit our group to communicate on blocks as we deal with various countries and have offices in over 8 countries.”