Blockchain platform 5ire turns unicorn

5ire, a fifth generation level one blockchain network, has raised $100 million in Series A funding from UK-based conglomerate SRAM & MRAM and entered into the coveted club of unicorns.

According to 5ire, it has become the fastest growing blockchain unicorn in India and is now valued at $1.5 billion. 

The proceeds 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, said 5ire in a press release. 

Moreover, the startup aims to hire talent across functions like product, engineering, and marketing. Currently, India constitutes 70% of its total workforce.

A brainchild of India-origin founders Pratik Gauri and Prateek Dwivedi and later joined by web3 financier Vilma Mattila, 5ire had earlier raised a funding of $21 million in its seed round at a valuation of $110 million from Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among others.

5ire is a blockchain ecosystem that focuses on sustainability, technology and innovation to build the 5th industrial revolution (5IR). It empowers decentralized autonomous organizations (DAOs) and working groups to help accelerate the implementation of the United Nations’ Sustainable Development Goals (SDGs), therefore facilitating the transition from the 4IR to 5IR. 

Besides the blockchain platform, 5ire also runs 5ire VC, a venture capital arm and 5ire Labs, a research and development hub. The company also said that it’s still in pre-revenue stage and expects to start generating money from November this year.

Registered in London, 5ire is the third Indian-origin startup to turn unicorn at Series A stage. Previously, OfBusiness’ lending arm Oxyzo and edtech company PhysicsWallah entered the club with $200 million and $100 million Series A round respectively. Overall, 105 startups have attained the feat including 43 in 2021 and 20 in the ongoing calendar year (2022).