Wednesday, November 29, 2023

5ire raised $100 Mn in Series A at $1.5 Billion Valuation


Web3 startup, 5ire a fifth-generation blockchain network, today announced it has raised $100 million in a Series A funding round from UK-based conglomerate SRAM & MRAM. With a valuation of $1.5 billion.
The start-up has become India’s 105th unicorn and 20th Unicorn in 2022.
The Web 3 start-up had earlier raised $21 million in its seed round at a valuation of $110 million with participation from private and institutional investors like Alphabit and Marshland Capital, among others.
Funding is to be used to hire senior executives, acquire more companies and extend 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 the product, engineering, and marketing. Currently, India constitutes 70% of its total workforce.

Meet India’s Fastest Unicorn Startup in Just 250 Days: 5ire

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 Alphabet, 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 decentralised 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.

recently, on 13 July OneCard entered in Unicorn list with raises of over $102 Mn at $1.2 Billion valuation.

Ankush Kumar
Ankush Kumar
Ankush Kumar is the Founder of Market Money. He is an expert in Banking and Finance. He has appeared in B.Com (Banking & Finance) From Govt. College in Lucknow.

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