The blockchain enterprise named 5ire is said to have raised $100 million, thereby attaining unicorn status.
While several crypto companies face layoffs and bankruptcies After raising $100 million through a Series A funding round, 5ire, a blockchain organization based in India, has reached a unicorn valuation of $1.5 billion. However, journalist Wu Blockchain has indicated that this announcement is potentially unfounded, with numerous Twitter users expressing skepticism. allege the project is a scam.
Founded in August 2021 by entrepreneurs Pratik Gauri, Prateek Dwivedi, and Vilma Mattila, 5ire represents a blockchain ecosystem dedicated to the concept of 'the first industrial revolution.' The company champions sustainability, technological advancement, and innovation, aligning itself closely with the United Nations Sustainable Development Goals (SDGs).
According to their statement, 5ire claims to be the sole blockchain initiative focused on sustainability, employing a unique Proof-of-Benefit mechanism and boasting a valuation exceeding $1 billion.
According to some sources The recent funding effort was spearheaded by SRAM & MRAM, a conglomerate based in the UK, which encompasses ten companies across more than thirty-five locations. In their earlier funding phase, 5ire raised $21 million from a variety of investors, including Marshland Capital and Alphabit.
"The proceeds will be allocated primarily towards enhancing our sales and marketing strategies to boost adoption, as well as recruiting seasoned executives for our team. We're also looking at mergers with firms that resonate with our mission oriented towards the fifth industrial revolution,\" stated 5ire's CEO, Pratik Gauri. told BusinessLine.
In addition to hiring, 5ire is aiming to broaden its operations into Europe, North America, and Asia, while keeping India as its central base. Currently in the pre-revenue phase, the company anticipates generating profits by November, though they emphasize a commitment to a ‘for-benefit’ model rather than a traditional ‘for-profit’ approach.
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In line with the Trust Project guidelines Agne serves as a journalist delving into the latest shifts and advancements in the metaverse, AI, and Web3 sectors for the Metaverse Post. With a passion for storytelling, she has conducted numerous interviews with industry experts, always on the lookout for compelling narratives. She holds a Bachelor's degree in literature and has a diverse background in writing about an array of topics from travel to art and culture. Additionally, she has volunteered as an editor for an organization focused on animal rights, aiding in the promotion of animal welfare. Reach out to her at
