The Indian blockchain startup 5ire achieves unicorn status with a valuation of $1.5B by raising $100M in a Series A funding round.
With this announcement, 5ire joins India-based crypto platforms such as CoinSwitch Kuber and CoinDCX in attaining unicorn status in the nation.
SRAM & MRAM, a UK-based company, was the sole investor in 5ire’s funding round. 5ire had raised $21M in its seed round in October last year, at a valuation of $110M, with participation from Marshland Capital, Launchpool Labs, Moonrock Capital, etc.
5ire will use these newly raised funds to further develop its blockchain and strive to ensure that its decentralized technology benefits a larger global base.
The funding will also be used by the venture to expand its staff of 100 employees and enhance its technology.
While India will serve as the company’s operational hub and primary area of focus, 5ire also has expansion plans throughout Asia, North America, and Europe.
5ire co-founder Gauri noted, “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’.”
Gauri noted that the platform will be launching a testnet in 30 days and the mainnet starting in November 2022.
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