By
Chimamanda U. Martha
December 6th, 2023
Not many blockchain firms have the United Nations Sustainable Development Goals (SDG) at the core centre of their operations, but 5ire does.
5ire blockchain has successfully raised $100 million in a Series A funding round, bringing its valuation to $1.5 billion. The round was solely funded by UK-based conglomerates Sram and Mram. This funding round, however, follows an October seed round when the Indian-based layer-1 network raised $21 million with help from notable venture capitalists in the tech space.
Funds to Be Used for Expansion – 5ire Blockchain
Taking to its official Twitter page, 5ire announced the news moments ago, revealing its plans for the funding. Most importantly, a large part of the fund will be used by 5ire to expand its business into parts of Europe, Asia, and North America. However, the firm will continue to operate out of its India headquarter.
5ire blockchain also claims it will hire more hands in addition to its over 100 staff to drive growth. This is as it continues to strive to improve and diversify its tech-based offerings.
According to the announcement, the fund will also be used to drive sustainability-based projects. Although, not many blockchain firms have the United Nations Sustainable Development Goals (SDG) at the core center of their operations. But 5ire does.
Under the leadership of 5ire CEO and co-founder Pratik Gauri, the firm is constantly seeking to align SDG goals for users of its platform. And to this end, Gauri promises to ensure that 5ire will support decentralized autonomous organizations (DAO) in implementing the goals.
Long-term Growth Ambitions
Interestingly, the latest funding earns 5ire a unicorn status. This is a term generally used to describe startups that surpass $1 billion in valuation. In fact, the firm boasts of being the only sustainability-focused unicorn in the world.
The firm also confirms that the larger percentage of this capital investment will be used aggressively toward growth. And in addition, it will also employ ways to increase its set of use cases to cater to more businesses.
Unlike most other crypto-based firms, 5ire will likely come out unscathed from the current unsavory situation in the crypto markets. And that is all thanks to its rare business model that aligns blockchain and sustainability.
