Level-1 blockchain network, 5ire, has raised $100 million in Series A funding from UK-based conglomerate SRAM and MRAM Group at a valuation of $1.5 billion, becoming India’s 105th unicorn and 20th this calendar year.
For example, Bitcoin, Litecoin and Ethereum are Level-1 blockchains.
5ire, which is still pre-revenue, expects to start generating revenue from November, and has reached the one-billion-dollar revenue mark in three years.
The startup, which was founded by Indian-origin entrepreneurs, Prateek Gauri and Prateek Dwivedi along with Web3 financier Wilma Matila in August 2021, has become one of the fastest Indian startups to reach $1 billion valuation.
5ire claims to be a sustainable blockchain and has built its own blockchain verification mechanism called ‘Proof of Consent’, which works in line with the 17 UN Sustainability Development Goals and various ESG parameters.
In an interview, Prateek Gauri, co-founder and CEO of 5ire, did not disclose the size of the stake reduced in the Series A round, but said that the three co-founders held majority stake. company.
5ire’s latest fundraising follows its $21 million in seed round last October at a valuation of $110 million, with participation from both private and institutional investors such as Alphabit, Marshland Capital, Launchpool Labs and MoonRock Capital.
Previous funding rounds were mostly deployed on talent acquisition, manufacturing technologies, patent filing as well as sales and marketing.
“A major part of the funding went into that, but we still have 49% of the funds left over from the last round,” Gauri said.
The company also has a standing commitment for a $100 million investment from GEM Global Yield LLC SCS (GGY), based on a filing for a public listing.
According to 5ire, the new capital will be used for business expansion and expanding its footprint across three continents including Asia, North America and Europe, with India being the center of operations and main area of focus. 70% of startup employees are outside India.
In addition, 5ire plans to increase its workforce from 105 to 150 currently.
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