5ire raises $100M for blockchain expansion

The startup will utilise a Proof-of-Benefit mechanism, claiming to be the world's only blockchain unicorn with an emphasis on sustainability.

Layer 1 blockchain network 5ire said Friday that it has received $100 million in Series A investment from U.K.-based conglomerate Sram and Mram.

Dubai-based 5ire stated in a news statement that it intends to utilise the capital to grow into Asia, North America, and Europe, while maintaining India as its operational headquarters and primary focus.

The fundraising values 5ire at $1.5 billion, making it perhaps the world's first blockchain unicorn with sustainability at its heart as well as India's fastest-growing blockchain, the company claimed. Pranav Gauri, CEO and co-founder of 5ire, stated that the company's business plan seeks to entrench the for-benefit mindset by heavily encouraging activities that match with the United Nations Sustainable Development Goals (SDG). The organisation refers to the implementation as Proof-of-Benefit.

Gauri noted that 5ire will enable decentralised autonomous organisations (DAO) and working groups to expedite the fulfilment of the United Nations' seventeen Sustainable Development Goals (SDG).

Sailesh Hiranandani, founder and chairman of Sram & Mram, stated that governments and huge enterprises will embrace 5ire's blockchain in the near future, citing Malaysia as an example.

"The Far East is very proactive and keen on adopting blockchain, like Malaysian Immigration and The Health Card app," Hiranandani said in an email. "We feel entry into the market with a layer 1 partner which is sustainable is ideal and 5ire being a sustainable blockchain is perfect for us. This will benefit our group to communicate on blocks as we deal with various countries and have offices in over 8 countries," said Hiranandani.

Sram & Mram consists of 10 firms in over 35 locations. Agriculture, artificial intelligence, hedge fund management, media and publishing, hotels and IT are among its interests.

Gauri co-founded 5ire with fellow Indians Prateek Dwivedi and Vilma Matilla in August 2021. He added that Gauri and Dwivedi, who have been friends for more than a decade, conceived of the concept in an Indian tea shop while scribbling on a napkin.

In October, the company's seed round raised $21 million, with participation from Alphabit, Marshal Capital, and Moonrock Capital, among others.

The firm symbolises the fifth industrial revolution, according to Gauri, who added, "the secret sauce of our idea is to not use Proof-of-Stake or Proof-of-Work but instead reward sustainable behavior by using Proof-of-Benefit."

In October, the company's seed round raised $21 million, with participation from Alphabit, Marshal Capital, and Moonrock Capital, among others.

By fLEXI tEAM