Blockchain startup 5ire has raised $100 million in Series A funding from UK-based conglomerate SRAM & MRAM.
5ire was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.
5ire will use the VC funding for business expansion and extending 5ire’s footprint across Asia, North America and Europe, with India as the hub of operations and core area of focus.
5ire will invest in strengthening its blockchain platform and work towards ensuring this decentralised technology benefits a larger base globally.
Additionally, 5ire aims to hire the best talent in the industry across functions like product, engineering, marketing etc.
5ire had raised $21 million in its seed round at a valuation of $110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among others.