April 1, 2023

5ire platform raises $100 million to grow business

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5ire platform raises $100 million to grow business

London-based solutions company 5ireon the blockchain, has raised $100 million to expand its operations in North America, Asia and Europe. After that, the company's valuation increased to $1.5 billion.

Fundraising led by leading internationalconglomerate of SRAM & MRAM Group. The company said the proceeds will be used to strengthen its presence in Europe, Asia and North America. In addition, 5ire plans to hire about 100 new employees.

5ire's last round of funding came in October last year, raising the company's $21 million valuation to $110 million. Now that figure has risen to $1.5 billion.

“Our valuation has jumped so much because we have12 patents pending and constantly developing new solutions for our customers. And by partnering with SRAM & MRAM Group, which owns 800 hospitals and a lot of real estate, we will be able to access a huge infrastructure and bring our ideas to life,” said 5ire co-founder Pratik Gauri (Pratik Gauri).

He also assured that 5ire aims tothe task of “changing the current paradigm” and showing the public that blockchain and cryptocurrencies can bring not only profit to investors, but also benefit the entire global financial ecosystem.

Recall that earlier this month, Animoca Brands, which invests in the metaverse, the NFT trading platform OpenSea and the game Axie Infinity, announced that it had raised $75 million.