The company was founded last August by Pratik Gauri, Prateek Dwivedi and Vilma Mattila. 5ire previously raised $21 million in funding during its seed round for a $110 million valuation in October last year, with participation from private and institutional investors including Marshland Capital, Launchpool Labs, Moonrock Capital and other investors.
“Our jump in valuation is due to the fact that we have 12 patents pending and all other consensus evidence of the advantages we have built. The UK-based conglomerate owns around 800 hospitals and numerous properties. So we will also have access to a lot of relational capital,” said co-founder Gauri.
The startup will use the capital to expand its team of 100 employees and develop its technology. It intends to primarily serve businesses with its blockchain.
Gauri added in a statement, “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-profit’.
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