Blockchain start-up and recently turned unicorn 5ire has acquired a stake in the video mentoring platform Network Capital (NC) and has named Utkarsh Amitabh as the Chief Marketing Officer. In the wake of this development, NC will now be rebranded as “NC powered by 5ire.”
5ire was started in 2021 by Pratik Gauri, Prateek Dwivedi, and Vilma Mattila. Gauri and Dwivedi launched the company after realising that they shared the same vision for a sustainable blockchain ecosystem. They were later joined by the third co-founder, Mattila. The company came into the spotlight for developing a sustainable blockchain layer called 5irechain.
Network Capital is a mentorship and career advancement platform that encourages people to make a living by doing what they love. It is also a partner to the Indian government’s Atal Innovation Mission and its faculty members include world leaders such as Indira Nooyi, Former Chairperson and CEO at PepsiCo, Shashi Tharoor, Indian Politician and Writer, Dr Robert J Shiller, Sterling Professor of Economics at Yale University, Rahul Khanna, Co-founder and Managing Director at Trifecta Capital, among others.
This acquisition is aimed at helping the Web3 start-up build a talent pipeline and give access to the best brains around the world, a statement released by the company revealed.
Commenting on this development, Gauri, 5ire’s CEO and Co-founder, said, “In Utkarsh we saw someone who reflected our core values. We found a partner who sees infinite possibilities and opportunities in growth and innovation, and it clicked. My congratulations to Utkarsh – I look forward to building a community together.”
Amitabh, who started Network Capital in 2020 right in the middle of the pandemic, was previously working at Microsoft. An MBA from INSEAD, he has also been awarded the Chevening Fellowship from the University of Oxford. He is the author of two books titled, Passion Economy and the Side Hustle Revolution and The Seductive Illusion of Hard Work.
In July this year, 5ire raised $100 million in a Series A round from UK-based conglomerate SRAM & MRAM and clinched the coveted unicorn title at a valuation of $1.5 billion. It is also backed by Alphabit Fund, Marshland Capital, Launchpool Labs, and Moonrock Capital.