5ire, the 5th generation blockchain network founded by two entrepreneurs of Indian origin, Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila, announced today that it had secured a $100 million capital commitment from GEM Global Yield LLC SCS (GGY) as it seeks to file for an IPO. GGY is a Luxembourg-based private alternative investment group that manages a diverse set of investment vehicles focused on emerging markets worldwide.
Prior to this capital infusion, 5ire's valuation stood at $110 mn upon receiving a funding of $21 million in its Seed round from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among other investors.
By investing in 5ire, GEM will solidify its foothold in the emerging markets for sustainable level 1 blockchains with a highly diversified portfolio of use cases and a growing cache of MoUs with government and private sector partners, according to a press statement.
These funds will be utilised for:
Expansion of the ecosystem involves liaising with government stakeholders in India and upcoming international markets.
Investing in technology and resources adding tech developers to build a more robust 5ireChain infrastructure
Invest in research for innovation and keep building the most disruptive technology as well as for-benefit consensus mechanism
Amplifying human capital and hiring the best talent in the industry across sales, marketing, and product development, among other functions
Enhance adoption of 5ireChain across crucial target audiences – Governments, Fortune 500 companies, Family Offices, Universities, and civic bodies
5ire's CEO and Co-founder Pratik Gauri said, "We are really excited about this $100M investment from GEM as it is a testimony to the market confidence in our offering."
Prateek Dwivedi, CMO and Co-Founder, 5ire said, "We are thrilled that our vision of impacting the lives of 1 billion people positively is starting to bear fruit. Having raised $21 million in the first two months, and securing a further $100m within just six months has reinforced the founding team's faith that we have a product that will change the world."
"Sustainable development is estimated to be a $20-30 billion dollar market in 2022 that is slated to grow to as much as $50 billion by the year 2030. For us to be able to make an impact on the world, multiple stakeholders in the ecosystem will need to come together and build a community that encourages businesses to do good. With this capital, we aim to develop initiatives that help in community building as well ", 5ire's CBO and co-founder Vilma Mattila said on the news.