New Delhi – 5ire, a fifth-generation blockchain network, announced on Tuesday that it has secured a $100 million capital commitment from GEM Global Yield LLC SCS (GGY), as it seeks to apply for an initial public offering.
By investing in 5ire, founded by Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila, GEM will consolidate its foothold in emerging markets for sustainable Tier 1 blockchains with a highly diversified portfolio of use cases and a growing cache of MoUs with government and private sector partners.
GGY is a Luxembourg-based private alternative investment group that manages a diverse set of investment vehicles focused on emerging markets around the world.
“This injection of capital from GEM is in line with 5ire’s vision to go public. We successfully closed a $21 million oversubscribed seed round that raised our valuation to $110 million within two months of listing. We are very excited about this $100 million investment from GEM as it is a testament to the market’s confidence in our offering,” said CEO and co-founder Gauri.
The platform plans to use the fresh funds for the expansion of the ecosystem, which involves liaising with government stakeholders in India and upcoming international markets, investing in technology and resources, contracting and improving the adoption of 5ireChain.
5ire has been working diligently on the UN’s sustainability goals and partnering with nations on three continents as the first step in this direction.
By signing MoUs, 5ire has taken this first step in public-private partnerships in India, Nigeria, and the United States to deliver its technology solutions for sustainability, better governance, fairer and more transparent law enforcement, and plus.
Prior to this capital injection, 5ire was valued at $110 million after receiving $21 million in seed round funding from private and institutional investors such as Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among other investors. .