Sustainable blockchain startup 5ire secures a $100 million capital commitment from GEM Global Yield as it seeks to file for an IPO.
5ire is a 5th generation blockchain network that brings sustainability, Technology & Innovation to build the 5th industrial revolution (5IR). 5ire is founded by two entrepreneurs of Indian origin, Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila.
GEM is a $3.4 billion alternative investment group. The Luxembourg-based investment firm manages a diverse set of investment vehicles focused on emerging markets worldwide.
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.
5ire intends to use the new funds to increase its manpower, invest in technology and resources, expand the ecosystem, and enhance its adoption across key target audiences, including Governments, Fortune 500 companies, Family Offices, Universities, and civic bodies.
5ire’s CEO and Co-founder Pratik Gauri mentioned that the project secured $21 million funding in seed round at a valuation of $110 million within two months of incorporation.
“I am very excited about our partnership with GEM and looking forward to finding synergies in how we further promote our vision of ‘For-benefit’ ventures in the 5ire ecosystem to transition the world from 4th Industrial Revolution to 5th Industrial Revolution, meet the 2030 SDGs and beyond. I feel that sustainability is not a one-time phenomenon, but a consistent development benchmark here on forward,” added Pratik Gauri.
5ire’s CBO and co-founder Vilma Mattila pointed out that sustainable development is around $20 – $30 billion market in 2022 that is projected to reach $50 billion by the 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,” adds Vilma.
5ire said that it has been working diligently on the UN’s Sustainability goals and partnering with nations across three continents as the first step in this direction. By signing MOUs, 5ire has taken this first step in the public-private partnerships in India, Nigeria, and the United States to bring their technological solutions for sustainability, better governance, more just and transparent law enforcement, and more.
Prior to this capital infusion, 5ire attracted investment from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.
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