Planning to go public soon, six-month-old blockchain start-up 5ire secured a $100 million capital commitment from GEM Global Yield LLC SCS (GGY). The company had earlier raised a seed funding of $21 million at a valuation of $110 million from private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among others.
Plans expansion
The fresh capital will be used for expanding teams across sales, marketing, product development and other functions, investing in research and enhancing product. The start-up aims to get 5ireChain adopted by governments, Fortune 500 companies, family offices, universities, and civic bodies.
Pratik Gauri, CEO and Co-founder, 5ire said, “This infusion of capital from GEM is aligned with 5ire’s vision of going public. We had successfully closed an oversubscribed seed round of $21 million which took our valuation to $110 mn within two months of incorporation..”
He added, “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.”
MoUs signed
5ire has signed MoUs for 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.
5ire claims to be the world’s first sustainability-focused Layer 1 blockchain project complete with its ecosystem featuring an exchange, a wallet, an NFT marketplace, and a VC fund to help grow other sustainable blockchain projects.