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Blockchain start-up 5ire raises $100 million ahead of IPO

Blockchain start-up 5ire raises $100 million ahead of IPO

5ire has been founded by Indian-origin technologists, Pratik Gauri and Prateek Dwiwedi, along with crypto financier Vilma Mattila.

5ire, a blockchain start-up focused on sustainability, has raised $100 million from GEM Global Yield LLC SCS (GGY) ahead of a likely IPO. The Luxembourg-headquartered 5ire has been founded by Indian-origin technologists, Pratik Gauri and Prateek Dwiwedi, along with crypto financier Vilma Mattila.

GGY is a 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 million 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.

GGY said that its investment in 5ire will help it gain 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.

"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. We are really excited about this $100M investment from GEM as it is a testimony to the market confidence in our offering,” 5ire's CEO and co-founder Pratik Gauri said.

 
5ire's chief business officer and co-founder Vilma Mattila said that Sustainable development is estimated to be a $20- 30 billion 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", Mattila added

 

Published on: Feb 15, 2022, 7:30 PM IST
Posted by: Bismah Malik, Feb 15, 2022, 6:47 PM IST