5ire Raises $100 Million From Global Emerging Markets

The funds will be utilized to invest in technology, research and to hire best talent in the industry across sales, marketing and product development

By
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

5ire, the fifth generation blockchain network, has raised $100 million from GEM Global Yield LLC SCS (GGY) as it seeks to file for an IPO. 

Pexels

GGY is a Luxembourg-based private alternative investment group that manages a diverse set of investment vehicles focused on emerging markets worldwide. 

The funds will be utilized to invest in technology, research and to hire best talent in the industry across sales, marketing and product development. 

"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 million within two months of incorporation.We are grateful to all our investors for the trust shown in 5ire,” said Pratik Gauri, CEO and co-founder of 5ire. 

5ire has been working 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 and transparent law enforcement. 5ire is sustainability-focused layer one blockchain project complete with its ecosystem featuring an exchange, a wallet, an NFT marketplace, as well as a VC fund to help grow other sustainable blockchain projects, said a statement.