5ire, a New Delhi, India-based blockchain network, raised $100m in funding as it seeks to file for an IPO.
Backers included GEM Global Yield LLC SCS (GGY), a Luxembourg-based 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 $110m upon receiving a funding of $21m in its seed round from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among other investors.
The funds will be used for the following purposes:
- Expansion of the ecosystem involves liaising with government stakeholders in India and upcoming international markets.
- Investing in technology and resources adding tech developers to build a robust 5ireChain infrastructure
- Invest in research for innovation and keep building the most disruptive technology as well as for-benefit consensus mechanism
- Amplifying human capital and hiring talent in the industry across sales, marketing, and product development, among other functions
- Enhance adoption of 5ireChain across crucial target audiences – Governments, Fortune 500 companies, Family Offices, Universities, and civic bodies
Founded by two entrepreneurs of Indian origin Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila, 5ire is a blockchain ecosystem whose primary offering is 5ireChain, a first layer, sustainability-driven 5th generation blockchain that ensures adherence to the philosophy of 5IR, creating a net positive impact on the planet and serving humanity.
FinSMEs
16/02/2022