Blockchain startup 5ire secures $100 mn from GEM as it looks to go public

Blockchain network 5ire on Tuesday announced that it has secured a $100 million capital commitment from GEM Global Yield LLC SCS (GGY) as it seeks to file for an IPO. GGY is a Luxembourg-based private alternative investment group that manages a diverse set of investment vehicles focused on emerging markets worldwide..




“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,” 5ire co-founder and CEO Pratik Gauri said.

Prior to GEM investment, 5ire had raised $21 million in its seed round at a valuation of $110 million.

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, according to a press statement.

Also Read:_Amazon offers up to 50 pc discount on Prime membership for select users

Founded by Pratik Gauri, Prateek Dwivedi and Vilma Mattila, 5ireChain is a fifth-generation blockchain ecosystem where individuals and enterprises can develop, build, transact and participate in sustainable economic growth while assuring democracy and justified fair representation of stakeholders.