5ire bills itself as the world’s first sustainable Layer 1 blockchain project, complete with an ecosystem that includes an exchange, a wallet, an NFT marketplace, and a venture capital fund to help other sustainable blockchain projects grow.As it prepares to go public, fifth-generation blockchain network 5ire announced today that it has received a $100 million capital commitment from Global Emerging Markets (GEM) Global Yield LLC SCS (GGY).
Pratik Gauri, Prateek Dwivedi, and Vilma Mattila are the co-founders of 5ire, which has a blockchain focused on sustainability. GGY is a Luxembourg-based private alternative investment firm that manages a wide range of emerging market investment vehicles.
The startup will use the new funding to expand its ecosystem (which includes liaising with government stakeholders in India and upcoming international markets), invest in technology and resources (such as adding tech developers to build a more robust 5ireChain infrastructure), invest in research for innovation, amplifying human capital and hiring the best talent, and increase adoption of 5ireChain across key target audiences, among other things.
Pratik Gauri, co-founder and CEO of 5ire, told The Decrypting Story:
“The term “capital commitment” is similar to “funding secured,” and this $100 million is a capital against equity commitment. The only difference is that when we go public, we can use this money at whatever the current share price and valuation are, whereas GEM is obligated to provide $100 million in capital. We expect a minimum valuation of around $1.1 billion, with a maximum of $2 billion or even more depending on when we draw down.”
5ire was valued at $110 million prior to this capital infusion, after raising $21 million in its seed round from a mix of private and institutional investors including Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital, among others. 5ire has stated that it is in the process of raising additional funds.
Pratik Gauri added, “This infusion of capital from GEM is aligned with 5ire’s vision of going public. I am 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.”
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 its technological solutions for sustainability, better governance, more just and transparent law enforcement, and more.
5ire also claims to be the world’s first Layer 1 blockchain project focused on sustainability, with an ecosystem that includes an exchange, a wallet, an NFT marketplace, and a VC fund to help other sustainable blockchain projects grow.
“We are overjoyed that our goal of positively impacting the lives of one billion people is beginning to bear fruit. We are the world’s only sustainable blockchain, and we will work tirelessly until sustainable blockchain practices and doing good for others become a way of life for businesses “Prateek Dwivedi, Co-Founder and CMO, says
Vilma Mattila, CBO and Co-Founder, added, “Sustainable development is expected to be a $20 to $30 billion market in 2022, with the potential to grow to $50 billion by 2030. Multiple stakeholders in the ecosystem will need to come together and build a community that encourages businesses to do good in order for us to have an impact on the world. We hope to use this money to create initiatives that will aid in community development as well.”