5ire, the popular sustainable blockchain project, said it received an investment of $100 million from GEM Global Yield LLC SCS (GGY), a Luxembourg-based private alternative investment group. This comes after it raised $21 million in its seed round from private and institutional investors earlier, that valued the company at $110 million.
The proceeds from the investment will be deployed towards making recruitments to expand teams across sales, marketing, product development, and other functions, as well as making investments in research and enhancing 5ire’s products. Additionally, they will be used to expand the ecosystem by liaising with government stakeholders in India and upcoming international markets and enhancing the adoption of 5ireChain, its fifth-generation blockchain.
This has benefitted GEM as well, which to deepen its footprint in emerging markets for sustainable level 1 blockchains which have a highly diversified portfolio of use cases, as well as a growing cache of MoUs with government and private sector partners.
Founded by Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila, 5ire is a well-known blockchain network and claims to be the world’s first sustainability-focused Layer 1 blockchain project. Its ecosystem features a crypto exchange, a wallet, an NFT marketplace, topped off with a venture capital fund to help grow other sustainable blockchain projects.
It has been working on the UN’s Sustainability Goals (at a time when the sustainable development market is slated to grow to $50 billion by 2030). By signing MOUs, it has taken the first step in the public-private partnerships in not only India but also Nigeria, and the US. It aims to bring their technological solutions for sustainability, better governance, more just and transparent law enforcement, and more.
