GEM Global Yield LLC SCS (GGY), a blockchain start-up focused on sustainability, has invested $100 million in 5ire ahead of a possible IPO. Pratik Gauri and Prateek Dwivedi, two Indian-origin programmers, and Vilma Mattila, a crypto financier, formed the Luxembourg-headquartered 5ire.
GGY is a private alternative investment firm that manages a varied portfolio of developing market investment vehicles around the world. Prior to this round of fundraising, 5ire was valued at $110 million after raising $21 million in a seed round from a mix of private and institutional investors including Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital, among others.
GGY claims that its investment in 5ire would help it establish a footing in the emerging markets for sustainable level 1 blockchains, citing a diverse portfolio of use cases and a growing list of memorandums of understanding with government and commercial sector partners.
“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 really excited about this $100 million investment from GEM as it is a testimony to the market confidence in our offering,” said Pratik Gauri, 5ire’s CEO, and co-founder.
According to Vilma Mattila, 5ire’s chief business officer and co-founder, sustainable development is expected to be a $20- $30 billion market in 2022, growing to $50 billion by 2030. “For us to be able to make an impact on the world, multiple stakeholders in the ecosystem will need to come together and build a community that encourages businesses to do good. With this capital, we aim to develop initiatives that help in community building as well“, Mattila concluded.
