Blockchain network platform 5ire secured $100 Million in funding

5ire, a New Delhi-based blockchain network, has now secured $100 million in funding as it seeks to file for an IPO.

5ire was founded by Pratik Gauri and Prateek Dwivedi. It is a blockchain ecosystem whose primary offering is 5ireChain, a first layer, sustainability-driven 5th gen blockchain that ensures adherence to the philosophy of 5IR, creating a positive impact on the planet and serving humanity.

5ire's CEO and Co-founder Pratik Gauri said, "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 mn within two months of incorporation. We are really excited about this $100M investment from GEM as it is a testimony to the market confidence in our offering. This is a humbling moment for the founding team, as this shows that we are on the right track. We are grateful to all our investors for the trust shown in 5ire and our mission of embedding the for-benefit paradigm into the heart of blockchain. 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. I feel that sustainability is not a one-time phenomenon, but a consistent development benchmark here."

The round was backed by the GEM Global Yield LLC SCS.

Prior to this capital infusion, 5ire valuation stood at around $110 million upon receiving the funding of $21 million in its seed funding round from institutional and private investors like Launchpool Labs, Alphabit, Moonrock Capital, Marshland Capital, among other investors.

The blockchain startup intends to use newly raised funds to expand the ecosystem, invest in the latest technology, amplify human capital, and enhance the adoption of 5ireChain across crucial target audiences, notes the announcement.