Online marketplace ShareRing has nabbed $3.8m in its seed round, alongside the launch of its ICO.
The equity was supplied by friends and family investors over a period of six weeks. This capital injection will be used to increase staff numbers on its development team, and bolster the app development and marketing strategy.
Through the token generation event will look to issue four billion ShareTokens (SHR), with a hard cap of $48m.
Founded in 2017, the Australian company offers an on-demand platform for the sharing economy, supporting use across a range of industries and geographies. The app helps global users with a way to share any product like tools, clothes, jewellery or food, with others and send or receive payments from anywhere.
ShareRing does not have exchange rates or international transaction fees, helping to lower costs for stays in apartments or travel. Blockchain technology ensures all transactions are secure and cannot be hacked – it also is able to identify the identity of each party in the deal.
ShareRing co-founder Tim Bos said, “Powered by a custom-designed distributed blockchain called ShareLedger, technological limitations are what prevented the inception of ShareRing much sooner. It was not until the introduction and global scale of blockchain technology that we could carry out our vision and enable universal access to every asset attached to one, centralised system.”
The company has already launched its private pre-sale earlier in the month, receiving $10.8m so far. The public sale, will have a minimum contribution for pre-sale participants at $150,000.
Following the close of the ShareLedger blockchain, SHR will be issued on the Ethereum blockchain on a ERC20 token standard, and will be sold through a whitelist sale, set for April. All contributions will be subject to KYC verification.
Following the close of the sale, around 30 per cent of the tokens will be spent on incubating startups working in the sharing economy. Bos added, “These will be directed straight into the startups themselves, as well as initiatives like pitch fests, because we want to grow and harness a strong, global, grassroots community around the sharing economy.”
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