Zeto Smart Monitoring Firm Aims to Raise €20m with Initial Coin Offering
Smart refrigeration company, Zeto, will be among Ireland’s first companies to successfully raise multi-million euro investment through an initial coin offering (ICO).
Zeto has already raised €500,000 from the cryptocurrency community with investors in Brazil, Austraila, Oman, Spain among others availing of pre-sale discount. Zeto expects to raise €20 million in total by the end of the ICO process in July 2018.
The company’s software is designed to help customers, including Lidl, monitor their refrigeration in real-time. It raised €500,000 via a pre-sale last week. It’s one of the first ICOs by an Irish firm.
Zeto has been working with solicitors Ronan Daly Jermyn and one of the ‘big four’ accountancy firms “to ensure a robust legal and financial framework” for issuing the cryptocurrency.
CEO Stephen Slattery said the company was very confident of reaching the €20m target, but said the ICO was a high-risk investment.
The new platform will enable retailers, as well as consumers ultimately, to scan products in store and review a full history of the product from production, transport, delivery to on-shelf point of sale.
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