Refrigerator firm Zeto has cool funding idea
Irish smart refrigeration business Zeto is looking to raise €20m via an initial coin offering (ICO).
The company's software is designed to help customers (including Lidl) monitor their refrigeration in real-time.
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 in the coming months, but said the ICO was a high risk investment. He said the company is introducing blockchain technology - the system that underpins bitcoin - to its product. The process involves coin buyers looking to generate a return from the coins increasing in value. Zeto plans to make its products available at a discount to those who buy the coins, one of the ways in which demand for the coins might rise.