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Nigerian fashion designer Minku to raise $200 000 in funding with bitcoin

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Nigerian fashion designer Minku has announced that it is seeking to raise $200 000 in bitcoin through a seed round. The round won’t be an ICO at all, however, the startup’s founder Kunmi Otitoju said.

“We are planning a traditional seed round raise, where primarily bitcoin investment will be accepted. In exchange for bitcoin, an investor will receive company shares,” Otitoju told Ventureburn yesterday in an email.

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In an earlier email Minku said the proceeds from the round will be used to develop a follow-up to Minku’s first men’s clothing collection, which was released in September. The company began as a leather goods maker in 2011.

Minku is planning a traditional seed round raise, where primarily bitcoin investment will be accepted

The company’s coin-for-equity sale will also include investor perks like priority new collection viewing and guest-authorship in the company’s culture magazine, Yonderland.

Minku has been accepting Bitcoin as a payment option since 2013, alongside Stripe-supported card payments, and PayPal.

Read more: Innovative Nigerian fashion etailer Minku Design now accepts Bitcoin

 Minku will take part in Bitcoin Black Friday later this month, as it has in 2014 and 2015. It is a limited liability company registered since 2011 with the Nigerian Corporate Affairs Commission.

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