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
