Australian sharing economy startup ShareRing has closed an A$3.8 million ($2.99 million) capital raising backed by friend and family investors, ahead of the launch of its token generation event.
In a statement, the Melbourne-based startup said it will use the fresh funds to beef up its current development team and for app development and marketing strategy.
Founded by Australian co-founders Tim Bos, Rohan Le Page, Peter David and Neville Christie in 2017, ShareRing is an on-demand platform that brings together sharing services across all industries and geographies.
“The concept behind ShareRing was built on the founders’ vision to reduce global footprints and achieve greater social sustainability through a better utilisation of assets globally,” the startup said in a statement.
The team behind the Australian startup, aside from LePage, is also the founding team of Keaz, a leading company in white label, car-sharing solutions that boasts over 300 car-sharing and vehicle mobility locations worldwide.
“The lightbulb moment for ShareRing came about when I was traveling through Japan and noticed the excessive amounts of hard rubbish collection along the streets,” said Tim Bos, the co-founder.
“I realised just how much waste we produce as a massive consumerist society, and thought to myself, we can do better than this as a united global front if only we tapped into the real potential of the renting, borrowing and sharing community,” he added.
On its website, the startup said it is developing a universal app that will allow anyone to easily see and use any sharing services around them. The app will use geolocation-based services to display ShareRing services that are nearby.
The seed funding round comes as ShareRing launches its token generation event with an aim to issue four billion tokens, with a hard cap of $48 million through the sale of its utility token, ShareToken.