<article>Australian sharing economy startup <a href="https://www.dealstreetasia.com/?s=ShareRing">ShareRing</a> 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.</article>

Australian sharing economy startup <a href="https://www.dealstreetasia.com/?s=ShareRing">ShareRing</a> 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.
&#8220;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,&#8221; 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.

The round coincides with the launch of ShareRing's token generation event where it aims to issue four billion tokens with a hard cap of $48 million.

Australian sharing economy startup ShareRing raises $3m seed funding

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Australian sharing economy startup ShareRing raises $3m seed funding

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