Perth energy trading platform PowerLedger has raised $17 million in the first two stages of its Australia-first virtual currency IPO and looks set to raise more than $30 million by the time its public offer closes.
Demand has exceeded Powerledger’s initial expectations and the success of the “initial coin offering” or “ICO” shows there can be a strong appetite for fundraising offers from Australian firms using this novel form of fundraising and virtual currencies like Bitcoin and Ethereum.
Chair Jemma Green said the $17 million came from a discounted private presale of 90 million Powerledger tokens or POWRs to members of the company’s community, and a public presale of 100 million POWRs to investors and partner utilities that was filled in 72 hours.
The company allows households and community organisations to trade surplus solar power over a blockchain network. It will launch an uncapped public offer of 160 POWRs – which will raise another $15 million or so if it goes off at a similar price to the public presale – next week.