Environmental startup Almond to launch new form of digital crowdfunding
Environmental impact platform Almond has announced that it is working with a new form of digital crowdfunding and will launch an FCA-regulated Security Token Offering (STO).
Founded in 2017, Almond is a new economic model and user application that incentivises consumers to buy sustainable products and understand and reduce their carbon emissions.
For unlocking incentives (or cash rewards), consumers just need to scan the codes hidden on accredited products using the free Almond app.
Scanning these codes also gives them access to detailed supply chain and product information whilst rewarding them with ‘Almond Coins’ that they can then redeem for cash or periodically convert into ‘Almond security tokens’.
An official release reveals the ‘crowdfunding’ launch will be carried out on TokenMarket’s STO platform which is currently under the FCA’s regulatory sandbox (cohort 4). Similar to traditional crowdfunding platforms like Crowdcube and Seedrs, Almond security tokens represent shares in the commercial company (Almond Impact Ltd).
“We’re excited to build out the Almond platform using the innovative STO vehicle. Almond’s mission is to incentivise consumers to buy sustainable products, help responsible brands grow and ultimately assist in the fight against climate change,” Almond CEO Oliver Bolton, said.
“We plan to use the funds we raise to build the platform further and enable more brands to come on board. We are proud to pioneer STO investments in the UK and I believe STOs will transform start-up finance in 2019.”