Australian blockchain-driven startup ShareRing just raised $3.8 million

Joan Cros Garcia/Corbis via Getty Images

Sharing economy startup ShareRing has closed a $3.8 million capital raising which will be used to build the development team, app development and marketing strategy.

The seed round for the platform aggregating share economy services was raised from friend and family investors in six weeks.

ShareRing, founded last year by Tim Bos, Rohan Le Page, Peter David and Neville Christie, is an on-demand platform which centralises the fragmented sharing economy by bringing together services across all industries and geographies.

The platform is powered by a custom-designed distributed blockchain called ShareLedger. Blockchain uses computers with advanced encryption to keep track of transactions, giving confidence to both buyers and sellers. Transactions of the cryptocurrency bitcoin are tracked used blockchain.

“The lightbulb moment for ShareRing came about when I was travelling through Japan and noticed the excessive amounts of hard rubbish collection along the streets,” says Tim Bos, co-founder of ShareRing.

“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.”

The team behind ShareRing is also the founding team of Keaz, a global leader in white label, car-sharing solutions.

The startup has also launched an an initial coin offering, or token generation event, and has so far had requests totalling $US10.8 million ($A13.7 million).

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