Nigerian fashion designer Minku has announced that it is seeking to raise $200 000 in bitcoin through a seed round. The round won’t be an ICO at all, however, the startup’s founder Kunmi Otitoju said.

“We are planning a traditional seed round raise, where primarily bitcoin investment will be accepted. In exchange for bitcoin, an investor will receive company shares,” Otitoju told Ventureburn yesterday in an email.

In an earlier email Minku said the proceeds from the round will be used to develop a follow-up to Minku’s first men’s clothing collection, which was released in September. The company began as a leather goods maker in 2011.

Minku is planning a traditional seed round raise, where primarily bitcoin investment will be accepted The company’s coin-for-equity sale will also include investor perks like priority new collection viewing and guest-authorship in the company’s culture magazine, Yonderland. Minku has been accepting Bitcoin as a payment option since 2013, alongside Stripe-supported card payments, and PayPal. Read more: Innovative Nigerian fashion etailer Minku Design now accepts Bitcoin