PopCom, a tech company specializing in smart vending machines and kiosks, has nine days left to reach its $943,000 crowdfunding goal in a security token offering (STO) – a new kind of public fundraising round that allows to anyone invest, not just accredited investors.

The 90-day crowdfunding campaign kicked off Dec. 20, 2018 on
StartEngine. PopCom met its minimum goal of $10,000 in the first week, said PopCom founder and CEO Dawn Dickson.

With a minimum investment of $242, more than 620 investors have participated so far, raising $309,663.

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PopCom plans to develop a new blockchain-powered product ecosystem that enables cannabis, pharmaceutical and alcohol retailers to automate the sale of government-regulated products.

The company previously raised $820,000 in four funding rounds — mostly in 2017 — through venture capital. PopCom went through the TechStars and CanopyBoulder accelerators.

“It was important to me to be able to raise money from my friends and family, and my community of supporters, many who are not accredited investors,” Dickson said in a prepared statement. “By raising money through Title II Reg CF I can now take money from anyone. Now people can invest in tech company and get in early. Too often I watched underrepresented communities left out of deals now anyone can support.” 

A security token offering is similar to an initial coin offering (ICO), according to Brandon Andrews, writing for Black Enterprise. You can buy tokens during the offering that you can then trade, sell, or hold. However, since security tokens are actual financial securities, your tokens are backed by something tangible like the assets, profits, or revenue of the company.

Buying comfortable shoes from a vending machine at an airport or nightclub became an actual thing in 2013 thanks to Dickson. A serial entrepreneur, she founded Flat Out of Heels — ballet flat shoes that can roll up and fit into a purse. PopCom is the kiosk hardware and software company she built to support selling and buying such items from vending machines.

Blockchain is the key to enabling better consumer access in markets such as cannabis, pharmaceuticals and alcohol “while still preserving privacy and compliance,” Dickson said. The company is building its software with the intent to integrate with 18 million vending machines and kiosks worldwide.

Dickson’s timing is good. Several favorable landmark governmental policy changes have happened in cannabis and healthcare such as Canada’s recent full legalization of recreational cannabis and the very first FDA approval of a marijuana-based prescription.