Milwaukee startup Restaurant Private I Inc. is working to raise $40 million in cryptocurrency to launch its secret shopper service.

Jeffery Varnado

The company recently submitted notice of its offering to the SEC, indicating the securities it will offer are cryptocurrency.

Restaurant PI has 13 employees. It was founded in May 2017 by Jeffery Varnado, who plans to launch the secret shopper platform in October.

The ICO (initial coin offering) commenced on June 5, and will end Sept. 1. The proceeds of the offering will mainly be used for software development and operational costs, including establishing a physical Milwaukee headquarters, Varnado said. So far, there are nine investors in the offering.

“We have an app, but it’s going to be redeveloped. That’s what we’re raising funds for,” he said.

Varnado admitted Restaurant PI may not attain $40 million in the offering, but he wants to try to get as many funders on board as possible. Read the full story here.