Raising funds through an ICO

[Jazz1993]

Is it possible for a company to raise funds through an ICO even if it is not a startup?   For example: Say company X manufactures chocolates but now it wants to further expand its operations and needs funds for it, can it opt for ICO instead of a Private Equity fund or a Bank Debt?
Please help I am a complete newbie and this concept is confusing me a lot
Thanks