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
Yes it is possible that an already established company can just launch an ICO to raise funds. It is even possible for an individual that have no existing business before to launch an ICO so what more for an already existing company. It would even attract more attention to the investors especially if that company is already reputable. Some example of these companies are telegram and Kodak. More information in this article
https://blog.icofunding.com/meet-a-new-generation-of-icos-launched-by-existing-companies-4-examples-1e15ab3af422They are already established company but still they launch an ICO. They may want to expand their operations as what you mentioned and wanted to integrate blockchain technology as well. There may be a few companies now but as time goes by, more traditional companies would transition to blockchain technology as they see the importance of it in their business operations.