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
I think it is possible to raise funds through ICO specially if the coin are acceptable to the market and the project become successful. It more easy and you can raise more than enough funds than a private equity fund.