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 if you can impress the company by your product. It also depends on your coin offering if it will fit to your product. Your product must be good inorder for the company to accept it.