Baroness Michelle Mone has announced the launch of her own cryptocurrency with boyfriend and businessman Doug Barrowman, in the hope that it will "encourage more women to invest in the tech industry".

The ethereum-based Equi Tokens can be traded in the same way as other cryptocurrencies such as Bitcoin. Each Equi token is currently worth $0.50 (36p) each.

Baroness Mone, a member of the House of Lords and founder of lingerie company Ultimo, hopes to raise a total of around $75m through an "initial coin offering" (ICO) – where a percentage of the cryptocurrency is sold to early backers of the project – with the money funding a new investment platform called Equi Capital, which is underpinned by blockchain technology.

Projects are showcased on the platform and participants use Equi tokens to acquire a stake in projects.

Talking to Sky News, Baroness Mone said the platform would open up venture capital to a wider audience, providing access to vetted, early-stage high-growth tech companies.

"It brings venture capital investing into the modern technology era and allows individuals to combine forces and participate in an investment sector that has only been open to high-net individuals and corporations," she said.