Neufund (NEU), a Berlin-based challenger investing and fundraising platform, has successfully closed the world’s first fully-compliant, blockchain-based initial public offering (IPO) for e-mobility startup Greyp Bikes.

According to Neufund’s press release, the offering attracted 1017 investors from 34 countries and achieved 179% of the cap, with 1.4 million euro ($1.5 million) raised in total. The IPO was conducted under the laws of Liechtenstein.

“It’s an exciting day for Neufund and huge step forward for the security tokens industry at large. We have proven that private companies can effectively use blockchain IPOs, whilst lowering the barrier to entry for retail investors,” said Zoe Adamovicz, Neufund CEO and co-founder. A security token is a cryptocurrency designed to be compliant with security regulations.

Greyp is a high tech mobility company, founded by Mate Rimac and started as a small department in Rimac Automobili. Prior to the blockchain IPO, Greyp was already backed by investors such as Porsche, Camel Group and their major partner Deutsche Telekom. In the nearest future, Neufund will also distribute 3% of capital raised and 2% of equity issued pro rata to all holders of NEU token.

But why did Greyp elect to use the blockchain?

Well, according to the offering itself, Greyp said, “By using blockchain technology to tokenize our shares, we give the investors a new, modern way of investing, allowing for increased liquidity in the future secondary market as well as attracting multiple like-minded individuals who share our vision of future mobility.”

In essence, a tech company using the latest tech. Sounds about right.