Neufund closed the Equity Token Offering of e-mobility company Greyp on its digital investment platform. Next issuers are already in the pipeline.
E-mobility company Greyp raised €1.4 million through an Equity Token Offering via Neufund, a Berlin-based investment platform. More than 1,000 investors from over 30 countries participated in the offering, which took place in Liechtenstein.
Neufund offers tokenized equity investments
Neufund is an investment platform that indirectly facilitates Security Token Offerings. Fifth Force GmbH, the company behind Neufund, is registered in both Liechtenstein and Germany.
Company stakes marketed via the platform are held by a single-purpose firm called Neumini which will issue tokens that in turn guarantee the rights linked to corporate stakes, such as dividend payments. Neufund calls this an ETO – Equity Token Offering. Zoe Adamovicz, Neufund CEO and co-founder, says, “We have proven that private companies can effectively utilize blockchain IPOs, whilst lowering the barrier to entry for retail investors. Neufund is the future of stock exchanges.”
Thus, businesses conducting an ETO via Neufund’s platform do not directly issue security tokens to investors. Therefore, Neufund does not need approval by the Financial Market Authority Liechtenstein (FMA). In fact, the FMA has recently clarified on its website that Neufund does not have the approval to carry out STOs in Liechtenstein via its platform and also does not need such approval. The FMA’s website states Neufund does not “carry out activities requiring a license.”
Greyp’s ETO explained
Greyp Bikes has chosen Neufund to digitize its equity shares and issue them to investors. The Croatian company offers electric bicycles and is a spinoff of Rimac Automobili. According to Greyp, the firm is currently focusing on the expansion of B2C services in the European e-bike market, with a focus in the DACH region. B2B services are available worldwide.
It had previously conducted a Series A round collecting €5 million. The offering via Neufund aimed at raising a maximum amount of €4.8 million, with a pre-money valuation of €45 million. Retail Investors could buy shares with as little as €100. The ETO started on 14th October and closed on 27th November. It was split into a pre-sale round for qualified investors and a public round.
Current shareholders are Mate Rimac – the founder of the company holds 42% of shares – China-based Camel Group owns 17%, Porsche Engineering Group has an 11% stake, business personality Adriano Mudri has 11% of shares, China Dynamics owns 7%, and 4% is held by New Automotive Development LLP. The remaining shares are held by diverse shareholders.
Neufund to distribute proceeds among shareholders
Neufund will distribute the proceeds from the offering among its own shareholders, who bought NEU tokens during Neufunds STO last year. NEU token holders will receive 3% of the capital raised, as well as 2% of the equity issued. Last year, the company says it distributed more than €100,000 in proceeds.
Neufund announced that the next issuer conducting an ETO via its platform will be Germany-based Black One Entertainment, with companies from India and Belgium in the pipeline. More than €17 million has already been raised through Neufund, and more than 11,000 investors from 111 countries have registered since the platform’s launch in 2018.