DevRev, a Palo Alto-based startup that has built a developer CRM for product-led growth, has raised $20 million and did so by tokenizing its fundraising process.

Why it matters: By putting investments on the blockchain, DevRev believes it can open its fundraising process to customers and other advocates for its platform.

Context: DevRev was founded by former Nutanix CEO Dheeraj Pandey, along with Nutanix tech lead Manoj Agarwal, both of whom left that company early last year to build the startup.

How it works: The DevRev SAFE token is being offered under a Reg D filing with the SEC and represents a digital version of a typical SAFE security.

Yes, but: Its important to note that DevRev is not putting tokens out on the open market or allowing them to be traded or sold on a public exchange.

What were watching: While its still early, DevRev is not ruling out the possibility of making tokenized fundraising a part of its product suite, potentially helping its customers to raise money from their customers.

Editor's note. This story has been updated to show that DevRev has already raised the $20 million.

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DevRev puts its fundraising on the blockchain - Axios