Thirty startups have banded together for an “initial coin offering” that aims to fetch $35 million.

Why it matters: 22x Fund, as it’s called, is akin to a startup index fund, enabling investors to buy into a pool of equity from all the companies.

The details: Each startup is contributing up to 10% of its equity in the form of common shares, depending on the total amount raised. Investors can sell the tokens after one year, and they last nine years.

More benefits: “I saw it as a better deal for my company… better valuation, helps me retain control,” explains OpenUp founder and CEO Ashwini Anburajan, who helped spearhead 22x Fund. She adds that it’s also a better deal for investors: their IRR increases because there’s no lag—the capital is almost immediately deployed into the startups.