Fundrise, D.C.’s crowdfunding platform for real estate investment, opened itself up to direct investment by its members last week. The company raised $14.6 million via what it is calling an “iPO” (Internet Public Offering) — the first of its kind, apparently.

A press release about the oversubscribed iPO describes the difference between this model and a traditional IPO like this: “Unlike a traditional IPO where an investment bank acts as a middleman selling shares solely to its top clients, investors in The Fundrise iPO were able to buy shares offered directly through the Fundrise website.”

The release goes on to say that over 2,300 Fundrise members participated in the iPO, and the company raised $14.6 million (or 146 percent of what it had initially hoped to raise) in just 24 hours.

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