This is something we are saying from the very beginning. ICO era will end sooner or later. Fundraising in an unregulated manner when everybody is trying to say that they release utility tokens can't stand.
Neufund stands that it's a kind of security (depending on jurisdiction there might be different classification) if you use tokens for funding of the company (which was exactly said in the latest Swiss regulatory publication). It doesn't matter if your token has a utility function or not.