Everyone is publishing hybrid trend pieces. Most miss the point. The narrative: hybrid is mainstream, VCs are warming up. The reality: hybrid is becoming more selective, not more widespread.
The misconception
Most people confuse more discussions with more deals closing. What we actually see:
- More founders exploring hybrid structures than in prior years
- Only a minority actually close with dual structures
- The rest stay pure equity or fail to raise
The gap is execution capability and investor compatibility. Hybrid isn’t mainstream, it’s polarizing: sophisticated structures that work, or poor executions that destroy deals. No middle ground.
Where hybrid actually works
Three specific contexts:
- DeepTech with long cycles: equity for R&D, tokens for ecosystem alignment, only when network effects are critical.
- Web3 infrastructure: founders attracting both regulated VCs (equity) and crypto investors (tokens). Requires dual governance.
- Data-driven MedTech: long regulatory cycles. Intermediate value (data access, trials) gets tokenized while the IP stays equity.
The pattern: multi-stakeholder ecosystems where tokens serve a genuine operational purpose, not fundraising hype.
What’s actually changing
It isn’t hybrid going mainstream. It’s:
- VCs demanding equity-level governance standards
- Token frameworks requiring the same due diligence as equity
- Founders who structured cleanly at Seed dominating Series A
Winners treat hybrid as precision engineering. Losers add tokens because everyone else is doing it.
Our view
Hybrid isn’t the future for everyone, it’s right for specific business models. The question isn’t whether to do hybrid, it’s whether you have genuine network effects, dual investor appetite, and execution capability. Yes to all three, hybrid might create value. No to even one, pure equity is almost always better.
Frequently asked
Is hybrid fundraising becoming mainstream?
No. More founders explore hybrid structures than in prior years, but only a minority of deals close with dual equity and token structures. Hybrid is becoming more selective, not more widespread.
In which contexts does hybrid fundraising actually work?
In multi-stakeholder ecosystems where tokens serve a genuine operational purpose: DeepTech with long cycles, Web3 infrastructure, and data-driven MedTech.
What regulatory frameworks apply to hybrid structures?
Both equity regulation and token frameworks. In the EU, MiCA applies in phases: stablecoin rules from 30 June 2024, full CASP regime from 30 December 2024, with national transitional windows ending 1 July 2026. In the US, the SEC and CFTC issued a joint crypto asset taxonomy on 17 March 2026.
Sources and references
- European Union: ESMA, Markets in Crypto-Assets Regulation (MiCA). Entry into force 29 June 2023; stablecoin rules from 30 June 2024; full CASP regime from 30 December 2024; national transitional windows ending 1 July 2026.
- United States: SEC and CFTC joint interpretive release, 17 March 2026 (published at 91 Fed. Reg. 13714, 23 March 2026), establishing a five-category token taxonomy.
- AYAKO Partners internal analysis.