Insights
Notes on structuring equity, tokenomics, and hybrid fundraising.
Equity, Tokenomics, or Hybrid:
which structure fits your fundraising?
A framework for choosing between equity, tokenomics, and hybrid, grounded in three scenarios.
Read article02The trade-offs of equity,
tokenomics and hybrid fundraising
What each structure gives and what it costs, set out side by side.
Read article03Why most market analysis on hybrid fundraising gets it wrong
Why hybrid fundraising is becoming more selective, and where it actually works.
Read article04The difference between a closed deal and a sustainable company lies in one word: anticipation
Five points that decide whether a closed deal turns into a sustainable company.
Read article05The state of hybrid financing: autumn 2026
Private debt, venture debt and convertibles keep growing as rates stay higher for longer.
Read article06Astra Didn't Kill the CLI Thesis.
It Sharpened It.
What GPT-6 Astra's audit gap changes about diligence on agentic and tokenomics structures.
Read article07Europe Built the Rail.
Washington Wrote a Permit.
Two tokenisation moves in five days, in opposite directions, and why the difference matters for a round with a token leg.
Read article08Your MedTech data room is answering the wrong questions
The four questions that decide a MedTech round, and why a generic data room rarely answers them.
Read article09Pricing a DeepTech round before the first contract
What a pre-revenue DeepTech round is actually priced on, and why software multiples get it wrong.
Read article10When the token table and the cap table tell different stories
Why a hybrid round loses value when the cap table and the token table describe two different companies.
Read article11What makes a valuation defensible in diligence
What investors test behind a pre-money valuation, and why the answer decides how much of the company founders keep.
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