Founders often ask the same question: when does hybrid fundraising actually make sense? The answer depends on the business model more than on any preference for one instrument.
Here’s how the structure follows from the business in three typical situations.
Scenario 1: DeepTech R&D
Structure: equity only.
Why it works:
- Clear IP ownership
- Traditional VC appetite
- No network effects requiring community incentives
- Regulatory simplicity
When equity is sufficient, we recommend equity. A token only enters the picture if it governs access to a resource tied to the technology itself, such as a data set or compute capacity.
Scenario 2: Web3 Infrastructure
Structure: equity first, with a token only where the network needs one.
Why it can work:
- Network effects from day one
- Alignment with early adopter incentives
- A way to reward the users who make the network work
The risks:
- Regulatory uncertainty (MiCA, SEC frameworks)
- Complex cap table management
- Execution that requires real tokenomics expertise
Without proper structuring, token-only raises tend to create more problems than they solve. Where equity and a token coexist, the cap table and the token table have to tell the same story, as we set out in When the token table and the cap table tell different stories.
Scenario 3: MedTech with a Data Network
Structure: equity, with a token only if the data network needs one.
Why a token can fit here:
- Institutional investors fund R&D and the regulatory pathway through equity
- Research and clinical sites can hold a token that governs access to the shared data
In this case the token’s job is to coordinate the network and its value tracks the network’s real activity. It isn’t a source of capital for the company. In most regulated MedTech financings the right answer is to leave the token out, as we explain in Your MedTech data room is answering the wrong questions.
The AYAKO approach
We don’t start with a structure. We start with the business model:
- What are the network effects?
- Who are the natural investors?
- What regulatory constraints apply?
- What’s the timeline to liquidity?
Only then do we structure equity, tokenomics, or hybrid, based on what creates sustainable value rather than what’s trendy.
Frequently asked
When is equity-only fundraising the right choice?
When the business model relies on deep R&D, clear IP ownership, traditional VC investors, and limited need for community-driven network effects.
What are the risks of a token-only raise?
Regulatory uncertainty under MiCA and evolving US frameworks, complex cap table management, and the need for genuine tokenomics expertise. Without proper structuring, token-only raises can create more problems than they solve.
When does a hybrid equity and token structure make sense?
When the business needs a token for an operating reason, for example to coordinate access across a network of users or partners, while equity funds the company itself.
Sources and references
- European Union: ESMA, Markets in Crypto-Assets Regulation (MiCA).
- United States: SEC, Crypto Assets, and the SEC and CFTC joint interpretation of 17 March 2026 establishing a five-category token taxonomy.
- France: AMF, digital asset service providers and ICOs.