Several founders reached out asking the same question: when does hybrid fundraising actually make sense? The answer isn’t ideology, it’s strategy.
Here’s how we assess which structure fits a given business model.
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.
Scenario 2: Web3 Infrastructure
Structure: token-based, with caution.
Why it can work:
- Network effects from day one
- Alignment with early adopter incentives
- Liquidity for contributors
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.
Scenario 3: MedTech with a Data Network
Structure: hybrid, 70% equity plus a 30% token tranche.
Why hybrid fits here:
- Institutional investors cover R&D through equity
- Patients and hospitals get incentivized via tokens for data sharing
- A diversified investor base reduces single-point dependency
Result: lower dilution, faster network effects, more strategic flexibility. But hybrid only works when tokenomics serve a real business function, not as a fundraising gimmick.
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 part of the financing must cover R&D through equity, while another part incentivises a network of users or partners through tokens, for example for data sharing or network effects.
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.