Why Tokenization Could Rewrite the Rules for Raising Capital in Tech

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For most tech founders, the path to significant funding follows the same tired sequence:

  • Bootstrap or scrape by with early angel checks.

  • Chase VCs through multiple rounds.

  • Wait years before even dreaming about a public listing.

By then, only a fraction of the upside remains for early believers — and the vast majority of investors are locked out until the late stage.

Arnab Naskar, co-founder of STOKR, believes blockchain tokenization can break that cycle — letting growth-stage companies raise from a broader pool of investors earlier, while maintaining regulatory compliance and market trust.

Lesson 1: Blockchain Is More Than Payments

Naskar’s roots are in legal and regulatory frameworks, not engineering — which gave him a unique lens on blockchain. His starting question wasn’t “how do we build a coin?” but rather:

“If Bitcoin can replace money, could blockchain also replace how we issue stocks and bonds?”

The answer: yes, if you balance innovation with regulation. STOKR issues equity and debt instruments as digital securities — fully regulated under European law — tradable on digital asset exchanges.

Consulting insight: For SaaS founders, this is a reminder that blockchain’s real disruption often comes from boring-sounding processes: ownership, compliance, settlement.

Lesson 2: Early-Stage Public Access Without Public-Market Bloat

Traditional stock markets are only accessible to companies after VC money and maturity. Equity crowdfunding tried to solve early access — but those shares are typically illiquid.

By tokenizing equity or debt:

  • Founders open up fundraising beyond banks and VCs.

  • Investors gain potential secondary market liquidity.

  • Issuances avoid layers of middlemen that slow down and inflate costs.

SaaS parallel: Removing intermediaries can be as transformative for capital markets as it is for software supply chains or data flows.

Lesson 3: Marketplaces Win on Quality, Not Quantity

Building a capital marketplace is a chicken-and-egg problem — companies or investors first? STOKR’s approach: start with high-demand offerings that force investors to come. Example: a Bitcoin mining bond that raised $40M from 800+ investors, often selling out within hours.

Takeaway: In early marketplace growth, curate for quality. The right flagship deal or customer can create inbound demand without massive marketing spend.

Lesson 4: Scaling in Regulated Environments

Unlike many crypto ventures that launch globally and worry about legality later, STOKR:

  • Started in Luxembourg for regulatory clarity.

  • Focused first on Europe to control legal costs.

  • Expanded gradually to pro investors in Asia, exploring the US via partnerships.

Founder lesson: In highly regulated spaces (FinTech, HealthTech, EdTech), controlled geographic scaling prevents costly retreats.

Lesson 5: Design for the User You Want, Not the User You Have

Web3 products demand more from users — wallet management, private key security, understanding decentralization principles. Instead of chasing “grandma usability” from day one, STOKR focused on the 20–40 demographic already comfortable with blockchain, aiming to grow alongside them.

SaaS takeaway: Not every product needs to be built for the mass market immediately. Early adopter focus can create a stronger core base.

Lesson 6: Tokenization Will Touch Every SaaS Vertical

Even if you’re not in finance:

  • Authentication: Blockchain wallets as universal login credentials.

  • Marketing: Public wallet histories enabling hyper-targeted campaigns.

  • Engagement: NFTs as loyalty or participation incentives.

  • Ownership models: Token-based revenue shares, royalties, or asset rights.

Consulting insight: The winners will be SaaS companies that treat Web3 not as a bolt-on feature, but as a strategic layer in user experience and monetization.

Lesson 7: The Patience Play

Naskar’s advice to his younger founder self:

“Entrepreneurship is a marathon, not a sprint. Sometimes your market is three years away. Survive until it arrives.”

In tokenized markets — still early and evolving — survival and credibility may matter more than hyper-growth in the short term.

Why This Matters for SaaS & Tech Growth

Tokenization and blockchain-based capital markets are still niche — but the infrastructure is here, the regulatory environment is maturing, and early adopters are proving investor demand.

For SaaS founders:

  • Keep tokenization on your strategic radar.

  • Identify where decentralized ownership or asset trading could create stickiness.

  • Partner with experts to navigate compliance before you ship.

Because when the next wave of capital market disruption hits, it won’t just affect finance companies — it will reshape how tech companies fund, scale, and build loyalty.