Jarsy raised a $5 million pre-seed round in June 2025 led by Breyer Capital. Participation included Karman Ventures and angel investors, including executives from Niantic, EigenLayer, MoonPay, Babylon Labs, Zettablock, and Confluent.

This was the company's first institutional funding round after emerging from stealth. The company had previously operated in beta with friends-and-family funding starting in June 2024.

Total funding to date is $5 million across the single institutional round.

Jarsy runs a marketplace for tokenized pre-IPO equity with a catalog-style interface for private company shares. Users create an account, complete basic KYC verification, and deposit dollars or USDC to start investing.

The platform lists tokens with ticker symbols like JSPAX for SpaceX, each representing one-to-one economic rights to real shares held in dedicated Delaware SPV LLCs. Users can purchase as little as $10 worth of any token, which gets minted to their in-app wallet on Coinbase's Base blockchain.

Every token's reserve ledger, underlying share count, and token-to-share price ratio are published on a live proof-of-reserve page that anyone can verify via blockchain explorer. The platform offers both live tokens backed by shares already acquired and presell tokens where capital is pooled before acquisition.

Users can track their portfolio through a dashboard that auto-updates with valuations and view transaction history on-chain. When companies go public or get acquired, token holders receive cash distributions proportional to their holdings. The platform also plans to launch secondary trading functionality where users can trade tokens with each other.

The product targets crypto-native retail investors and high-earning millennials who want exposure to companies like SpaceX but lack the capital or accredited investor status for traditional private market platforms.

A B2C marketplace, Jarsy offers pre-IPO investing via blockchain tokenization. The company creates Delaware SPVs that acquire secondary shares in private companies, then issues tokens representing economic rights to those shares.

Traditional secondary platforms sell SPV memberships with heavy paperwork and high minimums. Jarsy sells economic right tokens with no voting power. Jarsy remains the shareholder of record, and token holders own only economic exposure.

The go-to-market approach targets crypto-native and younger demographics through social media and word of mouth rather than traditional financial services marketing. The $10 minimum enables participation by non-accredited investors typically excluded from private markets.

Jarsy's Group Presell Rewards mechanism decreases fees as more investors join a deal, incentivizing sharing and larger deal sizes. This model aggregates smaller retail investments into larger SPV positions while maintaining unit economics.

The business model scales through increased transaction volume rather than expanding customer acquisition costs, as the tokenization infrastructure can handle unlimited fractional ownership without additional operational complexity.

Republic is rolling out Mirror Tokens for companies like SpaceX under Reg-CF with $50-$5,000 minimums and plans to operate across the full stack, from primary issuance to secondary trading, through its acquisition of INX. With 2.5 million registered investors, Republic could use its existing user base to compete directly on liquidity.

Robinhood EU already offers 200 tokenized public stocks and is courting private companies to self-tokenize, while Coinbase is seeking SEC approval to launch tokenized equities in the US. Both platforms have large existing user bases that could quickly exceed niche players on volume.

Kraken has generated $3.8 billion in cumulative volume through its xStocks product and expanded to Europe with plans for late-stage private rounds, adding competitive pressure on liquidity from an established crypto exchange.

EquityZen and Forge run large traditional private secondary markets through established issuer relationships and regulatory infrastructure. While they require higher minimums and complex SPV structures, they benefit from company approval and cap table access that Jarsy operates without.

Securitize operates as an SEC-registered broker-dealer with $4 billion in assets under management and is rolling out fully on-chain settlement for Nasdaq-listed securities. Its regulatory positioning and institutional relationships provide advantages in scaling tokenized securities.

Multiple startups are converging on similar tokenized equity models with different regulatory approaches and target markets. Some focus on synthetic derivatives rather than direct share ownership, while others target specific geographies or investor segments.

The competitive landscape is fragmenting between compliance-first approaches like Jarsy's and more DeFi-native platforms that avoid traditional securities regulations, creating different risk-reward profiles for users and different regulatory exposure for operators.

Jarsy can extend its tokenization infrastructure beyond late-stage equity to venture debt, revenue-share notes, and structured products. The US venture debt market represents approximately $80 billion in outstanding obligations that could be fractionalized using identical compliance and custody rails.

Tokenized Treasury bills and money market funds could serve as yield-bearing cash management for unallocated user balances, adding net interest margin while improving user retention. This $5.5 billion market for tokenized government securities is expanding.

Thematic investment baskets combining multiple tokens into single products could appeal to diversification-seeking retail investors while simplifying marketing under evolving packaged product regulations.

Under MiCA regulations in Europe, tokenized securities fall under existing MiFID II frameworks. A Luxembourg or French license would enable passporting to 450 million EU residents and align with regulatory pushes for capital markets union.

Singapore and Hong Kong both operate explicit tokenized asset sandboxes that welcome security tokens, providing pathways to family office wealth already trading real-world assets on regulated platforms.

Latin America and Middle East markets combine high crypto adoption with inflation-driven demand for dollar-denominated assets, supporting demand for $10 fractional investments among retail investors seeking portfolio diversification.

Employee liquidity programs could allow private tech companies to whitelist their option holders for partial liquidity without full tender offers. This taps an estimated $580 billion in paper wealth locked in US unicorn employee option pools.

White-label API integration with regional banks and super-apps could expand distribution without direct customer acquisition costs. Embedding pre-IPO fragments in existing fintech platforms like Grab or Nubank could reach hundreds of millions of users.

Secondary market functionality with 24/7 trading would capture spread revenue and attract active traders beyond passive long-term holders, expanding the addressable user base and transaction frequency.

Regulatory crackdown: Securities regulators could rule that tokenized equity structures violate existing laws or require additional licensing that Jarsy does not hold, forcing a platform shutdown or costly compliance retrofitting, eroding the business model's cost advantages.

Issuer pushback: Private companies may object to unauthorized tokenization of their shares, as seen with OpenAI's public opposition to such products, limiting deal flow or triggering legal challenges that constrain the platform's ability to acquire and tokenize secondary shares.

Liquidity concentration: The platform depends heavily on a small number of high-profile companies such as SpaceX and Stripe that drive most user interest, creating vulnerability if these companies restrict secondary trading or if investor sentiment shifts away from these names.