the demand stays sealed
- raise termspublic and fixed
- investor fundsescrowed
- amount and valuationunreadable
- book depthunreadable
stakeholder token platform
fundraising with a book nobody can read early.
startups define the rights. investors fund their commitments. peal keeps demand sealed until one clearing valuation can be checked by everyone.
coming soon
powered by Peal Network
raise4.00m USDC
instrumentstakeholder token
ruleone clearing valuation
close04d 06hfinal
participantescrowedinstructionresult
investor 01
1.50m USDC
sealed
1.50m · up to 32m
pending
1.13m
investor 02
1.20m USDC
sealed
1.20m · up to 30m
pending
0.91m
investor 03
1.80m USDC
sealed
1.80m · up to 28m
pending
1.36m
investor 04
1.50m USDC
sealed
1.50m · up to 27m
pending
refund
investor 05
0.80m USDC
sealed
0.80m · up to 35m
pending
0.60m
simulation · funded in USDC
funded demand is unreadablerevealed demand explains every allocation
the product edge
private while pricing. accountable after.
Confidentiality is useful only while early knowledge can change the outcome. Once the window closes, the allocation should be explainable rather than opaque.
the result can be checked
- funded demandrevealed
- clearing rulepublished
- allocationreproducible
- refundsaccounted for
That disclosure policy is explicit: Peal's normal flow makes the sealed instructions public after opening. The product promises no early reading, not permanent secrecy.
one operating system
the raise begins before the auction and ends after it.
Peal supplies the private-demand and guaranteed-opening layer. The platform around it handles the issuer, the money and the holder relationship.
01
issuer + counsel
structure the raise
Form the SPV, fix the allocation size and publish the documents that define the rights, funding conditions and transfer rules.
02
investor
fund the commitment
An eligible investor escrows USDC before entering the book. Every instruction is backed by funds rather than by an expression of interest.
03
peal
seal private demand
The amount and maximum acceptable valuation are encrypted before submission. The issuer, investors and operators see no readable book.
04
peal + clearing rule
clear once
At the deadline every funded instruction opens together. A rule fixed in advance returns one valuation, allocations and refunds.
05
platform
issue and manage
Eligible investors claim tokens tied to the signed documents. Capital releases, approvals and reporting follow the agreed schedule.
06
spv
distribute proceeds
Cash received by the SPV follows the contractual waterfall and the holder-eligibility record, with every payment accounted for.
the legal connection
the token records a right. it does not invent one.
companyobligations
→
SPVreceives value
→
signed documentsdefine rights
→
eligible holderstoken records claim
01
Economic rights live in the agreements. The token points to the rights the company and SPV have actually undertaken.
02
Eligibility travels with the holder record. Claims and distributions follow the transfer and compliance rules in those documents.
03
Transferability is not liquidity. A transferable token does not guarantee a buyer, a market or an exit.
real startup scenarios
the rights have to survive what happens next.
A stakeholder instrument is tested after the raise: when new money arrives, a founder sells, the company lists, reporting stops or the business winds down. The structure should say what happens before any of those moments occur.
01
post-money valuation cap
the launch clears
The clearing result sets the SAFE cap and the SPV receives the corresponding claim.
02
equity financing / SAFE price
the company raises a priced round
The SAFE converts using the more favourable economics defined by its price and cap terms.
03
pro-rata participation
the SPV keeps its exposure
The SPV may participate in the new round to maintain its stake, subject to the documented right.
04
most favoured nation
a later investor gets better terms
The SPV can elect the improved economic terms when the MFN clause permits it.
05
liquidity event
the company is acquired
Exit proceeds flow to the SPV and follow the waterfall in the governing documents.
06
public listing
the company IPOs or direct lists
The SPV participates through the SAFE conversion or liquidity mechanics agreed for a listing.
07
protective covenants
the company sells major IP or assets
Consent rights can stop core value being routed away from the instrument holders.
08
tag-along right
a founder sells a major stake
The SPV can participate in the sale on the same terms when its tag-along right applies.
09
information rights
the company misses reporting
The documents can trigger escalation, including a holder proposal over capital still in the vault.
10
constitutional governance
the company proposes a new token or raise
New supply and senior claims follow the holder-approval mechanics fixed in advance.
11
liquidation priority
the company winds down
The SPV receives the documented priority after creditors and before common equity.
12
assignment
the SPV structure changes
The claim can move to an eligible successor entity without breaking its legal chain.
These are an illustrative rights map, not default token behaviour. Each protection exists only when the company, SPV and signed investment documents create it, and its operation depends on the chosen jurisdiction.
a disciplined first release
prove one complete raise.
- one jurisdiction and counsel-reviewed structure
- one chain with USDC funding and escrow
- one clearing rule with exact oversubscription and refund behaviour
- one rights model, capital-release schedule and reporting process
- founder and investor dashboards for the entire lifecycle
- unrestricted secondary trading
- multiple investment structures
- complex token governance
- a formal standard across issuers
first milestone
one legally reviewed raise, with every allocation, refund and investor right accounted for.
powered by peal
build the private book first.
the fundraising platform is larger than the auction. the auction is the part peal makes fair.