Techdollar launched publicly Jun. 26 with a $3 million pre-seed round, building a credit platform that lets private-company workers borrow against pre-IPO equity without selling shares.
Techdollar Pre-IPO Lending
No Limit Holdings led the round, with backing from ReforgeVC and angels including Michael Egorov of Curve Finance, former Framework Ventures partner Roy Learner, and Silicon Valley Bank. Co-founders Terence McMenamin and David Tollemache added their own money. Ahead of launch, the company said it had lined up more than $100 million in qualified loan demand from over $400 million in total requests.
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McMenamin On Mispricing
McMenamin, the chief executive, said the financial system was never built for the early employees who help scale these companies. Banks call it a speculative bet, he said, but the secondary market disagrees.
Alexander Lin of Reforge said trillions sit locked inside private companies, and the gap widens the longer they stay private. Techdollar is already a Pulley perk and is in talks with Carta.
The stakes turned concrete this month. When SpaceX went public Jun. 12, the company said roughly 4,400 current and former employees crossed into millionaire territory, many of them paid in equity for years. Leading private AI firms now top a combined $2.7 trillion in value, even as the path to an IPO above $500 million runs past a decade.
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