Caplight, the leading pricing and liquidity platform for private company equities, today announced that Techdollar, a structured lending platform issuing private company equity-backed credit facilities, has integrated Caplight’s pricing API and trading infrastructure directly into its underwriting and portfolio management stack.
Founded by Terence McMenamin and David Tollemache, Techdollar allows founders, employees, venture capitalists and family offices to access capital without selling shares or changing their capitalization tables. Techdollar has built a pipeline of more than $100 million in qualified loan requests – out of a total of more than $400 million in loan requests – from employees and investors of leading AI, aerospace, defense, robotics and payments companies.
“Caplight’s pricing data and secondary market access gives us the real-time intelligence we need to underwrite accurately and scale at the speed our borrowers require,” said David Tollemache, co-founder of Techdollar.
Private equity-backed lending requires reliable, ongoing pricing of illiquid assets – something traditional approaches, such as last-cycle valuations or periodic third-party valuations, cannot provide. These methods create loopholes that slow underwriting, introduce risks for financing partners, and limit the pace at which lending platforms can issue facilities.
Through this partnership, Techdollar has access to three main capabilities:
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Pricing of guarantees in real time. Caplight’s proprietary pricing model leverages transaction data from a consortium of over 300 brokers, combined with late-round valuations, forward-looking market signals and liquidity depth metrics. Prices are updated every four hours at hundreds of private companies, and Techdollar’s underwriting engine consumes this data via the API for collateral valuations at the time of facility issuance and for ongoing market valuation.
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Information on transfer restrictions. Caplight provides enterprise-level insights into approval processes, ROFR behavior, and trading activity by structure and share class, which Techdollar uses to assess loanability and calibrate risk parameters.
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Access to the secondary market. Through Caplight’s trading platform, Techdollar has access to over $5 billion in daily private market liquidity and an approved network of institutional counterparties – supporting hedging, portfolio rebalancing and, where necessary, orderly disposition of collateral.
The integration allowed Techdollar to issue preliminary facility terms in hours rather than weeks, replacing manual evaluation processes with API-based pricing.
Caplight’s data also played a direct role in Techdollar’s pre-seed fundraising: during due diligence, Caplight joined calls with Techdollar’s lead investors to review pricing methodology, stress scenarios, and market depth, helping to close the round in eight weeks. Continuous mark-to-market gives Techdollar’s financial partners real-time visibility into collateral health across the portfolio, and Caplight’s coverage automatically scales as Techdollar expands its universe of loanable companies.
Both companies are deepening the integration with expanded API endpoints covering additional data feeds and trading capabilities. The partnership reflects a broader trend: As private markets infrastructure evolves, pricing data and liquidity are becoming fundamental not only for investors, but also for the new generation of lending, insurance and structured products built on private equity.
About Caplight
Caplight is the leading pricing and liquidity platform for private company stocks. The platform provides institutional-grade market data, analytics and trading infrastructure to investors, lenders and platforms operating in private markets. Learn more at caplight.com.
About Techdollar
Techdollar builds the credit layer for private markets. The platform allows employees, founders and investors of high-growth private companies to access liquidity against their equity without selling shares, triggering tax events or losing long-term gains. Backed by real-time secondary market data and audited ownership verification, Techdollar funds loans in 24-48 hours against equity in companies in AI, quantum computing, robotics, aerospace, defense, and fintech.
techdollar.com
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