The 11 Best Cap Table Management Software

What's the key difference between Carta and Pulley?

Carta is the established market leader, known for its comprehensive compliance and investor services, making it a default for later-stage companies. Pulley is the fast-growing challenger, focusing on a more intuitive founder experience, better scenario modeling, and more transparent pricing, which appeals to early-stage startups.

Can I just use a spreadsheet?

You can for the first few founders, but it quickly becomes a major source of error and risk. Spreadsheets can't handle complex vesting, option expiries, compliance reporting (like ASC 718), or provide a secure portal for employees. Moving to dedicated software early prevents costly legal clean-up later.

How to choose

• 1.Assess your current stage: Early-stage startups with simple caps might prioritize free tiers and ease of use (e.g., LTSE, Pulley), while later-stage companies need robust compliance and reporting (e.g., Carta, Shareworks).
• 2.Consider your geographical footprint: If you have a significant presence in Europe, platforms like Ledgy or Capdesk with deep expertise in local regulations (e.g., EMI schemes in the UK) are crucial.
• 3.Evaluate 409A valuation needs: Check if 409A valuations are included in your plan or are a costly add-on. The quality and defensibility of these valuations are critical for compliance.
• 4.Check HRIS/Payroll integrations: Seamless integration with your existing HR stack (like Gusto, Rippling, or BambooHR) saves significant administrative overhead when onboarding new employees and processing option grants.