Carta vs. Pulley: which cap-table platform fits your startup?
A cap-table migration is an ownership-record project, not a software import. Compare the platforms only after reconciling securities, approvals, SAFEs, option grants, exercises, cancellations, and stakeholder identities.
Choose based on the next equity milestone.
Evaluate Carta first when an eligible free starting point or broader later-stage compliance scope matters most. Carta Launch is free for companies with up to 25 stakeholders and $1 million raised. Its paid packages progress through priced-round tools, 409A valuations, board meetings, Form 3921, ASC 718, Rule 701, IFRS reporting, exit modeling, and IPO advisory.
Evaluate Pulley first when transparent annual pricing and an early-stage operating package matter most. Pulley lists Startup at $1,200 per year for the first 25 stakeholders and Growth at $3,500 for the first 40. Startup includes cap-table management, templated equity agreements, fundraising modeling, offer letters, and concierge onboarding; Growth adds 409A, Rule 701, Form 3921, board approvals, and HRIS integrations.
Neither product can repair unsupported equity records by itself. Reconstruct the legal source of truth, test a financing scenario, and compare the exported records before choosing.
Carta vs. Pulley at a glance
| Decision point | Carta | Pulley |
|---|---|---|
| Best first evaluation | Eligible founders want a free launch tier, or the roadmap includes later-stage financial reporting and transaction infrastructure. | Founders want public annual prices, early fundraising models, and concierge onboarding. |
| Entry pricing | Launch is free up to 25 stakeholders and $1 million raised. Paid packages require a quote. | Startup is $1,200 per year for the first 25 stakeholders; Growth is $3,500 for the first 40. |
| Pricing basis | Paid price is based on package and stakeholder count, with a minimum annual fee and optional add-ons. | Stage-based annual plans with included stakeholder counts; contact Pulley above the stated limits or for Enterprise. |
| 409A | Listed in Grow and Scale with 409A audit support. | Listed in Growth and Enterprise; Pulley describes its reports as audit-ready. |
| Financial reporting | Scale lists ASC 718/US GAAP and IFRS reporting plus audit support. | Enterprise lists stock-based compensation reporting under ASC 718 and custom reporting. |
| Financing tools | Core includes SAFE modeling; Build and above add priced-round modeling, deal closings, and deal pro forma. | Startup includes a fundraise modeler and templated SAFE signing; Growth adds custom SAFE agreements. |
| Main diligence risk | Paid cost cannot be compared until package, stakeholder count, minimum fee, and add-ons are quoted. | Published headline prices still require confirmation of overage pricing, valuation cadence, and Enterprise modules. |
1. Normalize pricing around the next 18 months
Carta's free Launch tier has two eligibility constraints: up to 25 stakeholders and no more than $1 million raised. Paid Carta packages do not publish a dollar amount. Carta says price is based on the selected package and number of stakeholders, with a minimum annual fee and optional add-ons.
Pulley publishes $1,200 per year for Startup with the first 25 stakeholders and $3,500 for Growth with the first 40. Its Enterprise tier is custom. Pulley defines a stakeholder as a person who holds an ownership stake and says angel investors investing $50,000 or less count as half a stakeholder.
Model the post-financing stakeholder count, not today's count. Include investors created by SAFE conversions, new hires, advisors, and former employees who retain vested equity.
2. Treat 409A as a workflow, not a bundled checkbox
Carta lists 409A valuations and valuation audit support in Grow and Scale. Pulley lists 409A valuations beginning with Growth, while Enterprise includes everything in Growth plus modular reporting and administration features.
The commercial comparison needs more detail than “included.” Ask each vendor how many valuations are included, what triggers a new engagement, which material events are covered, typical turnaround, management-document requirements, renewal treatment, and who answers an auditor's questions. Confirm every answer in the order form.
A current 409A can become stale after a material event. The board, counsel, and valuation provider should determine whether a financing, acquisition, secondary transaction, major forecast change, or other event requires an update before new options are granted.
3. Match compliance scope to the company stage
Formation and seed
Prioritize clean founder issuances, 83(b) records, SAFEs, convertible instruments, option-pool authorization, grants, and financing scenarios.
Institutional growth
Add 409A cadence, Form 3921, Rule 701 monitoring, board approvals, HRIS updates, exercises, terminations, and audit support.
Audit and liquidity
Add ASC 718, IFRS where relevant, custom reporting, secondary transactions, exit modeling, SSO, and controlled data exports.
Carta places ASC 718, Rule 701 management, IFRS reporting, exit modeling, and SSO in Scale. Pulley places ASC 718 and custom reporting in Enterprise, while Growth lists Rule 701, Form 3921, board approvals, and HRIS integrations. The right comparison is therefore package-to-package, not logo-to-logo.
4. Reconcile before you migrate
The platform display is not the legal evidence. Before implementation, create a transaction ledger that ties each security to its board approval, purchase or grant agreement, payment or exercise evidence, vesting schedule, amendments, cancellations, and tax documentation. Reconcile authorized, issued, outstanding, reserved, and fully diluted shares by class.
Run the reconstructed cap table through counsel before stakeholders receive portal access. A polished but incorrect portal can spread an ownership error to employees and investors faster than a spreadsheet.
Run this eight-part parallel test
- Build a source-document index. Include charter documents, board consents, ledgers, agreements, SAFEs, notes, grants, exercises, and cancellations.
- Reconcile share counts. Tie authorized, issued, outstanding, reserved, and fully diluted shares by security class.
- Import the same cap table. Record every manual correction and unresolved assumption in both systems.
- Model the next round. Test SAFE and note conversions, pro rata, option-pool expansion, new money, and founder dilution.
- Run a grant lifecycle. Board approval, grant, acceptance, vesting, exercise, termination, and cancellation.
- Inspect stakeholder views. Confirm the portal explains quantity, type, vesting, exercise price, and documents without exposing restricted data.
- Export everything. Test ledgers, cap tables, documents, transaction history, reporting, and a usable migration package.
- Price the future state. Obtain an 18-month quote using expected stakeholders, financing, 409A events, and reporting needs.
Recommendation by operating profile
Eligible free launch
You have no more than 25 stakeholders, have raised no more than $1 million, and want to establish the cap table without an initial software subscription.
Transparent early-stage plan
You want public annual pricing, concierge onboarding, a fundraise modeler, and a clearly defined step into a 409A-capable Growth plan.
Audit or transaction complexity
You need ASC 718, multiple entities or jurisdictions, unusual securities, secondary liquidity, or a financing model that must reconcile exactly to legal documents.
Compare the wider finance stack.
Use the rules-based matcher or browse the directory when equity management is only one part of the decision. Vendors cannot pay for a higher position.
Frequently asked questions
Is Carta or Pulley better for an early-stage startup?
Carta is the clearest low-cost starting point for an eligible company because Carta Launch is free for companies with up to 25 stakeholders and no more than $1 million raised. Pulley is the clearer first evaluation when transparent paid pricing, concierge onboarding, and fundraising modeling matter enough to justify the Startup plan. The source documents and financing complexity should decide the final choice.
How much do Carta and Pulley cost?
Carta Launch is free for eligible companies with up to 25 stakeholders and $1 million raised. Carta's paid pricing depends on package, stakeholder count, minimum annual fee, and add-ons, and requires a quote. Pulley publicly lists Startup at $1,200 per year for the first 25 stakeholders, Growth at $3,500 per year for the first 40, and Enterprise by quote.
Which plan includes a 409A valuation?
Carta lists 409A valuations and valuation audit support in Grow and Scale. Pulley lists 409A valuations in Growth and Enterprise. Confirm the number of included valuations, renewal pricing, material-event coverage, turnaround, audit support, and exclusions in the signed order form.
Can cap-table software replace startup counsel?
No. Software can organize records, execute configured workflows, and produce reports, but it does not determine whether the underlying board approvals, securities documents, tax elections, grants, and financing terms are legally correct. Counsel should validate the reconstructed cap table and material transactions.
Method and limitations
This guide compares public pricing and product documentation reviewed on September 3, 2026. It does not rely on vendor payment, private demos, customer-review averages, or claimed hands-on experience. Pricing, stakeholder definitions, plan inclusions, valuation terms, integrations, and compliance features can change. Verify the order form and have qualified legal and tax advisers review the underlying equity records.
Read how FinanceOps Atlas ranks software and the affiliate disclosure.