TL;DR
- Pulley is shutting down on 8 December 2026, so new buyers should exclude it and existing customers should plan their migration now, according to Pulley’s 2026 pricing page.
- Carta, Cake Equity, Ledgy, and Eqvista form the current shortlist for cap table software.
- Pre-seed founders should compare Cake Equity and Eqvista for simple equity tracking and lower-cost entry points.
- Series A and later companies should shortlist Carta or Ledgy for more complex compliance, reporting, and multinational requirements.
- Overdrive (enteroverdrive.com) does not replace cap table software. We build client-owned approval, document, HR, and finance workflows around your chosen equity system.
Which cap table software should you choose?
Your company stage and equity complexity should determine your shortlist. For a US pre-seed startup, consider Carta Launch for basic cap table management at no cost. Cake Equity suits early-stage companies that need simple SAFE tracking and support across several jurisdictions.
For Series A and later, shortlist Carta or Ledgy. Carta fits US companies that need 409A valuations, compliance workflows, and broader equity administration. Ledgy fits European or multinational companies that need employee equity management across jurisdictions. A 409A valuation generally becomes necessary before a US company issues stock options, according to J.P. Morgan's 2024 guide.
Budget-conscious founders should compare Cake Equity and Eqvista. Both publish accessible entry options, while Eqvista offers particularly clear pricing for cap table management and 409A services.
Do not shortlist Pulley for a new account because the company plans to shut down on 8 December 2026. The comparison table next shows each vendor’s strengths, drawbacks, pricing, and best-fit customer.
Cap table software comparison
The right cap table software depends on your stage, stakeholder count, reporting needs, and jurisdiction. Published prices provide a useful starting point, but founders should confirm migration costs, integrations, and contract terms before choosing.
| Software | Best for | Strengths | Drawbacks | Pricing |
|---|---|---|---|---|
| Carta | US startups needing compliance and reporting support | Broad equity workflows, 409A valuations on Grow, financial reporting on Scale, and HRIS integrations | Paid pricing varies by stakeholder count, minimum fees, and add-ons | Launch is free for up to 25 stakeholders and $1 million raised. Paid tiers require contacting sales, according to Carta pricing, 2026 |
| Cake Equity | Budget-conscious pre-seed through Series A companies | Published pricing, broad jurisdiction coverage, fundraising modeling, and migration support | Buyers should verify required HRIS, payroll, and accounting integrations | Free for up to 5 stakeholders. Build costs $1,000 annually, Team costs $2,750 annually, and Pro uses custom pricing, according to Cake Equity pricing, 2026 |
| Ledgy | European and multinational companies with complex employee equity | Private and public company support, cross-border compliance, financial reporting, and IPO preparation | Current pricing and some integration details require vendor verification | Contact sales. No current official price was verified through Ledgy pricing, 2026 |
| Eqvista | Founders prioritizing low costs and predictable 409A pricing | Free cap table, published per-stakeholder pricing, modeling tools, and valuation bundles | Buyers should verify integration coverage and security documentation | Free below 20 stakeholders. Premium costs $2 per stakeholder monthly. The 409A bundle starts at $990 annually, according to Eqvista pricing, 2026 |
| Pulley | Existing customers planning a migration | Founder-focused cap table tools, fundraising modeling, 409A valuations, and compliance reporting | Pulley is shutting down on 8 December 2026 and should not be selected by new customers | Startup costs $1,200 annually and Growth costs $3,500 annually, but the announced shutdown makes migration the priority, according to Pulley pricing, 2026 |
Carta
Carta Launch gives small US startups a free cap table for up to 25 stakeholders and $1 million raised, according to Carta’s 2026 pricing page. Above Launch, Carta requires a quote based on your package, stakeholder count, annual minimum, and add-ons. Grow and Scale suit later-stage companies that need 409A valuations, financial reporting, or audit support.
Carta publishes the strongest verified security posture in this comparison, including ISO 27001:2022 and SOC 2 Type II credentials through its 2026 Trust Center. Carta also supports OCX exports, which use an open cap table standard and provide stronger portability than a generic spreadsheet export. Buyers should still confirm API access, signed-document exports, and post-cancellation retention terms before choosing a paid plan.
Cake Equity
Cake Equity fits budget-conscious startups between pre-seed and Series A. It covers cap tables, SAFEs, convertible notes, founder vesting, option grants, and fundraising modeling without pushing early companies into a custom contract.
Cake’s 2026 pricing page lists a free plan for five stakeholders. Build starts at USD 1,000 annually for 25 stakeholders, while Team starts at USD 2,750 annually for 40 stakeholders and includes two 409A valuations each year. Pro uses custom pricing for more complex reporting and international option pools.
Cake also suits APAC-based founders because its jurisdiction selector includes Australia, New Zealand, Singapore, Hong Kong, and India alongside 15 other markets. Before buying, ask Cake for its current security report, integration directory, hosting details, and data-export documentation. Public materials reviewed for this comparison did not verify named HRIS, payroll, or accounting integrations, or a specific security certification.
Ledgy
Ledgy fits European and multinational companies that need employee equity administration through IPO preparation and public-company share plans. Its scope includes cap table management, cross-border compliance, financial reporting, valuations, and employee communications.
Ledgy also offers credible HR system connectivity. SIX Provider Hub’s 2026 profile lists Workday, SAP SuccessFactors, ADP, and more than 50 other HR information systems.
Current pricing remains quote-based because Ledgy’s official pricing route did not provide a verifiable price. Before signing, ask for the integration matrix, security certificates, hosting terms, API documentation, and a demonstration of multi-entity administration.
Eqvista
Eqvista offers the clearest published budget path for founders who want a free cap table or predictable 409A costs. Its Freemium plan covers fewer than 20 stakeholders and includes cap table management, vesting schedules, and a data room. Premium starts at USD 2 per stakeholder per month, according to Eqvista’s 2026 pricing page.
The 409A and Premium bundle starts at USD 990 per year for pre-revenue companies. Published annual tiers rise to USD 1,290 for angel-stage companies, USD 1,990 for seed-stage companies, and USD 2,590 for Series A companies. Eqvista uses custom pricing for Series B and later.
Public documentation gives buyers less detail on operational integrations and technical security controls. Before committing, ask Eqvista for its current integration list, security evidence, and full export specifications.
Pulley — shutting down, not for new customers
Pulley will end operations on 8 December 2026, so new buyers should choose another cap table provider. Pulley previously offered founder-friendly pricing, SAFE tracking, fundraising models, employee equity, 409A valuations, and compliance reporting.
Existing customers can move to Carta while retaining their Pulley pricing for the first year. Carta will also credit the unused portion of their Pulley subscription, according to Business Insider’s 2026 reporting.
Before the deadline, contact support@pulley.com and request written confirmation of the final export date, available file formats, and data retention schedule. Your archive should cover the full transaction history, vesting data, signed securities, and board approvals. You should also download stakeholder records plus every valuation and compliance report.
How to choose by company stage
What should a pre-seed company choose?
Pre-seed founders should shortlist Cake Equity and Carta Launch. Both support SAFE tracking and basic equity administration without forcing you into later-stage reporting features. Cake Equity’s 2026 pricing places founder vesting, fundraising modeling, and e-signing in its Build plan. Carta Launch supports up to 25 stakeholders and $1 million raised, according to Carta’s 2026 pricing page. Before choosing either, confirm that you can export signed documents and transaction history.
What should a Series A or later company choose?
Series A companies should prioritize 409A support, option exercises, board approvals, and audit trails. J.P. Morgan’s 2024 guide says companies need a 409A valuation before offering stock options and generally refresh it annually or after a material event. Carta Grow covers valuations, audit support, and Form 3921. Carta Scale adds ASC 718 and IFRS reporting. Ledgy also merits consideration for European or multinational companies managing employee equity across jurisdictions.
Which option works best on a tight budget?
Eqvista offers the clearest budget path for founders who want published pricing. Its free plan supports fewer than 20 stakeholders, while Premium costs $2 per stakeholder each month. The 409A bundle starts at $990 per year, according to Eqvista’s 2026 pricing. Cake Equity provides another practical option, especially if its free tier or $1,000 annual Build plan covers your stakeholder count.
What to check before you commit
Can you export signed documents, not just a cap table report?
Your export should include every security, transaction, vesting schedule, and stakeholder record. You should also receive signed agreements, board approvals, and valuation reports in usable formats. Carta supports the open OCX standard for equity data, according to Carta’s OCX release note, accessed 2026, but you should still confirm how to export documents.
What migration support will you receive?
Your contract should define export formats, migration help, cancellation deadlines, and post-cancellation access. Pulley plans to end operations on 8 December 2026, according to Pulley’s shutdown notice, accessed 2026. Existing Pulley customers should request written confirmation of the full export package and data-retention schedule before that date.
Which security controls can the vendor prove?
Ask for current independent audit reports and certification details rather than relying on a general security claim. Check how the vendor controls employee access, tests its defenses, manages subprocessors, and recovers data after an outage. For example, the Carta Trust Center, accessed 2026 lists ISO 27001:2022, SOC 2 Type II, annual penetration testing, and disaster recovery controls.
When to bring in Overdrive instead of more software
Overdrive (enteroverdrive.com) is an AI and workflow automation agency, not cap table software or an alternative to Carta, Cake Equity, Ledgy, or Eqvista. Bring us in after you choose an equity system if manual handoffs still slow down approvals, document filing, or financial reporting.
We build client-owned workflows inside the tools you already use, with permissions and human approvals for sensitive actions. For Venrex Partners, a UK VC firm, we built a venture intelligence and valuation dashboard that replaced its Excel valuation workbook.
A similar build could connect approved equity data to finance dashboards or route signed documents into the right storage system without replacing your cap table as the source of record. If you need to map those workflows before building, our Investment Ops Automation Audit starts from EUR 6,000.
FAQs
What happens to Pulley accounts before 8 December 2026?
Pulley’s 2026 announcement says operations will end on 8 December 2026. Before then, customers should ask support@pulley.com for a complete export of transactions, vesting data, signed documents, board approvals, stakeholder records, and valuation reports. Business Insider’s 2026 reporting says Carta will honor Pulley pricing for one year and credit unused Pulley subscriptions for customers who migrate.
When does a spreadsheet stop being enough?
A spreadsheet becomes risky when you issue SAFEs, options, convertible notes, RSUs, or multiple share classes. Dedicated cap table software records transaction history, vesting schedules, permissions, signed documents, and fundraising scenarios. Companies granting stock options also need a 409A valuation, according to J.P. Morgan’s 2024 guide.
Which cap table tools offer free plans?
Carta Launch, Cake Equity’s free tier, and Eqvista Freemium give early-stage companies a place to start. Carta’s 2026 pricing page limits Launch to 25 stakeholders and USD 1 million raised. Check current limits, export options, and charges for valuations or compliance work before choosing any free plan.
Does Overdrive replace cap table software?
No. Overdrive (enteroverdrive.com) builds client-owned workflows around your chosen equity system. We can connect HR records, route approvals, file signed documents, and update finance dashboards while your cap table tool remains the system of record.
Book a free workflow review
Your cap table software should serve as your equity system of record. Overdrive (enteroverdrive.com) builds the client-owned workflows around it. Reach out if reporting, approvals, or data handoffs still depend on manual work across spreadsheets and other tools.