Managing cap tables manually in spreadsheets is a recipe for disaster during your first funding round. Carta, Pulley, and Capshare all promise to fix this, but they target different stages, budgets, and needs—Carta dominates enterprises but gets pricey, Pulley wins on speed and startup pricing, and Capshare focuses on simplicity for bootstrappers.
This head-to-head comparison breaks down features, pricing, onboarding, 409A valuations, investor portals, and scalability so you can pick the right one for your stage. We’ll also include real founder quotes, migration paths, and a decision framework.
Table of Contents
- Overview: who each tool targets and when to choose it
- Pricing breakdown: free tiers to enterprise scale
- Core features: cap table accuracy, modeling, 409A
- Onboarding, support, and ease of use
- Investor and employee portals
- Scalability and limitations by stage
- Frequently asked questions about cap table tools
1. Overview: who each tool targets and when to choose it
1.1 Quick positioning
Carta: Market leader (80%+ share), built for scaling startups to IPO. Best if you’re raising Series A+ or need VC/law firm integrations. Free tier for tiny teams.
Pulley: Startup-obsessed alternative, transparent pricing, fast everything. Ideal for pre-seed to Series B founders who want control and speed. Growth plan includes 409As.
Capshare: Simple, affordable for bootstrappers and angel-funded teams. Focuses on basics without bloat. Good for <25 stakeholders who don’t need advanced modeling.
1.2 Market context
Over 30,000 companies use Carta, thousands more on Pulley. Capshare serves smaller teams prioritizing cost. All three handle 409A valuations (IRS-required for options), but speed and inclusion vary dramatically.
Pick based on your stage:
- Pre-seed/seed (<$1M raised): Pulley or Capshare (speed + cost)
- Series A/B: Pulley or Carta (modeling + portals)
- Series C+: Carta (compliance + ecosystem)
2. Pricing breakdown: free tiers to enterprise scale
2.1 Transparent vs opaque
Pricing is the biggest differentiator. Carta starts free but scales opaquely; Pulley is fixed and predictable; Capshare stays cheap longest.
Pricing comparison (2025)
| Plan/Stakeholders | Carta | Pulley | Capshare |
|---|---|---|---|
| Free (<25 stakeholders) | Basic cap table | N/A | Basic cap table |
| Startup (25 stakeholders) | Free (limited) / $1,200+ paid | $1,200/year | $99/month |
| Growth (40–100) | Custom quote (~$3,500+) | $3,500/year (incl. 2x 409A) | $199/month |
| Enterprise (100+) | Custom (high) | Custom (~$4/stakeholder) | $499+/month |
| 409A Valuation | $5k–$15k extra (tier-dependent) | Included in Growth (3–5 days) | $2k–$5k add-on |
Pulley wins for most startups: Growth plan covers 40 stakeholders + two 409As for $3,500/year. Carta’s “free” excludes modeling and valuations; costs explode post-25 stakeholders.
2.2 Hidden costs to watch
- Carta: Per-stakeholder fees kick in hard at scale; 409As not in base plans.
- Pulley: Angels <$50k count as 0.5 stakeholder—founder-friendly.
- Capshare: No 409A included; extra integrations cost more.
3. Core features: cap table accuracy, modeling, 409A
3.1 Cap table management
All three maintain audit-proof cap tables, but depth varies:
- Carta: Gold standard accuracy, handles complex instruments (warrants, SAFEs, secondaries). Best VC integrations.
- Pulley: Matches Carta accuracy + token/equity hybrids. Instant stock splits (Carta: 14 days).
- Capshare: Solid for simple structures. Struggles with heavy SAFE stacking or secondaries.
3.2 Scenario modeling and pro formas
Critical for fundraising: model dilution, option pools, future rounds.
- Carta: Advanced in paid tiers (pro-rata, waterfall analysis). Limited in free.
- Pulley: Best-in-class: YC rights, complex SAFE modeling, instant what-ifs.
- Capshare: Basic scenarios. Fine for seed, insufficient for Series A negotiations.
3.3 409A valuations
IRS-required for options pricing. Speed matters.
- Carta: Compliant but slow (10+ days); higher tiers only.
- Pulley: 3–5 days, included in Growth plan (2x/year). Founders rave about speed.
- Capshare: Outsourced, 7–10 days, $2k+ extra.
Pulley crushes here—many switch from Carta specifically for faster, cheaper 409As.
Feature comparison table
| Feature | Carta | Pulley | Capshare |
|---|---|---|---|
| SAFE/Note Modeling | Excellent (paid) | Best-in-class | Basic |
| 409A Speed | 10+ days | 3–5 days (incl. Growth) | 7–10 days ($2k+) |
| Stock Splits | 14 days | Instant | 2–3 days |
| Token Cap Tables | No | Yes ($4,500/year) | Limited |
4. Onboarding, support, and ease of use
4.1 Setup time
- Carta: 30–90 days (enterprise process). “Instamigrator” helps but still slow.
- Pulley: ~10 days. Guided onboarding, spreadsheet import wizard.
- Capshare: 1–3 days. Dead simple for basics.
4.2 Customer support
Founder quotes tell the story:
“Carta offered a free year, but I paid for Pulley. The human element matters.” – Brittani McCall, FlowEQ CEO
- Carta: Tiered/sales-y. Response varies.
- Pulley: <5 min average response. Founders-first.
- Capshare: Email/slack support. Responsive for price point.
Pulley consistently reviews 4.9/5 on ease of use and support.
5. Investor and employee portals
5.1 Self-serve access
All offer portals, but customization varies:
- Carta: Investor-standard views. VCs love it (familiar UI). Employee portals solid.
- Pulley: Custom dashboards per stakeholder type. Angels see simplified views.
- Capshare: Basic portals. Works for small teams.
5.2 Fundraising workflows
- Carta: SPV formation, VC syndicates. Best for institutional rounds.
- Pulley: Pro-rata modeling, e-signatures. Series A optimized.
- Capshare: Basic e-sign. Fine for angel rounds.
If your lead wants Carta data exports, start there. Otherwise Pulley matches 95% of functionality faster.
6. Scalability and limitations by stage
6.1 Pre-seed to seed (<$2M raised)
Capshare or Pulley free trial. Cheap, fast, covers basics + first 409A.
6.2 Series A/B ($2–20M raised)
Pulley Growth. Transparent pricing, fast 409As, killer modeling. Most founders switch to Pulley here.
6.3 Series C+ ($20M+ raised)
Carta. Compliance, secondaries, IPO path. Ecosystem lock-in.
Migration paths:
- Spreadsheet → Capshare/Pulley (easy)
- Carta → Pulley (many do it; “Instamigrator” helps)
- Pulley → Carta (rare; usually for IPO compliance)
When you’re lining up your investor list for Series A, platforms like Fundreef let you filter VCs who use Pulley/Carta (many list preferences), so you can prepare clean exports and avoid last-minute cap table scrambles during diligence.
Frequently Asked Questions About Carta, Pulley, and Capshare
Which is cheapest for a seed-stage startup (<25 stakeholders)?
Capshare at $99/month or Carta’s free tier (basic features only). Pulley Startup ($1,200/year) includes better modeling but no free tier. Switch to Pulley at first 409A for speed/cost savings.
What’s the fastest 409A valuation?
Pulley: 3–5 days, included in Growth plan (2x/year). Carta takes 10+ days and costs extra in lower tiers. Capshare: 7–10 days for $2k+.
Can I migrate from Carta to Pulley?
Yes, thousands have. Pulley’s “Instamigrator” handles it in ~10 days. Founders cite faster support, transparent pricing, and instant features like stock splits.
Which has the best fundraising modeling?
Pulley: advanced pro-rata, SAFE waterfalls, YC rights. Carta matches in paid tiers. Capshare basic—fine for angels, weak for institutional rounds.
Do any support token/SAFEs/crypto equity?
Pulley: dedicated Token Cap Table ($4,500/year). Carta/Pulley handle SAFEs perfectly; Capshare limited on complex instruments.
Which do VCs prefer?
Carta (80% market share, familiar UI). But Pulley gaining fast—many VCs accept both. Check your lead’s preference early.
