AngelList vs Carta vs Pulley: Which Platform Should You Use in 2026?

Choosing equity management software is one of those decisions that looks simple until it isn't. You're managing a cap table, running 409A valuations, communicating with LPs, and maybe launching an SPV or rolling fund on the side. The wrong platform doesn't just cost you money — it costs you time, trust, and sometimes relationships with investors who can't figure out how to access their documents.

In 2026, three platforms dominate the conversation: AngelList, Carta, and Pulley. Each has a different origin story, a different pricing model, and a different ideal customer. This guide breaks all three down — head to head — so you can stop comparing tabs and start making a decision.

Company Overviews

AngelList

AngelList launched in 2010 as a platform to connect startups with angel investors. Over the next decade it quietly became the infrastructure layer for early-stage venture — first through job listings, then through syndicates, SPVs, and eventually rolling funds. Today AngelList is the dominant platform for fund formation and administration at the early-stage end of the market.

AngelList raised over $100M and reached a reported valuation of $4B+ at its peak. It processes billions in venture capital annually and has thousands of funds operating on its infrastructure. Its fund admin arm — AngelList Fund Administration — handles back-office operations for many of the most active emerging managers in the ecosystem.

AngelList's moat is distribution. If you want to run a syndicate or a rolling fund and you want LPs to actually be comfortable with the experience, AngelList is where they already have accounts. That network effect is real and it compounds.

Carta

Carta was founded in 2012 (originally as eShares) and went all-in on digitizing cap tables at a time when most companies were still managing equity on spreadsheets. It raised over $1.1B across multiple rounds, reaching a $7.4B valuation at its 2021 peak before a repricing round in 2023 brought that down to $6.9B.

Carta became the default cap table platform for venture-backed startups. If you raised a Series A or later in the 2015–2022 window, your law firm probably recommended Carta, your investors probably already had accounts, and switching felt unnecessarily painful. That installed base — hundreds of thousands of companies and thousands of funds — is Carta's primary competitive advantage.

Carta has since expanded aggressively into fund administration, 409A valuations, LP management, and secondary transactions. It also launched CartaX, a secondary marketplace for private shares. It is the most full-featured platform in this comparison, and also the most expensive.