2026 Comparison
Best Cap Table Management Software
Your cap table is the single source of truth for company ownership. Compare the platforms that handle equity tracking, 409A valuations, option grants, and scenario modeling.
Quick Answer
Carta is the industry standard for cap table management, used by 40,000+ companies with strong 409A valuations and investor reporting. Pulley is the best alternative for early-stage startups with a generous free tier and transparent pricing. AngelList is ideal if you are raising through their syndicate or fund ecosystem.
Key Takeaways
- 1.Switch from spreadsheets to cap table software before your first priced round — errors found in DD are costly
- 2.409A valuations are legally required before issuing stock options — Carta and Pulley include them
- 3.Pulley offers the best free tier; Carta has the largest network and most institutional credibility
- 4.Scenario modeling lets you show investors exactly how future rounds affect ownership and dilution
- 5.Your cap table software should integrate with your legal counsel for document generation
| Metric | Carta | Pulley |
|---|---|---|
| Starting Price | $3,000/yr | Free (paid from $250/mo) |
| Best For | Series A+ companies | Pre-seed to Series B |
| 409A Included | Yes | Yes (paid plans) |
| Network Size | 40,000+ companies | Growing |
| Free Tier | No | Yes |
| SAFE Modeling | Yes | Best-in-class |
Carta
Top PickThe industry standard for equity management
Pros
+ Largest cap table network (40K+ companies)
+ 409A valuations included
+ Investor-friendly LP portal
+ Strong compliance automation
Cons
- Pricing has increased significantly
- Can be complex for early-stage startups
- Customer support varies by tier
- Lock-in effect with proprietary data
Pulley
Modern cap table for startups
Pros
+ Generous free tier for early startups
+ Transparent, predictable pricing
+ Clean modern interface
+ Excellent SAFE/convertible modeling
Cons
- Smaller network than Carta
- Fewer enterprise features
- Less established with institutional investors
- Limited fund admin capabilities
AngelList Stack
All-in-one fund and cap table management
Pros
+ Integrated with AngelList investor network
+ All-in-one fund + cap table
+ Strong SPV and syndicate support
+ K-1 preparation included
Cons
- Tied to AngelList ecosystem
- Less flexible for non-AngelList investors
- Cap table features less deep than Carta
- Limited standalone cap table use
Paying $3K+/mo for fund management?
Carta charges enterprise prices for features most emerging managers never use. Archstone is purpose-built for GPs, at $297/mo instead of $1,500.
Shareworks (Morgan Stanley)
Enterprise equity management backed by Morgan Stanley
Pros
+ Enterprise-grade compliance and security
+ Global multi-country support
+ Morgan Stanley backing and stability
+ IPO-ready equity administration
Cons
- Enterprise pricing not suited for startups
- Complex implementation (months)
- Overkill for sub-100 employee companies
- Less startup-friendly interface
Ledgy
European-focused equity management platform
Pros
+ Best-in-class for European companies
+ Strong multi-jurisdiction compliance
+ Clean, modern interface
+ Good investor reporting
Cons
- Less established in US market
- Smaller integration ecosystem
- No 409A valuation service
- Fewer US-specific compliance features
Frequently Asked Questions
What is cap table management software?
Cap table management software tracks company ownership — who owns what percentage of the company, including common shares, preferred shares, stock options, SAFEs, convertible notes, and warrants. It replaces error-prone spreadsheets with automated calculations for dilution, vesting schedules, and waterfall distributions.
When should a startup start using cap table software?
Ideally from day one, but it becomes essential once you take outside investment. At a minimum, switch from spreadsheets before your first priced round. The cost of cap table errors discovered during due diligence — delayed closings, legal fees, and investor distrust — far exceeds the software subscription.
How much does cap table management cost?
Pulley offers a free tier for early-stage startups. Carta starts at $3,000/year. Enterprise solutions like Shareworks are custom-priced. Most startups spend $250-750/month on cap table management, which is a negligible cost relative to the risk of equity errors.
Can I migrate from a spreadsheet to cap table software?
Yes. All major platforms offer spreadsheet migration with data validation. Carta, Pulley, and AngelList all have migration teams that clean up your existing data. Budget 1-2 weeks for the migration and plan to verify every entry against your legal documents.
Do I need a 409A valuation?
If you have issued or plan to issue stock options, yes. The IRS requires a 409A valuation to set the fair market value of your common stock. Without one, your employees face potential tax penalties. Carta and Pulley both include 409A valuations in their paid plans.