Best Cap Table Management Software in 2025: Carta vs Pulley vs AngelList

At some point during your fundraise, someone — probably your lawyer — will tell you that you need cap table management software. Then you'll Google it, find that Carta costs more than your AWS bill, and wonder if a spreadsheet is really that bad.

The answer: it depends on your stage. A spreadsheet is fine until it isn't, and "isn't" usually arrives around your first priced round. That's when equity gets complicated — preferred shares, option pools, pro-rata rights, liquidation preferences — and a mistake in your cap table can create legal nightmares that cost 10x what the software would have.

We compared the five major cap table platforms across what actually matters: pricing transparency, ease of use, 409A valuation quality, and whether they'll grow with you from seed to Series C and beyond.

When Do You Actually Need Cap Table Software?

Let's save some of you money right now. You don't need cap table software if: You have 2-3 co-founders, no outside investors yet, and haven't issued any stock options. At this stage, a simple spreadsheet tracking founder shares and vesting schedules is fine. Your lawyer probably gave you one at incorporation.

You need cap table software when: You close a priced equity round (not SAFEs — SAFEs are simpler). You issue your first stock options and need a 409A valuation. You have more than 10 equity holders. You need to model future rounds and dilution scenarios. Any of these triggers means it's time.

The sweet spot for most startups is right after closing a seed round. You've got investor shares to track, you're about to hire and need an option pool, and the 409A valuation becomes a legal requirement before you grant any options.

1. Carta — The 800-Pound Gorilla

Carta dominates the cap table market with over 40,000 companies and 2 million+ stakeholders on the platform. They've expanded well beyond cap tables into fund administration, 409A valuations, and even a secondary market (CartaX) for private share sales. It's the default choice, which is both its strength and its weakness.

Pricing: Launch plan starts at $3,000/year for companies with 1-25 stakeholders. Growth plan at $6,500/year for 26-50 stakeholders. Scale plan at $10,000+/year. 409A valuations are $3,500-$7,500 depending on complexity, or bundled into higher tiers. These prices are approximate — Carta frequently adjusts pricing.

Strengths: Market standard — investors and lawyers know it. Robust feature set covering everything from cap table management to equity plan administration. Electronic stock certificate issuance. Integrated 409A valuations. Scenario modeling for future rounds. Excellent reporting for board meetings.

Weaknesses: Let's be real about Carta's baggage. In 2023, they faced backlash for using customer data to pitch their secondary market to shareholders without company consent. The CEO apologized, they restructured, but trust was damaged. Beyond that controversy, pricing has climbed significantly, the interface can feel bloated for simple needs, and customer support quality varies wildly depending on your plan tier. Early-stage companies often feel like they're paying enterprise prices for features they don't use.

Best for: Series A+ companies with budget who want the market standard. Companies planning to scale to hundreds of stakeholders. Anyone who values integration breadth over cost.

2. Pulley — The Founder-Friendly Alternative

Pulley was built explicitly as a Carta alternative for early-stage startups. Founded in 2020 and backed by Stripe, they've positioned themselves as the simpler, cheaper option that doesn't try to be everything to everyone.

Pricing: Free for up to 25 stakeholders with basic cap table management. Startup plan at $2,000/year. Growth plan at $4,000/year. 409A valuations start at $2,500. Meaningfully cheaper than Carta at every tier.

Strengths: The interface is genuinely delightful — clean, fast, intuitive. Free tier is actually useful (not a crippled demo). Migration from Carta or spreadsheets is smooth. The team is responsive and actually picks up the phone. Scenario modeling works well. Good integration with common payroll and HR tools.

Weaknesses: Smaller company — less brand recognition means some lawyers and investors won't be familiar with it. The feature set is narrower than Carta (no secondary market, limited fund admin). International equity plans are less well-supported. Some features that Carta handles natively require workarounds in Pulley.

Best for: Pre-seed through Series A startups who want the core functionality without paying for enterprise features. Founders who value simplicity and support quality.

3. AngelList Stack — Best for Rolling Funds and Syndicates

AngelList Stack is the equity management product within the AngelList ecosystem. It's particularly strong if you're raising through AngelList syndicates or rolling funds, since the cap table management integrates natively with their fundraising infrastructure.

Pricing: Free cap table management for companies incorporated in the US. Revenue comes from fund admin fees on the investor side, not the startup side. 409A valuations available through partners.

Strengths: Free for startups. Seamless if you're already in the AngelList ecosystem. Good for managing complex investor structures (SPVs, syndicates, rolling funds). Investor portal is clean.

Weaknesses: Less polished than Carta or Pulley for pure cap table management. The product has evolved through multiple iterations and can feel inconsistent. Less robust reporting. If you're not in the AngelList ecosystem, there's less reason to choose it.

Best for: Startups raising through AngelList. Companies with complex investor structures involving SPVs or syndicates. Budget-conscious founders who want free cap table management.

4. Ledgy — Best for European Startups

Ledgy is the leading equity management platform for European startups. If you're incorporated outside the US, Ledgy understands your legal framework in a way that Carta and Pulley simply don't.

Pricing: Free tier for up to 25 stakeholders. Essential plan from around EUR 2,000/year. Growth and Enterprise tiers for larger companies. Pricing is transparent and published on their website — refreshing in this category.

Strengths: Purpose-built for European equity structures. Supports ESOP/VSOP plans common in Germany, France, UK, and Switzerland. GDPR-compliant by design. Clean, modern interface. Good scenario modeling. Supports multiple currencies natively.

Weaknesses: Not the best choice for US-only companies — Carta and Pulley have stronger US-specific features. 409A valuations aren't natively offered. Less name recognition with US investors and lawyers. The ecosystem (legal templates, partner integrations) is smaller.

Best for: European startups, period. If you're incorporated in the EU, UK, or Switzerland, Ledgy should be your first look.

5. Capshare — The Budget-Friendly Workhorse

Capshare has been around since 2014 and targets the sweet spot between spreadsheets and enterprise cap table software. It's less flashy than the other options but gets the job done at a lower price point.

Pricing: Starts at $300/month for basic cap table management. 409A valuations available as add-ons. Pricing is straightforward and competitive for mid-stage companies.

Strengths: Affordable. Solid waterfall analysis. Good option grant management. Works well for companies with straightforward cap tables. Monthly billing available (most competitors require annual).

Weaknesses: The interface feels dated compared to Carta and Pulley. Fewer integrations. Less comprehensive reporting. Smaller support team. Not as well-known, which occasionally creates friction with lawyers who want to see Carta exports.

Best for: Budget-conscious companies that need more than a spreadsheet but less than Carta. Companies with relatively simple cap tables that just want reliable tracking and basic reporting.

The Bottom Line: Our Recommendations by Stage

Pre-seed (SAFE notes, 2-3 founders): Use a spreadsheet. Seriously. Your lawyer's template is fine. Don't spend money on cap table software until you have equity to manage.

Seed (first priced round, option pool, 10-25 stakeholders): Pulley's free tier or AngelList Stack. Both handle this complexity level well without costing anything. If you want to pay for premium features, Pulley's $2K/year plan is the best value.

Series A+ (25+ stakeholders, complex structure): Carta if you value ecosystem and don't mind the price. Pulley if you want to save 30-40% and accept a narrower feature set. Both are excellent at this stage.

European companies: Ledgy. Don't try to force a US-centric tool into European equity structures. You'll regret it.

Whatever you choose, start with the free tier, migrate your spreadsheet, and upgrade only when you hit a wall. Cap table software should reduce your headaches, not create new ones.