Comparison · 2026 Update
Carta vs Pulley for startups
For most pre-seed and seed startups in 2026, Pulley wins on price + UX + trust — and the migration story to Carta later (if needed) is cleaner than it used to be. Carta still wins for Series A+ companies needing tender offers, international equity, or universal investor recognition.
Migration friction is real but not as bad as it was — both export to standardized formats. Pulley typically saves $1,500-5,000/year per stage tier.
When each one wins
Pick Pulley if:
- You're pre-seed or seed (cost matters; complexity is low)
- Cost is a factor — Pulley is 40-60% cheaper at every tier
- You value modern UX and fast support
- You want better fundraise scenario modeling tools
- You're a US-only company through Series A
- You're switching from a Google Sheet (Pulley's onboarding is easier than Carta's)
Pick Carta if:
- You're Series A+ with international equity needs (UK, EU, AU employees)
- You're planning a tender offer or structured secondary in next 12 months
- Your investors specifically expect Carta (rare but happens)
- You have a large equity admin operation (>200 stakeholders)
- Carta's broader product (e.g., Carta X, fund admin) fits your needs
- Your finance + legal team is already deep in Carta
Other alternatives worth considering: AngelList Equity (great for YC + recently funded companies on AngelList already), Shareworks/Solium (enterprise-grade, common at later stage), Eqvista (super low-cost for tiny companies).
Feature comparison
| Feature | Carta | Pulley |
|---|---|---|
| Free tier | Up to 25 stakeholders (Carta Launch) | Up to 25 stakeholders (Pulley Free) |
| Pricing — Seed ($5-15M raised) | $2,800/yr ($233/mo) for ~50 stakeholders | $1,200/yr ($100/mo) for ~50 stakeholders |
| Pricing — Series A | $5,500-12,000/yr | $3,000-6,000/yr |
| Pricing — Series B+ | $15,000-50,000+/yr (custom) | $8,000-25,000/yr (custom) |
| 409A valuation included | Yes, once per year (additional ~$3K each) | Yes, once per year (additional ~$2,500 each) |
| Equity grant administration | Excellent — most polished tooling | Strong; catching up fast |
| ASC 718 stock-based comp calc | Native + audit-tested | Native + supported |
| Modeling fundraise scenarios | Strong dilution modeling; some quirks | Excellent — designed founder-first |
| Investor experience | Investors expect to see Carta — universal recognition | Growing but less universal among older funds |
| Stakeholder UX | Decent — historic legacy | Modern, simpler, faster onboarding |
| Liquidity programs (tender offers, secondary) | Carta X marketplace + tender admin | Not natively offered |
| International equity (UK, EU, AU) | Strong; Carta UK/EU products mature | Growing; US-first focus |
| Customer support | Has been criticized for slowness post-controversy (2024) | Responsive; founder-friendly |
| Trust + reputation | Diminished by 2024 secondary data scandal but still industry standard | Trusted; positioned as the 'founder-first alternative' |
Cap table mess pre-Series A? Let's clean it up.
30 minutes with a CPA. We'll walk through your SAFEs + advisor grants + §83(b) status + option pool plan, and tell you what needs to happen before the priced round.
Common mistakes
Defaulting to Carta because 'investors expect it'
Investors expect to see a clean, professional cap table — they don't care if it's Carta, Pulley, or AngelList specifically. Pulley exports look clean. Carta's name recognition isn't worth $2-5K/year extra at your stage.
Staying on Google Sheets too long
Most startups should migrate off Sheets by their first priced round. Sheets break down at: multiple SAFEs + reverse vesting + advisor grants + employee options. Migration to ANY platform (Pulley or Carta) is the right move.
Switching cap table platforms in middle of a raise
Don't migrate cap table software when you're 60 days from a term sheet. Investors will notice the data inconsistency. Migrate either before fundraise starts or after it closes — never during.
Forgetting that 409A valuations are bundled differently
Carta + Pulley both include ONE 409A valuation in their base price. Additional refreshes cost ~$2,500-3,500 each. If you're doing 2-3 valuations per year (post-priced-round refreshes), budget for it.
How StartupCFO works with your cap table
We work in Carta, Pulley, and AngelList
Whatever cap table platform you're on, we reconcile monthly against signed legal docs, integrate equity comp expense (ASC 718) into your monthly close, and clean up the messes (missing §83(b) elections, terminated employee shares, MFN triggers) before your priced round.
We integrate with both — and clean up cap tables before priced rounds
StartupCFO clients run on Carta, Pulley, and AngelList. We clean up cap tables ahead of Series A (terminated employees, missing §83(b) elections, unsigned SAFEs, MFN triggers), and integrate equity comp accounting (ASC 718) with monthly close.
