Your equity structure is too important to get wrong. But with dozens of cap table platforms promising to solve your problems, how do you pick the right one?
We analyzed three years of data from over 1,500 tech companies in our client base to see what's actually working.
Here's what the numbers show: Carta dominates with over 80% market share, followed by Pulley at around 15%. Everyone else is fighting for scraps—the remaining platforms split less than 5% of the market.
But market share doesn't tell the whole story. Over the past three years, we've watched Pulley steadily gain ground while Carta's share has remained relatively stable. That shift represents hundreds of companies choosing the challenger over the incumbent. Why?
Based on what we see working (and not working) for our clients, here's the real breakdown:
Best for: Companies raising Series A+ funding or planning IPOs
Carta owns this market for good reasons. They have the most comprehensive feature set, the largest investor network, and integrations with virtually every legal and accounting system you'll encounter.
The upside: When investors ask detailed questions about your equity structure, Carta has the answers. Their 409A valuations are widely accepted, their investor portal impresses VCs, and their legal document generation is thorough.
The downside: You'll pay premium prices for features that smaller platforms offer for half the cost. Their interface can be overwhelming for early-stage founders who just need basic cap table tracking.
Best for: Post-seed companies that want professional features without premium pricing
Pulley's steady growth over three years isn't an accident. They've positioned themselves as "Carta without the complexity"—and it's working.
The upside: Clean interface, good customer support, and competitive pricing that makes sense for growing companies. Their equity management features rival Carta's, but their user experience is simpler. Strong 409A valuation services at lower costs.
The downside: Smaller investor network means fewer built-in connections when you're fundraising. Some advanced features offerings aren't as robust as Carta's.
Who's switching to them: Companies that started with Carta but found it overcomplicated, and seed-stage companies that want to skip the "Excel spreadsheet phase" entirely.
The partnership play: Clerky + Pulley: Clerky handles your legal foundation (incorporation, SAFEs, legal docs), then seamlessly transfers your data to Pulley for cap table management. Get your legal documents done right from day one, then automatically graduate to professional cap table management. No data entry errors, no coordination headaches.
Best for: Companies raising on AngelList or heavily connected to their ecosystem
AngelList Stack makes sense if you're already using AngelList for fundraising or syndicate management.
The upside: Seamless integration with AngelList's investor network and fundraising tools. Good for rolling funds and syndicate deals.
The downside: Limited outside the AngelList ecosystem. Fewer features than the top platforms, and their growth has been modest compared to Pulley's rise.
Who uses them: Founders already embedded in the AngelList ecosystem who want everything integrated.
The remaining platforms serve specific niches but haven't gained meaningful traction. AngelList Stack focuses on their ecosystem, Shareworks targets enterprise clients, and other smaller players chase specialized use cases.
The cautionary tale: LTSE Equity (formerly Captable.io) actually shut down their cap table service, highlighting how difficult it is to compete in this market. Even with backing and good intentions, execution matters more than funding.
The lesson: The market is consolidating around a few winners. If you're choosing a smaller platform, make sure they have a clear path to sustainability and aren't just burning venture capital.
Start with Clerky + Pulley if: You're pre-seed, need legal documents done right, and want a seamless path to professional cap table management.
Choose Pulley directly if: You've already incorporated, want professional cap table management without complexity, and care more about cost-effectiveness than investor networking.
Pick Carta if: You're raising Series A+, need sophisticated modeling tools, want maximum investor credibility, and price isn't your primary concern.
Consider AngelList Stack if: You're already using AngelList for fundraising and want everything integrated.
The data shows a clear pattern: companies want professional cap table management, but they're increasingly price-conscious and simplicity-focused.
Carta's dominance isn't going anywhere—they have too many network effects and enterprise features. But the fact that challengers like Pulley are gaining ground suggests there's real appetite for alternatives that focus on core functionality without the complexity.
The dozen smaller platforms haven't gained meaningful traction, and some (like LTSE Equity) have actually shut down. This tells us the market is consolidating around a few winners who can execute consistently.
Your cap table platform choice depends on where you are and where you're going. Early-stage founders often start with Clerky, graduate to Pulley for professional management, and sometimes end up on Carta when investor expectations demand it.
The key is picking a platform that matches your current needs without creating unnecessary complexity. Your equity structure is complicated enough—your software shouldn't make it worse.
Managing cap tables is just one piece of your financial operations. We help growing companies get their entire finance function right—from bookkeeping to CFO-level strategy. When you're ready to scale beyond spreadsheets, we're here to help.