Your cap table is one of the most important legal documents your startup will ever manage — it records who owns what, tracks every grant and transfer, and becomes the focal point of scrutiny in every fundraise, M&A process and exit. Managing it in a spreadsheet creates errors, risk and the wrong signal to sophisticated investors. The market has fragmented by stage and geography: Carta holds roughly 80% share with Pulley around 15%, and EU-specific tools serve European structures. The right choice depends on your stage, where you’re incorporated, your budget, and what your investors expect.
This guide compares five of the most widely used cap table platforms in 2026 across pricing, ideal use case and standout strengths, each linking directly to the provider so you can check current terms.
Cap table software compared at a glance
| Platform | Pricing | Best For | Link |
|---|---|---|---|
| Carta | Free Launch tier; from ~$2,500/yr base | Series A+, institutional | Visit → |
| Pulley | Startup ~$1,200/yr; Growth ~$3,600/yr | Pre-seed to Series A | Visit → |
| Cake Equity | Startup-friendly tiers | Scaling teams, APAC/AU | Visit → |
| Ledgy | From ~€1,800/yr (early-stage) | European companies | Visit → |
| Eqvista | Competitive / budget pricing | Budget early-stage | Visit → |
Pricing reflects publicly available information as of June 2026; note that 409A valuations (required by the IRS before issuing options) are often a separate cost from the platform — Carta bundles it natively while others route to third-party providers. AngelList Stack stopped onboarding new cap-table customers in 2026 (existing users only), with Pulley and J.P. Morgan named migration partners. Always confirm current pricing and 409A costs.
The best cap table & equity management platforms in 2026, compared
Carta
Best institutional standard
Best for: Series A and later startups whose investors expect the institutional cap-table standard.
| Price short | Free Launch tier; from ~$2,500/yr base |
| Best for short | Series A+, institutional |
| Strength | Native 409A, investor-trusted |
| Free tier | <25 stakeholders, <$1M raised |
| Adoption | ~80% market, 40,000+ cap tables |
| Note | Cost and complexity grow with scale |
- Institutional standard top-tier VCs expect
- Native 409A valuations and exit modeling
- Free Launch tier for early-stage founders
Pulley
Best for early stage
Best for: Pre-seed and seed founders wanting lean, affordable cap table with fast 409A.
| Price short | Startup ~$1,200/yr; Growth ~$3,600/yr |
| Best for short | Pre-seed to Series A |
| Strength | SAFE/note modeling, fast 409A |
| 409A | 3–5 day turnaround on Growth |
| Pricing | Flat annual, predictable |
| Note | Skews to smaller teams |
- Lean, founder-friendly with flat predictable pricing
- Strong SAFE and note modeling for first rounds
- Faster 409A turnaround than Carta
Cake Equity
Best for scaling & APAC
Best for: Scaling startups managing team equity, with particular strength in APAC and Australia.
| Price short | Startup-friendly tiers |
| Best for short | Scaling teams, APAC/AU |
| Strength | Employee equity, ESOP |
| Rating | 4.8/5 on G2 |
| Extras | Calculators, offer letters, vesting |
| Note | Smaller investor network than Carta |
- Built for startups scaling headcount and equity
- Strong employee equity and ESOP tools
- Particular strength in APAC and Australia
Ledgy
Best for Europe
Best for: European founders needing EU-compliant equity management and employee equity tools.
| Price short | From ~€1,800/yr (early-stage) |
| Best for short | European companies |
| Strength | EU compliance, IFRS 2 |
| Schemes | EMI, GmbH, SA structures |
| Extras | Employee equity portal |
| Note | US-centric features lighter |
- Purpose-built for EU equity compliance and GDPR
- Supports EMI, German GmbH and French SA structures
- Excellent employee equity dashboard
Eqvista
Best budget option
Best for: Unfunded and very early US teams wanting core cap table with bundled 409A at low cost.
| Price short | Competitive / budget pricing |
| Best for short | Budget early-stage |
| Strength | Core cap table + 409A |
| Compliance | 409A, ASC 718 support |
| Fit | Angel to seed |
| Note | Lighter modeling than Carta/Pulley |
- Budget-friendly cap table for early teams
- Bundled 409A valuations and ASC 718 support
- Single-vendor experience at low cost
How to choose the right cap table software
Match the platform to your stage, geography and what investors expect. For pre-seed and seed US startups, Pulley is the lean, founder-friendly choice — a Startup tier around $1,200/year, fast 409A turnaround, and strong SAFE and note modeling — while Carta offers a free Launch tier (under 25 stakeholders and under $1M raised). By Series A and beyond, Carta becomes the institutional standard most top-tier VCs expect, integrating with their portfolio and LP systems (base around $2,500/year), so it’s usually the right time to migrate if you haven’t. Scaling startups managing equity across a growing team — and APAC/Australian companies — are well served by Cake Equity (4.8 G2, startup-friendly tiers). European founders with EMI, CSOP, VSOP or BSA-AIR schemes and GDPR requirements should choose Ledgy (or Capdesk), which are purpose-built for EU compliance. And budget-conscious early teams wanting bundled 409A get value from Eqvista. Two essentials: budget separately for the 409A valuation (needed every 12 months or after a material event), and remember the software is only a ledger — the legal paperwork behind each grant is what makes it valid.
Frequently Asked Questions
What is the best cap table software in 2026?
It depends on your stage and geography. Carta is the institutional standard most investors expect (best at Series A+), Pulley is the lean choice for early stage, Cake Equity is best for scaling startups and APAC, Ledgy is best for European companies, and Eqvista is the budget pick.
How much does cap table software cost?
Roughly: pre-seed/seed under $1M raised can use a free tier (Carta Launch); Series A US startups pay $1,200–3,500/year (Pulley); European startups €3,000–6,000/year (Ledgy); and Series B+ companies $5,000–15,000/year (Carta higher tiers). Remember 409A valuations are often a separate cost from the platform itself.
Carta or Pulley — which is better?
Pulley is better for pre-seed and seed: lean, flat-priced (~$1,200/year), with fast 409A and strong SAFE modeling. Carta is better at Series A and beyond, when institutional investors expect it and integrate with it. Many founders start on Pulley or a free tier and migrate to Carta when investor expectations demand it.
Is the 409A valuation included in cap table software?
Not always. Carta bundles 409A valuations natively, while Pulley, Ledgy and Cake Equity often route you to third-party providers (from ~$1,200–1,500). A 409A is required by the IRS before issuing stock options and must be refreshed every 12 months or within 90 days of a material event like a new round. Budget for it separately.
Does cap table software make my equity legally valid?
No — it’s a ledger, not the legal transaction. What makes a grant valid is the paperwork behind it: board consent, signed stock or option agreements, and proper corporate authorization. An entry without those documents is a placeholder for something that hasn’t legally happened, and diligence will expose the gap. Use the software alongside proper legal process.
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