Carta vs Pulley — Cap Table Comparison (2026)

Carta cost roughly double Pulley at every comparable pricing tier — but most Series A companies ended up on Carta anyway, because their lead investor's law firm already lives there. Now Pulley is shutting down, and Carta is where its customers are being sent.

Carta and Pulley solve the same problem — tracking who owns what percentage of your company as it changes with every hire, SAFE, and priced round — but they've built genuinely different businesses around it. Carta, founded in 2012, is the institutional default managing equity for more than 40,000 companies and over 2.3 million equity holders. Pulley, founded in 2019 and first backed by Y Combinator in 2020, has spent five years underpricing Carta and out-supporting it for founders who don't yet need an enterprise sales process. Here's what the 2026 numbers actually say.

Carta vs Pulley: the side-by-side comparison

Sources: Vendr (Carta pricing), Vendr (Pulley pricing), TechCrunch, and TechCrunch (Carta 2021 valuation), 2026.

Carta vs Pulley: which cap table platform wins for your stage?

Before its shutdown announcement, Pulley won on price at every published tier and on support at seed and pre-seed, where founders reported faster response times and more hands-on onboarding. Carta wins on institutional trust — 40,000+ companies, deep integration with law firms and auditors, and the default assumption baked into most Series A diligence checklists. With Pulley ceasing operations on December 8, 2026, that trade-off no longer applies to new signups: Carta is the one of the two still operating.

How much does Carta cost vs Pulley in 2026?

Carta's pricing starts free for companies under 25 stakeholders that have raised under $1M. For its paid-plan list prices, see Carta's pricing page; we could not verify them as of Nov 2026. Vendr data shows real-world Carta spend often lands between $6,000 and $15,000/year once companies add 409A valuations, ASC 718 reporting, and option exercise modules — and some report annual bills as high as $77,000 at scale. Pulley's pricing is fully public: $1,200/year for Startup (cap table, SAFEs, fundraising modeling) and $3,500/year for Growth (adds 409As, e-exercises, board approvals, HRIS integration, and Form 3921). Most Pulley customers pay $3,000-$15,000/year depending on complexity — a materially lower floor than Carta's.

Which is better for a Series A startup: Carta vs Pulley?

At Series A ($5M-$20M raised), Carta wins by default in most cases — not because the product is meaningfully better, but because the lead investor's outside counsel, the company's auditors, and the 409A appraisal workflow are all built around it. Migrating from Pulley to Carta mid-diligence adds friction few founders want during a fundraise; the smarter move is deciding before the round closes whether your investor syndicate will care. Before the shutdown announcement, Pulley at $3,500/year was defensible for Series A leads that were flexible on tooling, and saved real cash versus Carta's comparable tier. It is not an option now: Pulley ceases all operations on December 8, 2026.

What the headline pricing gap misses

The "Pulley is half the price" framing undersells how much of Carta's real-world cost is optional. Companies under 25 stakeholders that haven't raised $1M pay $0 on Carta Launch — cheaper than Pulley's $1,200/year floor. And Carta's higher published tiers bundle features (multi-entity support, more granular permissions, deeper audit trails) that many early-stage companies never touch. The comparison that actually matters isn't list price — it's list price against the specific modules your stage requires, and for most seed-stage teams that's cap table tracking, SAFE issuance, and eventually one 409A a year.

Why did Carta exit the secondaries business, and does it matter for cap table choice?

Carta shut down its secondary share trading business entirely in January 2024 after Linear CEO Karri Saarinen publicly revealed that a Carta employee had contacted one of his investors about selling shares, using information the investor hadn't disclosed publicly. CEO Henry Ward apologized directly and admitted the employee "went out of bounds," then announced Carta would exit secondaries "to eliminate any concern that we are not acting in our founders' best interests." The core cap table and 409A product wasn't implicated in the breach, but it's a legitimate data point on how Carta has historically handled the sensitive ownership information both platforms are trusted with. See TechCrunch's coverage for the full timeline.

Is Pulley good enough to replace Carta at scale?

Pulley handles the core cap table job well through Series B for most companies, and its founder-praised support has closed much of the trust gap with Carta since its $40 million Series B led by Founders Fund in July 2022. Where it still trails is scale-specific tooling — multi-entity structures, deeper audit and compliance workflows for later-stage diligence, and the sheer weight of 40,000+ companies' worth of institutional familiarity that makes Carta the path of least resistance for law firms and auditors. Companies that stayed on Pulley past Series B tended to be ones with founder-friendly boards who never pushed for a switch, not companies where Pulley clearly outperformed Carta on features. The question is now moot: Pulley is shutting down on December 8, 2026.

What do founders actually say about Carta vs Pulley support?

The most consistent complaint about Carta among early-stage founders is response time — support tickets on lower tiers can sit for days, and account reps are typically reserved for companies paying for higher-tier plans or add-on modules. Pulley built its early reputation on the opposite: founders repeatedly cite direct Slack access to support and same-day turnaround on cap table questions, even on the entry-level $1,200/year plan. That difference matters more than it sounds, because cap table errors — a missed option grant, a SAFE conversion calculated wrong — tend to surface at the worst possible moment, mid-diligence, when speed of correction is worth more than any feature comparison.

Integrations are the other practical difference. Carta connects natively to more payroll, HRIS, and legal-tech tools simply because it has more integration partners after over a decade in the market — useful once you have a People team managing equity as part of onboarding, and worth weighing against how the broader equity comp landscape stacks up. Pulley's integration list is shorter but covers the essentials (HRIS sync at the Growth tier, e-signature, and fundraising tools), which is typically sufficient until a company crosses roughly 50-75 employees and starts needing tighter HR-system syncing that Carta's larger partner network handles more smoothly.

Carta vs Pulley: the verdict

Carta wins, because Pulley is shutting down on December 8, 2026 and is migrating its customers to Carta, per Pulley's website. Pulley is not a pick for anyone starting a cap table today. Before the shutdown announcement, the case for Pulley was price and support at pre-seed and early seed; that analysis above is now history. Choose Carta if you're raising a priced Series A or later, your lead investor's counsel has a preference, or you need the deepest possible audit trail for diligence. If you have a global team and want flat pricing with 150+ jurisdiction coverage, look at Qapita Partner (a Value Add VC partner) — the Schwab-backed alternative that starts free and includes in-house 409As at $3,000/year. If you want something other than Carta, Fidelity Private Shares is free until your first priced round, Ledgy is built for Europe-heavy teams, and Cake Equity (a Value Add VC partner) is a lower-cost option; our cap table software ranking covers the full field. If you're already on Pulley, log in to your Pulley account and start the move now: Pulley says its app stops working on December 8, 2026, and moving mid-round costs real time you would rather spend closing. For anyone still building their equity stack from scratch, our cap table playbook covers the mechanics any platform needs to get right.