Carta
Carta tends to fit when
Later investors, auditors, or a standard 409A workflow already assume it, and you will pay for that familiarity. Still requires an owner inside the company who updates issuances when they happen.
Carta vs Pulley
Carta vs Pulley: two cap-table products, the same job — a ledger you can export
Reviewed August 21, 2026 by Robb
Pulley and Carta both want to be the equity system of record. Founders pick on price, on who their counsel already uses, on a 409A bundle. We are vendor-neutral. The failure we see is not ‘wrong logo.’ It is a table that lags the last four SAFEs and a pool that was never refreshed in the software.
Pulley
Pulley tends to fit when
You want a lighter, often cheaper cap-table product and your counsel will work with the exports. Same rule: if nobody maintains it, you bought a login, not a ledger.
409A is not the product. The ledger is.
A valuation letter on a stale table is a stale letter. Whoever you hire for 409A, give them the real fully diluted count. We keep that count next to the close.
Switching later has a cost
Migrations lose history. Pick something you can live with through a priced round. Do not switch mid-diligence to save a fee.
Finance should be able to export
If only one founder can log in, you have a key-person risk on the cap table. Share access with whoever owns the books.
Frequently asked questions
Which is cheaper?
It changes. Compare total cost including 409A and time. A cheap product you abandon is expensive.
Will a Series A lead reject Pulley?
They will reject a wrong table. The brand of the software is a distant second. Ask their counsel if you are unsure.
How often should we reconcile?
After every issuance and at least with the monthly close when grants are active. Before any raise, always.