Cap Table / Equity Management

Most complete cap table platform, with a real trust gap to address.

Carta is the cap table category leader, founded 2012 as eShares. Last primary valuation $7.4B (2021 Series G); 2024 secondary tender implied a meaningful markdown. The product covers cap table + equity grants + 409A valuations + ESPP + secondary transactions + post-IPO transfer agent. The defining event of the category in this period: the January 2024 customer-data scandal, in which Carta was publicly accused of using customer cap table data to broker secondary share sales without explicit disclosure. CEO Henry Ward apologized publicly, Carta announced exit from secondary trading, and material customer migration to Pulley and other competitors was reported through 2024-2025. The product is still the most complete cap table platform, largest installed base, deepest feature set, full lifecycle from formation to IPO. But the trust gap is real. Strengths: deepest cap table feature set in category, largest venture-backed installed base, mature 409A valuation services, full IPO/post-IPO transfer agent integration. Trade-offs: the 2024 scandal materially impacts vendor trust scores, pricing has crept up over 2024-2025, Support response times vary as company scaled, and buyers must explicitly evaluate data-handling policies and audit trail. Buyers must do this evaluation; it is no longer optional.

Modern Carta alternative; won material business after the 2024 scandal.

Pulley is the modern Carta alternative, founded 2019 (Y Combinator W20). The product covers cap table + equity grants + 409A valuations + ESPP at meaningfully closer feature parity to Carta than any other independent vendor. The defining moment for Pulley: the January 2024 Carta customer-data scandal materially accelerated Pulley adoption. Pulley publicly reported customer wins from former Carta customers throughout 2024-2025, and founder community sentiment shifted from "Carta is the default" to "Pulley is the credible alternative." Strengths: modern UX, strong feature parity with Carta for venture-backed startups, founder-led culture (CEO Yin Wu, ex-Microsoft, ex-Stanford), explicit data-handling policies (publicly addressed post-Carta scandal), aggressive product velocity. Best fit for venture-backed startups wanting Carta feature parity without the 2024 scandal baggage. Trade-offs: Lighter market share than Carta, 409A valuation services not as mature, post-IPO transfer agent depth below Shareworks, and brand recognition still building outside venture-backed startup community.

Public-company-anchored equity management with bank relationship.

Shareworks is the Morgan Stanley-anchored equity management platform, originally founded as Solium in 1999 in Calgary and acquired by Morgan Stanley in 2019 for $900M. The product covers cap table + equity grants + ESPP + post-IPO transfer agent + brokerage with deep public-company anchoring. Strengths: Morgan Stanley-anchored bank relationship (the differentiator at scale), strongest public-company and pre-IPO fit, mature ESPP administration at enterprise scale, comprehensive RSU/ISO/NSO accounting, full transfer agent integration. Best fit for public companies and pre-IPO at scale where the bank relationship matters more than modern UX. Trade-offs: UX dated relative to Carta and Pulley, post-Morgan Stanley acquisition created some product velocity issues 2019-2022, Support depends on tier, and Behind modern entrants on release cadence on AI features.

Affordable cap table for early-stage founders.

Eqvista is the affordable cap table platform, founded 2018. The product covers cap table + equity grants + 409A valuations at meaningfully lower price than Carta or Pulley. Strengths: affordable pricing for early-stage founders (free tier for under 20 stakeholders), simple UX, fast onboarding, basic 409A valuation services. Best fit for pre-Series A founders and bootstrapped companies wanting basic cap table without the cost of Carta or Pulley. Trade-offs: thinner feature set than Carta or Pulley, smaller installed base, Support is hit-or-miss, ESPP and post-IPO depth materially below mid-market+ vendors, and brand recognition lower in venture-backed community.

European cap table leader, GDPR-first architecture.

Ledgy is the European cap table leader, founded 2017 in Zurich, Switzerland. The product covers cap table + equity grants + ESPP + 409A-equivalent valuations with GDPR-first architecture and explicit support for European equity schemes (BSPCE in France, Mitarbeiterbeteiligung in Germany, EMI in the UK). Strengths: European cap table leader (default for European startups and scale-ups), GDPR-first architecture, EU data residency, strong fit for European equity schemes (EMI, BSPCE, Mitarbeiterbeteiligung), modern UX, founder-led culture. Best fit for European startups and scale-ups where GDPR-native architecture and EU equity scheme support matter. Trade-offs: weaker US presence than Carta or Pulley, smaller installed base outside Europe, US 409A valuation depth below Carta, and brand recognition lower in NA venture-backed community.

Computershare-anchored cap table with transfer agent integration.

Astrella is the Computershare-anchored cap table platform, launched 2018 as Computershare's modern cap table offering. The product covers cap table + equity grants + ESPP integrated with Computershare's mature transfer agent services for IPO and post-IPO equity stewardship. Strengths: Computershare transfer agent integration (the differentiator at scale), strong fit for pre-IPO and public companies needing transfer agent continuity, mature equity accounting, public Computershare parent stability, multi-jurisdiction support. Best fit for pre-IPO and public companies prioritizing transfer agent continuity. Trade-offs: Smaller deployed base versus Carta or Shareworks, modern UX below Carta and Pulley, Support inconsistency reported, and Product velocity trails newer entrants on AI features.

Early-stage founder-friendly equity bundled with formation.

Gust is the early-stage founder-friendly equity management platform, with Gust Launch (incorporation) and Gust Equity Management (cap table) as integrated tooling. Founded 2013 (Gust Launch and Equity Management products specifically launched 2018-2019). The product covers incorporation + cap table + equity grants + basic 409A at affordable pricing for early-stage founders. Strengths: founder-friendly tooling, integrated with Gust Launch incorporation, AngelList alternative for first-time founders, simple UX, affordable pricing, fast onboarding. Best fit for first-time founders wanting incorporation + cap table bundled. Trade-offs: thinner enterprise features than Carta or Pulley, ESPP and post-IPO depth materially below mid-market+ vendors, smaller installed base, Support is hit-or-miss, and brand recognition lower in venture-backed community.

APAC equity management leader.

Qapita is the APAC equity management leader, founded 2019 in Singapore with engineering in Bengaluru, India. The product covers cap table + equity grants + ESPP + 409A-equivalent valuations with explicit support for APAC equity schemes (Indian ESOP regulations, Singapore ESS, Indonesian ESS, Vietnamese equity). Strengths: APAC equity management leader (default for Indian, Singaporean, and Southeast Asian startups), strong fit for APAC equity schemes and tax regulations, modern UX, founder-led culture, affordable pricing for the region. Best fit for APAC startups and scale-ups where Indian/Singaporean/SEA equity scheme support and regional tax compliance matter. Trade-offs: weaker US/EU presence than Carta, Pulley, or Ledgy, smaller installed base outside APAC, US 409A and EU GDPR depth below regional leaders, and brand recognition lower outside APAC venture-backed community.

AngelList-anchored equity stack for AngelList-funded startups.

AngelList Stack is the AngelList-anchored equity management product, originally launched 2020 as part of AngelList's broader founder tooling. The product covers incorporation + cap table + equity grants + banking integrated with the AngelList rolling fund and SPV ecosystem. Strengths: AngelList-anchored ecosystem (default for AngelList-funded startups), integrated with AngelList rolling funds and SPVs, modern UX, affordable pricing, fast onboarding. Best fit for AngelList-funded startups wanting equity management within the AngelList ecosystem. Trade-offs: thinner enterprise features than Carta or Pulley, smaller installed base outside AngelList ecosystem, ESPP and post-IPO depth materially below mid-market+ vendors, Support depends on tier, and brand recognition lower outside AngelList community.

Carta-owned EU brand, included for honest market consolidation flag.

Capdesk is the Carta-owned European cap table brand, originally founded 2014 in Copenhagen and London, acquired by Carta in 2021. Capdesk now operates as Carta's EU presence rather than as an independent alternative, this is the central honesty point about Capdesk in the post-2021 era. Buyers should evaluate Capdesk as a Carta product with the same vendor-trust considerations from the January 2024 Carta scandal, not as an independent European Carta alternative. Strengths: established European cap table presence, integrated with Carta global platform, EU data residency, mature UK and EU equity scheme support. Best fit for European startups already on Capdesk who want continuity with Carta's broader platform, but new European buyers should evaluate Ledgy as the independent alternative. Trade-offs: post-Carta-acquisition Capdesk is a Carta product (the 2024 Carta scandal applies), product velocity has been mixed since acquisition, and brand confusion exists in the European market about Capdesk versus Carta.