Review: Top 5 Cap Table Management Tools for Startups (2026)

Cap table management is no longer a spreadsheet hobby: it's central to governance, fundraising, and employee equity. We tested five leading platforms — Carta, Pulley, Capdesk, Eqvista, and Shareworks — evaluating them on usability, pricing, investor workflows, compliance, and integrations. This review is written for founders deciding which platform to adopt before an institutional raise and for angel investors who want consistent documentation across portfolios.

Testing Criteria

We evaluated each product across similar dimensions:

• Onboarding & setup — speed and support for historical rounds and option pools.
• Cap table visualization — clarity, scenarios, and dilution modelling.
• Fundraising workflows — e-signatures, SAFEs, priced rounds, and investor communications.
• Employee equity management — grants, vesting schedules, exercise portals, and buyback processes.
• Compliance & reports — 409A, tax reporting, and legal export formats.
• Pricing & scalability — affordability for small startups and enterprise readiness.

Carta

Carta is the incumbent and feels like the standard for scaling startups. The interface is polished, with powerful scenario modeling and a broad ecosystem of integrations (payroll, legal providers, 409A). Carta’s onboarding is thorough but can be expensive for tiny pre-seed teams. If you're planning to scale into a Series B+ with institutional investors, Carta's signal and network effects are strong.

• Pros: Best-in-class reporting; widely accepted by investors.
• Cons: Higher cost for early-stage startups; onboarding can take time.

Pulley

Pulley is a modern competitor that focuses on early-stage usability and rapid onboarding. It is designed for founders who want simple scenario planning without enterprise overhead. Pricing is accessible, and Pulley provides clear cap table exports which investors appreciate.

• Pros: Founder-friendly UX; affordable plans for startups.
• Cons: Fewer advanced enterprise integrations.

Capdesk

Capdesk has strong roots in European markets and supports multi-jurisdictional compliance. It's a good choice for startups with cross-border employee equity or EEA-based investors. The platform includes a robust stakeholder portal for employees and investors.

• Pros: Excellent international compliance; employee portal features.
• Cons: Less common in US VC ecosystems; may require additional integration work.

Eqvista

Eqvista positions itself as a cost-effective solution for early-stage companies. It covers basic cap table needs and 409A valuations but can feel less refined in the UX department. For bootstrapped startups seeking a low-cost option, Eqvista provides utility at low expense.

• Pros: Budget-friendly; functional feature set.
• Cons: UX and polish lag competitors; limited investor network signal.

Shareworks

Shareworks (by Morgan Stanley) is enterprise-grade and geared toward later-stage companies with global payroll and equity complexity. It's powerful but overkill for most pre-seed and seed-stage companies.

• Pros: Robust global features; strong compliance offerings.
• Cons: Expensive for early-stage startups; lengthy implementation time.

Recommendations

Choosing a platform depends on growth plans and investor expectations:

• If you anticipate institutional rounds and want an investor-recognized system, start with Carta once you cross a revenue or funding threshold that justifies the cost.
• For early-stage usability and low cost, Pulley is an excellent middle ground.
• If your team or investors are international, Capdesk offers the compliance features you need.
• Bootstrapped founders on a budget can use Eqvista but should be prepared to migrate later.
• Later-stage companies with complex equity programs should consider Shareworks.

Migration Considerations

Migration between platforms is common. Preserve clean historical records, ensure legal exhibits are attached to relevant funding rounds, and schedule migration during a quieter operational window. Most vendors offer migration support but budget for legal review and reconciliation time.

"Cap table hygiene reduces friction in fundraising. Choosing the right tool early is an investment in clarity when the stakes rise."

In short, there is no one-size-fits-all winner. Founders should prioritize clarity, investor expectations, and long-term cost. For many early-stage startups, Pulley hits the sweet spot. For those preparing to scale rapidly and institutionalize governance, Carta or Shareworks become necessary. Whichever you choose, treat cap table management as a first-class operational discipline, not an afterthought.