{
 "sym": "Eq",
 "updated": "2026-08-06",
 "verdict": "Carta, still \u2014 the network gravity is unarguable (50,000+ companies, $4.5T+ in assets on platform, 120k+ 409A valuations delivered), the free Launch tier covers a new startup through its first $1M and 25 stakeholders, and every lawyer and VC already knows how to read a Carta cap table. But it's a default with trust scars: the 2024 secondaries data-misuse scandal, cancellation-friction complaints, and contact-sales-only pricing above the free tier are all real. Pulley is the pick when you want listed prices and token + equity in one place; Cake when you want the cheapest credible paid tier and a free start; Mantle when you want an AI-native cap table with unlimited stakeholders free; Ledgy when you're European. AngelList \u2014 a canon candidate a year ago \u2014 sunset its legacy cap-table product in August 2025 and now points startups to Pulley.",
 "top5": [
  {
   "rank": 1,
   "name": "Carta",
   "maker": "Carta (eShares, Inc.)",
   "url": "https://carta.com",
   "docs": "https://support.carta.com",
   "pricing": "Launch free (\u226425 stakeholders, \u2264$1M raised, incl. SAFE closings) \u00b7 Build/Grow/Scale contact-sales \u00b7 409A included Grow+",
   "tile_note": "the cap-table default",
   "best_for": "The default for a US venture-track C-corp \u2014 every investor, lawyer, and acquirer already speaks Carta, and the free tier covers you to $1M raised.",
   "why": "The category's network effect in one company: 50,000+ companies, 1.7M+ equity holders, $4.5T+ assets on platform (Aug 2026), and the largest 409A operation in existence \u2014 120k+ valuations delivered, ~16k/year. $442M ARR in 2024 (+19% YoY), with cap table + 409A the core ~$250M of it. Now shipping Carta Plugins for Claude so agents can query and act on live cap-table data.",
   "watch": "Trust deficit is self-inflicted: exited secondary trading in 2024 after customers caught it using their cap-table data to broker deals; founders reported cancellation friction (Dec 2024); multiple discrimination suits settled through Feb 2025. Paid-tier pricing is opaque contact-sales, and the free tier's $1M-raised cap arrives fast.",
   "evidence": [
    {
     "stat": "50,000+ companies, 1.7M+ equity holders, $4.5T+ assets on platform (carta.com, Aug 2026)",
     "src": "https://carta.com"
    },
    {
     "stat": "$442M ARR 2024, +19% YoY; ~$250M from cap table + 409A (Sacra)",
     "src": "https://sacra.com/c/carta/"
    },
    {
     "stat": "120k+ 409A valuations delivered, ~16,000/year (carta.com, Aug 2026)",
     "src": "https://carta.com/valuations/"
    }
   ]
  },
  {
   "rank": 2,
   "name": "Pulley",
   "maker": "Pulley (Prolific Labs)",
   "url": "https://pulley.com",
   "docs": "https://help.pulley.com",
   "pricing": "Startup $1,200/yr (25 stakeholders) \u00b7 Growth $3,500/yr (40, incl. 409A) \u00b7 Enterprise custom \u00b7 token cap table $4,500/yr",
   "tile_note": "transparent, founder-first, token-ready",
   "best_for": "Founders who want listed prices, an anti-Carta data stance, and the only serious token + equity cap table in one product.",
   "why": "The credible challenger: transparent pricing on the site ($1,200/$3,500/yr), an explicit \"we don't monetize your data\" position aimed at Carta's scandal, and customers like Linear, LayerZero, Runway, and Techstars. When AngelList sunset its legacy cap-table product (Aug 2025), it named Pulley an official migration partner \u2014 the market's endorsement of the #2. Crypto is a real vertical: token cap tables, token 409A-equivalent valuations, distributions.",
   "watch": "No free tier \u2014 Carta Launch, Cake, and Mantle all start at $0. Scale claims are vague (\"thousands of companies\"), and 409A requires the $3,500 Growth tier.",
   "evidence": [
    {
     "stat": "Startup $1,200/yr, Growth $3,500/yr incl. 409A \u2014 publicly listed (Aug 2026)",
     "src": "https://pulley.com/pricing"
    },
    {
     "stat": "Named official migration partner for AngelList's legacy cap-table sunset (Aug 6, 2025)",
     "src": "https://www.angellist.com/blog/the-future-of-cap-tables"
    },
    {
     "stat": "Customers incl. Linear, LayerZero, Bitwise, Runway; dedicated token cap-table product (Aug 2026)",
     "src": "https://pulley.com"
    }
   ]
  },
  {
   "rank": 3,
   "name": "Cake Equity",
   "maker": "Cake Equity",
   "url": "https://www.cakeequity.com",
   "docs": "https://help.cakeequity.com",
   "pricing": "Free (5 stakeholders) \u00b7 Build $1,000/yr (25) \u00b7 Team $2,750/yr (40, incl. 2\u00d7 409A/yr) \u00b7 Pro custom \u00b7 409A add-on $1,500",
   "tile_note": "free start, cheapest paid",
   "best_for": "Cost-sensitive early teams \u2014 the cheapest credible paid tier in the category, with a genuine free plan and global (US/AU/UK) reach.",
   "why": "Undercuts everyone with published pricing: $1,000/yr Build vs Pulley's $1,200, and the $2,750 Team tier bundles two audit-ready 409As a year \u2014 less than many boutiques charge for one. Claims 10,000+ companies (2025), grew out of Australia (Startmate 2021) into a Venice, CA HQ, and handles SAFEs, ESOPs, and board approvals with e-signing built in.",
   "watch": "Scale claim is self-reported and thinner than Carta's; least US-investor brand recognition of the top four \u2014 some VCs will still ask you to move to Carta at the priced round. Per-stakeholder overage fees ($1\u20135) add up.",
   "evidence": [
    {
     "stat": "Free plan (5 stakeholders); Build $1,000/yr; Team $2,750/yr incl. 2 409A valuations (Aug 2026)",
     "src": "https://www.cakeequity.com/pricing"
    },
    {
     "stat": "10,000+ companies served claim; founded 2017 Queensland, Startmate 2021, now Venice CA (as of 2025)",
     "src": "https://www.cakeequity.com/about"
    }
   ]
  },
  {
   "rank": 4,
   "name": "Mantle",
   "maker": "Mantle (Canada)",
   "url": "https://withmantle.com",
   "docs": "https://withmantle.com/help",
   "pricing": "Starter free (unlimited stakeholders) \u00b7 Essentials $1,200/yr \u00b7 Growth $3,000/yr (incl. annual 409A) \u2014 no per-stakeholder fees",
   "tile_note": "ai-native, unlimited free stakeholders",
   "best_for": "AI-led startups that want the cap table itself to be agentic \u2014 and the only free tier with no stakeholder cap.",
   "why": "The AI-native entrant: agentic document extraction turns messy incorporation docs and SAFEs into structured cap-table data, works with Claude, GPT, and Gemini, and positions as \"agentic infrastructure\" rather than a filing cabinet. Pricing scales by features, not headcount \u2014 unlimited stakeholders on every tier including free, which no other vendor offers. Growth at $3,000/yr with 409A included undercuts Pulley's equivalent.",
   "watch": "Youngest and least proven of the five \u2014 no disclosed company counts or funding scale, and investor-side brand recognition is near zero; a lead VC may still push you onto Carta. AI extraction of legal documents deserves human spot-checks.",
   "evidence": [
    {
     "stat": "Free tier with unlimited stakeholders; Growth $3,000/yr incl. annual 409A (Aug 2026)",
     "src": "https://withmantle.com/pricing"
    },
    {
     "stat": "AI-native: agentic doc processing across Claude/GPT/Gemini; \"agentic infrastructure\" positioning (Aug 2026)",
     "src": "https://withmantle.com"
    },
    {
     "stat": "Covered by BetaKit as Canadian Carta competitor with free cap-table tool",
     "src": "https://betakit.com/?s=mantle"
    }
   ]
  },
  {
   "rank": 5,
   "name": "Ledgy",
   "maker": "Ledgy AG (Zurich)",
   "url": "https://ledgy.com",
   "docs": "https://help.ledgy.com",
   "pricing": "Free starter (1 round, 2 admins) \u00b7 paid tiers custom by stakeholders \u00b7 50% off yr 1 under \u20ac5M raised \u00b7 20% climate discount",
   "tile_note": "europe's equity standard",
   "best_for": "European and UK companies managing multi-jurisdiction ESOPs \u2014 from seed through post-IPO share plans.",
   "why": "The European default: Revolut, Synthesia, Personio, Motorway, and Aiven run equity on it, and it spans private cap tables through public-company share plans \u2014 useful when your EMI/VSOP/ESOP crosses borders, which US-centric tools handle poorly. Shipping AI too: \"Ledgy Agent & MCP\" exposes live equity data to agents for automated admin and instant answers.",
   "watch": "Paid pricing is opaque (contact-sales, sized by stakeholders); 409A is a US instrument \u2014 a US Delaware C-corp is better served by the four above. No published scale metrics.",
   "evidence": [
    {
     "stat": "Customers incl. Revolut, Synthesia, Personio; private-through-public share-plan scope (Aug 2026)",
     "src": "https://ledgy.com"
    },
    {
     "stat": "Ledgy Agent & MCP \u2014 agent access to live equity data (Aug 2026)",
     "src": "https://ledgy.com"
    },
    {
     "stat": "Free tier; 50% off first year for startups under \u20ac5M raised (Aug 2026)",
     "src": "https://ledgy.com/pricing"
    }
   ]
  }
 ],
 "matrix": {
  "cols": [
   "Entry price",
   "Free tier",
   "409A path",
   "SAFE admin",
   "Home turf",
   "AI / agents",
   "Beyond the cap table"
  ],
  "rows": [
   [
    "Carta",
    "Free \u2192 contact-sales",
    "Yes (\u226425 stk, \u2264$1M raised)",
    "Included Grow+; 16k/yr in-house",
    "Yes, incl. closings on free",
    "US + UK/EU/MEA",
    "Claude plugins, agentic monitoring",
    "Fund ERP, Carta Law, liquidity, comp"
   ],
   [
    "Pulley",
    "$1,200/yr",
    "No",
    "Included Growth ($3.5k)",
    "Yes, templated",
    "US + crypto",
    "\u2014",
    "Token cap tables, distributions"
   ],
   [
    "Cake Equity",
    "$1,000/yr",
    "Yes (5 stk)",
    "2/yr on Team; $1.5k add-on",
    "Yes",
    "US / AU / global",
    "\u2014",
    "ESOP benchmarking, contract editor"
   ],
   [
    "Mantle",
    "$1,200/yr",
    "Yes (unlimited stk)",
    "Included Growth ($3k)",
    "Yes",
    "US / Canada",
    "Agentic doc extraction, multi-model",
    "LP/investor portal (Mantle Portal)"
   ],
   [
    "Ledgy",
    "Custom",
    "Yes (limited)",
    "EU valuations focus; 409A secondary",
    "Convertibles yes",
    "EU / UK / public cos",
    "Ledgy Agent & MCP",
    "Multi-country ESOP compliance"
   ],
   [
    "Fidelity Private Shares",
    "Custom",
    "\u2014",
    "Third-party, integrated",
    "Yes, financing automation",
    "US",
    "\u2014",
    "Data room, incorporation, HR onboarding"
   ],
   [
    "Vestd",
    "\u00a32,200/yr",
    "No",
    "EMI valuations from \u00a3700",
    "UK ASAs, not SAFEs",
    "UK only",
    "\u2014",
    "Companies House sync, co-sec filings"
   ],
   [
    "Qapita",
    "Custom",
    "No",
    "Yes, incl. 409A",
    "Yes",
    "Asia / MEA / global",
    "\u2014",
    "Fund admin, liquidity programs"
   ]
  ]
 },
 "rules": [
  {
   "if": "You just incorporated a Delaware C-corp \u2014 under 25 stakeholders, under $1M raised",
   "then": "Carta Launch, free. SAFE modeling and closings are included, and being where your investors and lawyers already work is worth more than any feature."
  },
  {
   "if": "Opaque contact-sales pricing offends you, or you have tokens and equity on the same cap table",
   "then": "Pulley \u2014 $1,200/yr listed on the site, an explicit no-data-monetization stance, and the only mature token cap-table product (LayerZero, Bitwise run on it)."
  },
  {
   "if": "You're past 25 stakeholders but pre-revenue, or allergic to per-stakeholder fees",
   "then": "Mantle \u2014 the only free tier with unlimited stakeholders, and its AI extraction ingests a messy existing cap table from raw documents."
  },
  {
   "if": "You're a UK/EU company issuing EMI options or running ESOPs across borders",
   "then": "Ledgy (multi-jurisdiction, Revolut-grade) \u2014 or Vestd/SeedLegals if you're UK-only and want Companies House sync and scheme setup bundled."
  },
  {
   "if": "You're Series B+ heading toward audits or an exit",
   "then": "Carta Grow/Scale \u2014 ASC 718 with audit support, Rule 701, Form 3921, exit modeling, and the 409A shop auditors see most often. Fidelity Private Shares is the credible non-Carta enterprise path."
  }
 ],
 "field": [
  {
   "name": "AngelList (legacy cap table)",
   "maker": "AngelList",
   "note": "Sunset Aug 6, 2025 \u2014 no new features, new access restricted to RUV/CV users; official migration partners: Pulley and J.P. Morgan Workplace Solutions. RUVs themselves live on under element Cp",
   "url": "https://www.angellist.com/equity",
   "oss": false,
   "entry": "\u2014",
   "status": "sunsetting"
  },
  {
   "name": "Fidelity Private Shares",
   "maker": "Fidelity (ex-Shoobx, acq. 2023)",
   "note": "All-in-one equity + data room + financing automation with Fidelity's brand behind it; strong law-firm channel, contact-sales pricing",
   "url": "https://www.fidelityprivateshares.com",
   "oss": false,
   "entry": "custom",
   "status": "active"
  },
  {
   "name": "Vestd",
   "maker": "Vestd Ltd",
   "note": "UK specialist \u2014 EMI/CSOP/growth shares with Companies House sync; Self-Serve from \u00a32,200/yr, valuations from \u00a3700",
   "url": "https://www.vestd.com",
   "oss": false,
   "entry": "\u00a32,200/yr",
   "status": "active"
  },
  {
   "name": "SeedLegals",
   "maker": "SeedLegals (UK)",
   "note": "Legal-docs-plus-cap-table for UK startups: Access \u00a3649/yr, unlimited EMI valuations on Options plan \u00a32,699/yr; overlaps element Lg",
   "url": "https://seedlegals.com",
   "oss": false,
   "entry": "\u00a3649/yr",
   "status": "active"
  },
  {
   "name": "Qapita",
   "maker": "Qapita (Singapore)",
   "note": "Asia/MEA leader \u2014 claims $185B+ equity under management, 2,700+ private companies, 60+ countries (self-reported, Aug 2026)",
   "url": "https://www.qapita.com",
   "oss": false,
   "entry": "custom",
   "status": "active"
  },
  {
   "name": "Eqvista",
   "maker": "Eqvista",
   "note": "Free cap-table tool with quote-based 409A valuations attached; budget option, quote-only pricing",
   "url": "https://eqvista.com",
   "oss": false,
   "entry": "free + quotes",
   "status": "active"
  },
  {
   "name": "J.P. Morgan Workplace Solutions",
   "maker": "J.P. Morgan (ex-Global Shares, acq. 2022)",
   "note": "globalshares.com now redirects to jpmorganworkplacesolutions.com; enterprise share-plan admin, an AngelList migration partner",
   "url": "https://www.jpmorganworkplacesolutions.com",
   "oss": false,
   "entry": "custom",
   "status": "renamed"
  },
  {
   "name": "Morgan Stanley Shareworks",
   "maker": "Morgan Stanley (ex-Solium, acq. 2019)",
   "note": "Enterprise equity-comp platform for late-stage private and public companies; overkill before Series C",
   "url": "https://www.morganstanley.com/atwork/shareworks",
   "oss": false,
   "entry": "custom",
   "status": "active"
  },
  {
   "name": "Capbase",
   "maker": "Capbase",
   "note": "Incorporation + cap table + compliance at $999/yr; site live and selling (Aug 2026) despite earlier wind-down reports \u2014 verify support responsiveness before committing",
   "url": "https://capbase.com",
   "oss": false,
   "entry": "$999/yr",
   "status": "active"
  },
  {
   "name": "LTSE Equity",
   "maker": "LTSE (ex-Captable.io)",
   "note": "Gone \u2014 product no longer appears anywhere on ltse.com (Aug 2026); shutdown communicated to users circa 2024, exact date unverified",
   "url": "https://ltse.com",
   "oss": false,
   "entry": "\u2014",
   "status": "dead"
  },
  {
   "name": "Easop \u2192 Remote Equity",
   "maker": "Remote (acq. Apr 2024)",
   "note": "Global stock-option administration for EOR/international employees, folded into Remote's platform; the EOR side lives in element Hr",
   "url": "https://remote.com",
   "oss": false,
   "entry": "custom",
   "status": "acquired"
  },
  {
   "name": "Capdesk \u2192 Carta Europe",
   "maker": "Carta (acq. Sep 2022)",
   "note": "The UK/EU challenger, absorbed and rebranded as Carta's European arm",
   "url": "https://carta.com/uk/en/",
   "oss": false,
   "entry": "\u2014",
   "status": "acquired"
  },
  {
   "name": "Capshare",
   "maker": "Shareworks/Solium (acq. 2017)",
   "note": "Early Carta rival, absorbed into Shareworks; brand retired",
   "url": "https://www.morganstanley.com/atwork/shareworks",
   "oss": false,
   "entry": "\u2014",
   "status": "dead"
  },
  {
   "name": "Carta Liquidity / CartaX",
   "maker": "Carta",
   "note": "The cautionary tale within the leader: private stock exchange launched 2021, exited Jan 2024 after data-misuse allegations, business sold Aug 2024",
   "url": "https://carta.com",
   "oss": false,
   "entry": "\u2014",
   "status": "dead"
  }
 ],
 "signals": [
  {
   "fact": "Carta at $442M ARR in 2024 (+19% YoY), ~$250M of it cap table + 409A \u2014 the category's revenue center of gravity (Sacra)",
   "src": "https://sacra.com/c/carta/"
  },
  {
   "fact": "Consolidation: AngelList sunset its legacy cap-table product Aug 6, 2025, handing migrations to Pulley and J.P. Morgan Workplace Solutions",
   "src": "https://www.angellist.com/blog/the-future-of-cap-tables"
  },
  {
   "fact": "Carta exited secondary trading Jan 2024 after customers alleged it used their cap-table data to broker share sales; the business was sold Aug 2024",
   "src": "https://techcrunch.com/tag/carta/"
  },
  {
   "fact": "Carta is expanding sideways, not just up: acquired Avantia and launched Carta Law (May 2026), plus ListAlpha CRM and Carta Europe (ex-Capdesk)",
   "src": "https://en.wikipedia.org/wiki/Carta_(software_company)"
  },
  {
   "fact": "AI reached the cap table in 2026: Carta Plugins for Claude, Ledgy Agent & MCP, and Mantle's agentic document extraction all shipped as headline features (vendor sites, Aug 2026)",
   "src": "https://carta.com"
  },
  {
   "fact": "409A pricing has commoditized downward: bundled free in Carta Grow+, Pulley Growth ($3.5k/yr), Mantle Growth ($3k/yr), Cake Team ($2,750/yr incl. 2/yr) \u2014 vs $1,500+ standalone",
   "src": "https://www.cakeequity.com/pricing"
  }
 ],
 "notes": "Ranking criteria: network acceptance by investors/counsel first (a cap table is a shared document), then pricing transparency, SAFE + 409A administration depth, and jurisdiction fit; AI features are a tiebreaker, not a driver \u2014 correctness beats cleverness in a system of record. Charter: editorial picks, no affiliate consideration. Conflicts resolved: Carta company count \u2014 Sacra says 35,000 startups (~35% of VC-backed), carta.com claims 50,000+ companies (Aug 2026); we cite the vendor figure as the fresher claim and note the gap. Carta valuation \u2014 $7.4B Series G (Aug 2021) vs Wikipedia's sub-$2B 2024 secondary-market estimate; both stated, neither current. Cake's 10,000+ companies and Qapita's $185B EUM are self-reported and uncorroborated. Capbase shows a live product at $999/yr despite earlier wind-down chatter \u2014 flagged, not resolved. LTSE Equity's shutdown date is inferred from its removal from ltse.com; exact date unverified. AngelList's RUVs/SPVs and fund tooling belong to element Cp (Capital); incorporation-with-equity-docs (Stripe Atlas, Clerky) to In; contract templates incl. YC SAFEs (Common Paper) to Lg; EOR option administration (Deel, Remote Equity) to Hr. Boutique standalone 409A shops (Eton, Aranca, Meld et al.) exist but bundled platform valuations have largely won on price; not independently verified here. Research constraint: WebSearch was unavailable this session \u2014 all verification via direct fetches of vendor and reference pages; recent-news coverage (esp. any mid-2026 Carta controversy beyond Carta Law/Avantia) is thinner than protocol prefers.",
 "sources": [
  "https://carta.com",
  "https://carta.com/pricing/",
  "https://carta.com/valuations/",
  "https://support.carta.com",
  "https://sacra.com/c/carta/",
  "https://en.wikipedia.org/wiki/Carta_(software_company)",
  "https://techcrunch.com/tag/carta/",
  "https://pulley.com",
  "https://pulley.com/pricing",
  "https://www.angellist.com/blog/the-future-of-cap-tables",
  "https://www.angellist.com/equity",
  "https://ledgy.com",
  "https://ledgy.com/pricing",
  "https://www.cakeequity.com/pricing",
  "https://www.cakeequity.com/about",
  "https://withmantle.com",
  "https://withmantle.com/pricing",
  "https://betakit.com/?s=mantle",
  "https://www.vestd.com/pricing",
  "https://seedlegals.com/pricing/",
  "https://www.qapita.com/",
  "https://www.fidelityprivateshares.com/",
  "https://eqvista.com/price/",
  "https://capbase.com",
  "https://www.jpmorganworkplacesolutions.com/",
  "https://www.morganstanley.com/atwork/shareworks"
 ],
 "element": {
  "number": 43,
  "name": "Equity",
  "group": "Back-office",
  "essential": false,
  "edition": "v2026.Q3",
  "revision": "r7",
  "license": "CC BY 4.0 \u2014 cite elems.ai",
  "url": "https://elems.ai/e/eq.html"
 }
}