Your cap table is the most consequential document in your company. Errors in it do not surface until your next round, your next 409A, or your acquirer’s diligence team finds them. By then, fixing a miscounted vesting cliff or a misnamed SAFE holder is a legal cleanup exercise, not a software configuration.
The good news is that the cap table software market in 2026 is genuinely competitive, with strong options at every stage and price point. The category is expected to be worth $6.3 billion this year and is projected to reach $15 billion by 2033, driven primarily by startups increasing equity compensation as a cost management tool in a tighter funding environment.
This guide covers the six platforms that consistently appear on shortlists across pre-seed through pre-IPO, with verified pricing, honest trade-offs, and a clear recommendation on which stage each tool fits best.
What Cap Table Software Actually Does
A cap table tracks every security a company has issued- common stock, preferred stock, options, warrants, convertible notes, and SAFEs alongside the people and entities that hold them. The software automates dilution math, vesting schedules, 409A valuations, and the paperwork investors and acquirers require during diligence.
Early on, a spreadsheet works. By Series A, with multiple security types, vesting cliffs, options grants, and SAFEs converting at different valuation caps, a spreadsheet becomes a liability. A single formula error or version conflict in a shared sheet can cascade into investor renegotiations or a delayed close.
What to Look For Before You Choose
Stage fit. A pre-seed tool that is free but lacks scenario modeling is wrong for a Series B company. An enterprise platform with quote-based pricing is wrong for a two-person team pre-raise.
409A support. You need a 409A valuation before issuing any new options after a priced round, and every 12 months thereafter. Some platforms include it natively. Others refer you to third-party providers at $2,000 to $4,000 per valuation. That difference compounds quickly.
Investor familiarity. Some platforms are deeply embedded in the diligence workflows of US law firms and institutional investors. If your investors expect a Carta-exported cap table, running on a platform they have never seen creates friction at the worst possible moment.
Geography. US-centric platforms handle 409A, ASC 718, QSBS, and IRS filings well but have limited support for European equity structures: EMI schemes, CSOP options, VSOP in Germany, BSA-AIR in France, and GDPR requirements for employee data. European founders should not force a US-first tool into their compliance stack.
Migration support. You will switch platforms at least once. Free, clean migration support is not a bonus feature; it is a practical requirement.
The 6 Best Cap Table Management Platforms in 2026
1. Eqvista
Best for: Pre-seed through late-stage companies, including Series funding to Pre-IPO that need both cap table management and bundled 409A valuation at the lowest total cost
- Pricing: Free up to 20 shareholders. Premium plan at $2 per shareholder per month. 409A Valuation plan starts at $990 per year with unlimited valuation updates.
- G2 Rating: 4.9 out of 5 (148 reviews), ranked #1 in G2’s Equity Management Software category
- HQ: United States
Eqvista is the strongest value proposition in the market for startups at any stage that want cap table management and 409A under one roof without the pricing structure of Carta. The free tier covers up to 20 shareholders with real-time cap table tracking, SAFE and convertible note management, and basic vesting schedules. The Premium plan, at $2 per shareholder per month, is the most transparent pricing model in this category. There are no hidden add-on fees for features that other platforms charge separately.
The platform’s distinguishing feature is its Real-Time Company Valuation technology, which sits alongside traditional 409A valuations conducted by in-house NACVA-certified professionals. Every 409A includes lifetime audit support and full IRS defense. The plan also covers ASC 718 reporting, 83(b) elections, and QSBS attestation, all integrated with the cap table at no additional cost. G2 reviewers from healthcare, technology, and consulting consistently describe savings of $8,000 to $12,000 per year compared to traditional 409A firms or Carta’s equivalent tiers.
Scenario modeling and waterfall analysis are frequently cited by G2 users as standout capabilities. The platform supports round modeling, dilution simulations, and funding scenario planning, features that help founders understand their ownership structure before entering investor conversations.
The investor CRM is less specialized than some competitors, and the platform’s investor brand recognition in institutional diligence workflows does not yet match Carta. For companies whose investors specifically request Carta-format exports, that is worth factoring in.
Verdict: The best starting point for pre-seed to later-stage funded companies, and a credible alternative to Carta for growth-stage teams that want to reduce their annual equity management spend significantly.
2. Carta
Best for: Series A and beyond; companies that need the deepest institutional trust, the broadest feature set, and fund administration under one roof
- Pricing: Launch plan free for up to 25 stakeholders. Build plan approximately $2,800 per year. Grow and Scale plans step up from there. Enterprise is quote-based.
- G2 Rating: 4.4 out of 5 (224 reviews)
- HQ: New York, NY
- Company scale: $7.4B valuation, $500M ARR (2025), 40,000+ companies on platform
Carta is the category-defining platform for US private company equity. It serves 40,000-plus companies and runs the 409A engine that institutional VCs and acquirers encounter most frequently during diligence. At Series A, when your investors are running a structured diligence process and your law firm is managing cap table documentation, being on Carta removes friction that other platforms can create, simply because Carta is what the ecosystem expects.
The feature set is the broadest in the market: cap table management, 409A valuations, equity plan administration, board consent workflows, fund administration for VC funds, LP portals, and a secondary transaction marketplace. No other single vendor covers this much surface area. For companies planning a liquidity event, an institutional round, or fund administration alongside cap table management, Carta’s consolidated approach avoids the overhead of managing multiple vendors.
The trade-off is cost. At the Build tier, 409A valuations cost $2,000 to $4,000 as add-ons beyond the base plan. G2 reviews and buyer comparisons consistently note that Carta’s pricing escalates steeply with stakeholder count and feature depth, with some mid-stage companies reporting annual costs between $14,000 and $20,000. Onboarding and support reviews are more mixed than the platform’s functionality warrants.
Verdict: The default choice for Series A and beyond, especially if your institutional investors, law firm, or board have existing Carta workflows. Overkill and overpriced for pre-seed.
3. Pulley
Best for: YC-backed and early-stage US startups that want a clean, founder-friendly experience with transparent pricing
- Pricing: Startup plan at $1,200 per year for up to 25 stakeholders. Growth plan at $3,600 per year for up to 40 stakeholders, including 409A. Higher tiers are quote-based.
- G2 Rating: 4.6 out of 5
- HQ: San Francisco, CA
Pulley built its reputation as the founder-friendly Carta alternative, and it earns that reputation through transparent pricing, fast onboarding, and a clean user interface that does not require implementation support to operate. The Startup plan at $1,200 per year is meaningfully cheaper than comparable Carta tiers, and the Growth plan includes 409A valuation support at a price point most seed-stage companies can absorb.
The platform handles the standard US equity structure well: SAFEs, convertible notes, common and preferred stock, standard vesting schedules, and scenario modeling for fundraising rounds. AngelList named Pulley as an official migration partner when Stack sunset in August 2026, which accelerated Pulley’s market position among pre-seed and seed stage teams who were previously on AngelList.
Pulley’s limitations are at the edges. Complex modeling scenarios, IFRS reporting, and international equity structures are not where the platform is strongest. Very early pre-seed teams paying $1,200 per year for features they will not use for twelve months may find Eqvista’s free tier a better starting point.
Verdict: The cleanest Carta alternative for US seed companies, particularly for founders who want transparent pricing and fast setup without enterprise complexity.
4. Ledgy
Best for: European startups, UK-incorporated companies, and any team with cross-border shareholders requiring multi-currency cap table management and EU compliance
- Pricing: Quote-based, typically 10 to 20% less than Carta for comparable European stakeholder structures
- G2 Rating: 4.7 out of 5
- HQ: London, UK
Ledgy is the clear category leader for European equity management. US-centric platforms like Carta and Pulley have limited support for EMI schemes, CSOP options, VSOP in Germany, BSA-AIR in France, and GDPR requirements for employee equity data. Ledgy was built specifically for these structures and handles multi-currency cap tables, automated EU equity plan management, IFRS 2 reporting, and localized compliance across European regulatory environments.
The platform supports investor reporting, scenario modeling, and vesting management at a standard that matches Pulley and Carta for European use cases. Its investor and employee portals are highly regarded in G2 reviews for transparency and usability. Ledgy does not natively offer 409A valuations, which is expected given its European focus, but for UK and EU companies that do not require US-format valuations, this is not a gap.
The limitation is straightforward: Ledgy does not compete on US-specific features. For US-only companies, the name recognition with US institutional investors and law firms does not match Carta or Pulley. 409A valuations are not natively offered.
Verdict: The default choice for European and UK-incorporated startups. Non-negotiable if your equity structures include EMI, CSOP, VSOP, or BSA-AIR.
5. Cake Equity
Best for: APAC and Australia-headquartered startups, and early-stage global teams that want lightweight equity management with strong onboarding
- Pricing: Startup-friendly tiers starting around $80 per month. Quote-based at growth stage.
- G2 Rating: 4.8 out of 5
- HQ: Sydney, Australia
Cake Equity is the strongest platform in the APAC market and has built a reputation for customer support that consistently outperforms larger competitors in G2 reviews. The platform covers cap table management, ESOP administration, and investor management, with an education-first approach that makes it particularly useful for founding teams who are new to equity management. G2 ratings of 4.8 cite fast onboarding, responsive support, and clean workflows as the primary drivers.
Startups switching from Carta to Cake Equity have reported saving $3,000 to $16,000 per year depending on stakeholder count and feature usage. The platform is available globally but is most deeply integrated with APAC legal and compliance frameworks.
The trade-off is feature depth at later stages. Carta and Pulley have stronger US-specific functionality for companies planning an institutional round with US investors, and the platform’s name recognition in US diligence workflows is limited.
Verdict: The best choice for APAC-headquartered startups and a strong Carta alternative for cost-conscious early-stage teams globally.
6. Shareworks by Morgan Stanley
Best for: Late-stage and pre-IPO companies that need institutional-grade equity plan administration and integration with wealth management services
- Pricing: Quote-based, enterprise pricing
- HQ: United States
Shareworks targets the high end of the market: late-stage private companies, pre-IPO teams, and public companies that need equity plan administration at institutional scale. The Morgan Stanley parentage means deep integration with wealth management, secondary transactions, and liquidity programs for employees and investors. For a company with hundreds of employees holding options and institutional investors managing position sizes, Shareworks provides a level of operational infrastructure that consumer-facing platforms are not built to deliver.
The trade-off is obvious: Shareworks is enterprise software priced and built for enterprise complexity. It is not relevant for pre-seed, seed, or early Series A companies, and the implementation timeline is not compatible with the speed that most early-stage teams need.
Verdict: Relevant only at late-stage and pre-IPO. If you are reading this guide because you are evaluating platforms for a seed or Series A company, Shareworks is not your platform.
Head-to-Head: Pricing Comparison
| Platform | Free Tier | Entry Paid Plan | 409A Included | Best Stage Fit |
|---|---|---|---|---|
| Eqvista | Yes, up to 20 shareholders | $2/shareholder/month | Yes, from $990/year | Pre-seed through late-stage, series funding to Pre-IPO |
| Carta | Yes, up to 25 stakeholders | ~$2,800/year | Add-on ($2K-$4K) | Series A through pre-IPO |
| Pulley | No | $1,200/year | Yes (Growth plan+) | Seed through Series B |
| Ledgy | Limited | Quote-based | No (EU-focused) | European startups |
| Cake Equity | Limited | ~$80/month | Via partners | APAC, early-stage global |
| Shareworks | No | Quote-based | Via partners | Late-stage, pre-IPO |
One Thing That Changed in 2026: AngelList Stack Is Gone
AngelList stopped accepting new Stack cap table customers in August 2026. Existing customers can remain on current plans, but the product is in maintenance mode. AngelList named Pulley and J.P. Morgan Workplace Solutions as official migration partners. JPMWS is offering free service for up to 100 stakeholders for three years to migrating teams. If you are currently on Stack and planning a round in 2026 or 2027, migrate before you enter diligence. Moving a cap table mid-round is painful.
How to Choose Based on Stage
Pre-seed (under $1M raised): Start with Eqvista’s free tier or Carta Launch. Both cover the basics at zero cost. Eqvista’s free plan extends to 20 shareholders; Carta Launch covers 25. Eqvista is the better choice if you anticipate needing 409A support in the next 12 months.
Seed and early Series A (US): Pulley at $1,200 per year or Eqvista’s Premium plan. Pulley has stronger name recognition in YC-adjacent circles. Eqvista wins on total cost if 409A is a near-term requirement.
Series A and beyond (US): Carta is the default, primarily because of ecosystem integration with investors and law firms. Eqvista and Carta at 20 to 40% lower cost is a credible alternative if your investors do not specifically require Carta-format outputs.
European or UK-incorporated: Ledgy, without exception. Do not try to manage EMI or CSOP options in a US-first platform.
The Bottom Line
Cap table software is not a vanity purchase. The cost of a spreadsheet error at Series A diligence, recalculating fully diluted ownership with three simultaneous SAFE conversions and a previous option pool expansion, is typically several legal hours and a delayed close. The annual cost of the right platform is a rounding error by comparison.
Start with the free tier of whichever platform fits your stage. Migrate to a paid plan when you hit your first option grant or your first outside investor. Do not wait until your Series A data room request arrives to realize your cap table is on a spreadsheet that has not been reconciled in six months.
The platform itself matters less than the discipline of keeping it updated. But the right platform makes that discipline considerably easier to maintain.