Pulley vs Eqvista: A Complete Comparison Guide for Cap Table Management in 2026

Choosing the right cap table management software can make or break your startup’s equity operations. With Pulley announcing its shutdown in December 2026, many founders find themselves searching for alternatives. This comparison puts Pulley and Eqvista head to head across every feature that matters.

We’ll dig into pricing structures, cap table features, 409A valuations, user experience, and much more. Both platforms serve startups and growing companies. But they take different approaches to solving equity management challenges.

By the end of this guide, you’ll know exactly which platform fits your company’s stage and needs. We’ll also introduce Altshare as a strong alternative worth considering. Let’s get into the details.

Understanding Cap Table Management Software: Why It Matters

A cap table tracks who owns what in your company. It sounds simple. But as your startup grows, equity management becomes complex fast.

You issue stock options to employees. You bring on investors. You convert SAFEs and convertible notes. Each transaction changes ownership percentages.

Spreadsheets break down quickly. Manual tracking leads to errors. Those errors can cost you during due diligence or M&A processes.

What Good Cap Table Software Should Do

The best platforms handle several core functions:

• Real-time ownership tracking across all share classes
• Vesting schedule management for employee equity
• Scenario modeling for fundraising rounds
• Document generation for stock certificates and grants
• Compliance support for tax and regulatory requirements
• 409A valuations to set fair market values

Both Pulley and Eqvista aim to deliver these capabilities. They differ in how they package features and what they charge.

The Stakes Are High

Getting equity wrong creates real problems. Employees might receive incorrect tax documents. Investors might see wrong ownership percentages. Auditors might flag compliance issues.

Clean cap table records matter during fundraising. VCs want to see organized equity data. Messy records slow down deals and raise red flags.

The platform you choose affects daily operations. It also impacts major milestones like funding rounds and exits.

Pulley Overview: What You Need to Know

Pulley built a reputation in YC-adjacent startup circles. The platform focused on simplicity and startup-friendly features. Many seed-stage founders chose it over larger competitors like Carta.

The company positioned itself as a modern alternative to complex enterprise tools. Clean design and fast setup attracted early-stage teams.

Pulley’s Core Features

Pulley’s Startup tier included basic cap table functionality:

• Cap table management for up to 25 stakeholders
• Equity plan administration
• Document management
• Basic reporting tools
• Stakeholder portal access

The Growth plan expanded these limits to 40 stakeholders. It also added 409A valuation services.

Pulley’s Pricing Structure

Pulley did not offer a free tier. The minimum commitment started at $1,200 per year for the Startup plan.

This pricing put Pulley in an awkward position. Pre-seed companies often couldn’t justify that cost. They weren’t using most features yet.

The tiered approach also created upgrade pressure. Hit 25 stakeholders? Time to pay more. This frustrated some users who felt nickel-and-dimed.

The Shutdown Announcement

In September 2026, Pulley announced it would cease operations on December 8, 2026. This news shocked many customers.

Pulley partnered with Carta to help customers transition. But many companies prefer to evaluate all options first.

The shutdown makes this comparison somewhat academic for new customers. You can’t sign up for Pulley now. But understanding what it offered helps evaluate alternatives.

Who Used Pulley?

Pulley attracted a specific customer profile:

• US-based startups from seed to Series B
• YC alumni and related networks
• Companies wanting simpler alternatives to Carta
• Teams that valued transparent pricing

The platform worked well for its target market. Limitations appeared at the edges with complex scenarios.

Eqvista Overview: A Detailed Look

Eqvista takes a broader approach than Pulley did. The platform combines equity management with valuation services under one roof.

This integration appeals to companies wanting fewer vendors. Get your cap table and 409A from the same provider.

Eqvista’s Core Features

Eqvista offers a complete equity management suite:

• Cap table management with real-time updates
• All equity types supported: shares, options, warrants, SAFEs, KISS, convertible notes
• Advanced vesting schedules with custom configurations
• 409A valuations performed by NACVA-certified professionals
• Real-Time Company Valuation feature
• Financial modeling tools for scenario planning
• Compliance support and document generation

The platform serves companies from pre-seed through pre-IPO stages.

Eqvista’s Free Tier

Eqvista stands out with its free plan. It covers up to 20 stakeholders with no credit card required and no expiration.

This free tier includes:

• Core cap table management
• Equity tracking
• Share issuance capabilities

Early-stage startups can start free and upgrade when needed. This removes the $1,200 barrier that Pulley required.

Eqvista’s Paid Plans

Beyond the free tier, Eqvista charges $2 per shareholder per month for its Premium plan.

The 409A valuation package starts at $990 per year. This includes unlimited NACVA-certified valuations.

Companies can choose what they need. Add valuations when required without changing cap table providers.

Who Uses Eqvista?

Eqvista serves a wide range of companies:

• Pre-seed startups using the free tier
• Funded companies through Series rounds
• Companies needing integrated 409A services
• Teams wanting real-time valuation insights
• Organizations with complex equity structures

The platform’s flexibility makes it adaptable to different company stages and needs.

Pulley vs Eqvista: Pricing Comparison

Pricing often determines which software startups choose. Let’s break down how these platforms compare on cost.

Entry-Level Pricing

Eqvista’s free tier gives startups a clear advantage. You can manage equity without paying anything until your team grows beyond 20 people.

409A Valuation Costs

409A valuations determine fair market value for stock options. They’re required for tax compliance.

Eqvista wins on total cost if 409A valuations are a near-term need. The $990 annual fee covers unlimited valuations.

Cost Scaling Analysis

Let’s model costs for different company sizes:

10 Stakeholders:

• Pulley: $1,200/year
• Eqvista: Free

25 Stakeholders:

• Pulley: $1,200/year (at limit)
• Eqvista: $600/year ($2 × 25 × 12)

50 Stakeholders:

• Pulley: Growth plan required (higher cost)
• Eqvista: $1,200/year

Eqvista’s per-stakeholder pricing scales predictably. Pulley’s tier system created cliff pricing at stakeholder limits.

Hidden Costs to Consider

Both platforms have costs beyond base subscriptions:

• Setup fees: Eqvista has no setup fee. Pulley sometimes charged for onboarding.
• Data migration: Switching platforms requires time and effort. Both offered migration support.
• Additional services: Advanced modeling, compliance reports, and custom integrations may cost extra.

Budget for the full picture, not just the sticker price.

Cap Table Management Features: Side-by-Side Analysis

The core function of both platforms is managing your cap table. Let’s compare how they handle this critical task.

Share Class Support

Modern startups issue multiple equity types. Your platform must handle all of them.

Eqvista supports all equity types with real-time updates. Pulley covered most common instruments but had limitations with some structures.

Vesting Schedule Management

Employee equity typically vests over time. Tracking vesting status matters for retention and tax planning.

Pulley’s approach:

• Standard 4-year vesting with 1-year cliff
• Basic customization options
• Manual tracking for complex schedules

Eqvista’s approach:

• Advanced vesting schedule configuration
• Custom cliff periods and vesting frequencies
• Acceleration clauses supported
• Real-time vesting status tracking
• Automatic calculations for exercises

Eqvista offers more flexibility for companies with non-standard vesting arrangements. This matters if you’re competing for talent with creative compensation packages.

Transaction Management

Every equity transaction needs proper recording. Grants, exercises, transfers, and terminations all affect your cap table.

Eqvista includes:

• Grant issuance workflows
• Exercise processing with tax calculations
• Transfer recording and approval flows
• Termination handling with post-termination exercise periods
• Audit trails for all transactions

Pulley handled basic transactions well. Complex scenarios sometimes required workarounds or manual intervention.

Real-Time Updates

Outdated cap table data creates problems. You need current information for board meetings, investor updates, and compliance.

Eqvista emphasizes real-time updates across its platform. Changes reflect immediately. You always see current ownership percentages.

Pulley provided timely updates but sometimes lagged on complex conversions. SAFE conversions during funding rounds occasionally required manual adjustments.

Reporting Capabilities

Both platforms generate standard reports:

• Summary cap tables
• Detailed ownership reports
• Option grant summaries
• Vesting schedules
• Transaction histories

Eqvista adds financial modeling reports and valuation summaries. These help during board presentations and investor discussions.

409A Valuations: A Critical Comparison Point

409A valuations aren’t optional. They’re required by IRS regulations when issuing stock options. Getting them wrong creates serious tax problems.

What Is a 409A Valuation?

A 409A valuation determines the fair market value (FMV) of your company’s common stock. This sets the exercise price for stock options.

Without a valid 409A, options might be considered “discounted.” This triggers immediate taxation and penalties for recipients.

You need a new 409A:

• Every 12 months at minimum
• After any material event (funding, M&A, significant revenue changes)
• Before issuing new option grants in many cases

Eqvista’s 409A Services

Eqvista performs 409A valuations in-house with NACVA-certified professionals. This integration provides several benefits:

• Speed: Faster turnaround when valuators have direct access to cap table data
• Accuracy: Fewer data handoffs mean fewer errors
• Real-Time FMV insights: Track valuation trends between formal reports
• Unlimited valuations: Get updates whenever material events occur
• Direct specialist access: Ask questions without going through middlemen

The $990/year package includes unlimited valuations. Most competitors charge per valuation, adding up to $3,000-5,000 annually for active companies.

Pulley’s 409A Approach

Pulley bundled 409A valuations into its Growth plan and above. The service wasn’t available on the Startup tier.

This meant companies on the $1,200/year plan needed to either:

• Upgrade to a higher tier
• Use a separate 409A provider

Neither option was ideal. Upgrades increased costs. Separate providers created data synchronization challenges.

Cost Comparison for 409A

Eqvista’s pricing structure makes sense for companies needing regular valuations. The unlimited model removes uncertainty from budgeting.

Real-Time Company Valuation Feature

Eqvista offers a unique Real-Time Company Valuation feature. This provides ongoing FMV insights between formal 409A reports.

Benefits include:

• Monitor valuation changes as your business grows
• Identify when material events might trigger a new 409A
• Provide board and investor updates with current data
• Make better decisions about option grants timing

This feature doesn’t replace formal 409A valuations. It supplements them with real-time visibility.

User Experience and Interface Design

Software is only useful if people actually use it. User experience determines adoption rates and daily productivity.

Eqvista’s Interface

Eqvista built its interface for founders and CFOs. The design prioritizes clarity over feature density.

Key design elements:

• Clean dashboard showing key metrics at a glance
• Intuitive navigation between modules
• Setup completed in minutes, not hours
• Mobile-responsive design for on-the-go access
• Clear visualizations for ownership and vesting

New users can start managing their cap table without extensive training. The learning curve is manageable for non-finance team members.

Pulley’s Interface

Pulley also focused on simplicity. The platform earned praise for its startup-friendly design.

Notable features:

• Fast onboarding process
• Clear pricing displayed upfront
• Straightforward navigation
• Basic but functional reporting

Both platforms prioritized ease of use over feature complexity. This made them attractive alternatives to enterprise-focused competitors.

Stakeholder Portal Experience

Your employees and investors access the platform too. Their experience matters for engagement and transparency.

Eqvista stakeholder features:

• Individual dashboards showing personal equity holdings
• Vesting schedule visibility
• Document access for grants and exercises
• Exercise workflow for option holders
• Secure authentication

Pulley stakeholder features:

• Basic stakeholder portal
• Equity summary views
• Document access
• Limited self-service options

Eqvista provides richer stakeholder self-service capabilities. This reduces admin burden on your team.

Mobile Accessibility

Founders and CFOs aren’t always at their desks. Mobile access keeps equity data available during meetings and travel.

Eqvista offers responsive design that works on tablets and phones. Core functions remain accessible on smaller screens.

Pulley’s mobile experience was adequate but not optimized. Complex tasks required desktop access.

Compliance and Document Management

Equity management requires extensive documentation. Regulatory compliance demands proper records.

Document Generation

Both platforms generate standard equity documents:

• Stock certificates
• Option grant agreements
• Restricted stock agreements
• Board consent documents
• Exercise notices

Eqvista includes templates that comply with standard legal requirements. Customization options allow for company-specific terms.

Compliance Support

Equity compensation involves complex regulations:

• Section 409A for deferred compensation
• 83(b) election tracking for restricted stock
• Securities law compliance for issuances
• Tax withholding calculations for exercises

Eqvista provides compliance tools and guidance throughout these processes. Automated reminders help prevent missed deadlines.

Pulley offered basic compliance features. Complex situations often required external legal counsel involvement.

Audit Trail and Records

During due diligence, investors want to see complete equity records. Missing documentation raises concerns.

Eqvista maintains comprehensive audit trails:

• All transactions logged with timestamps
• User actions recorded
• Document versions preserved
• Changes tracked and attributable

This audit trail proves valuable during fundraising, acquisitions, and financial audits.

Data Security

Cap table data is sensitive. Ownership information requires protection.

Both platforms provide:

• Encrypted data storage
• Secure login with multi-factor authentication
• Role-based access controls
• Regular security audits

Verify each platform’s specific security certifications before making a decision.

Financial Modeling and Scenario Planning

Understanding how future events affect ownership helps with strategic planning. Modeling tools let you test scenarios before they happen.

Eqvista’s Modeling Capabilities

Eqvista includes advanced financial modeling tools:

• Funding round modeling: See how new investments dilute existing shareholders
• Option pool expansion: Model the impact of increasing your equity plan
• Exit scenarios: Calculate payouts under different acquisition or IPO prices
• Conversion modeling: Project SAFE and note conversions
• Waterfall analysis: Understand liquidation preferences and payout order

These tools help during fundraising negotiations. Know your numbers before sitting across from investors.

Pulley’s Modeling Features

Pulley provided basic modeling capabilities:

• Simple dilution calculations
• Basic round modeling
• Limited exit scenario analysis

Complex scenarios required exports to spreadsheets. This created version control challenges and potential errors.

Why Modeling Matters

Consider these common scenarios:

Scenario 1: Series A negotiation

An investor offers $5M at a $20M pre-money valuation. They want a 15% option pool expansion. How does this affect founder ownership? Modeling tools answer this in seconds.

Scenario 2: Employee equity discussion

A key hire wants 1% of the company. What’s that worth at different exit valuations? Models show the potential value range.

Scenario 3: Acquisition offer

A company offers $50M. With liquidation preferences, who gets what? Waterfall analysis reveals the actual payout distribution.

Without modeling tools, these calculations require manual spreadsheet work. Errors in that work can lead to bad decisions.

Presentation-Ready Outputs

Eqvista generates visual outputs suitable for board presentations:

• Ownership pie charts
• Dilution waterfall graphics
• Scenario comparison tables
• Exit value distributions

These outputs save time when preparing investor updates and board materials.

Customer Support and Service Quality

When something goes wrong, support quality matters. Equity issues can’t wait for slow ticket responses.

Eqvista’s Support Model

Eqvista provides direct access to equity and valuation specialists. This isn’t generic customer support.

Support features include:

• Email support with fast response times
• Phone support for urgent issues
• Access to valuation professionals for 409A questions
• Onboarding assistance for new customers
• Migration help for companies switching platforms

The specialist access differentiates Eqvista from competitors offering only general support agents.

Pulley’s Support Approach

Pulley provided standard startup software support:

• Email-based ticket system
• Help documentation and FAQs
• Chat support during business hours
• Self-service knowledge base

Response times were generally good for straightforward questions. Complex equity scenarios sometimes required escalation.

Onboarding and Migration Support

Switching cap table platforms requires careful data migration. One mistake can corrupt your equity records.

Eqvista offers guided migration:

• Data import from spreadsheets or other platforms
• Validation checks to catch errors
• Reconciliation against existing records
• Support during the transition period

With Pulley shutting down, migration support from alternative platforms becomes especially relevant.

Training and Resources

Both platforms provide educational resources:

• Help documentation
• Video tutorials
• Webinars on equity topics
• Blog content about cap table management

Eqvista’s resources extend into valuation and financial modeling topics. This reflects the platform’s broader service offering.

Integration Capabilities and Ecosystem Fit

Your cap table software needs to work with other tools. Integrations reduce manual data entry and improve accuracy.

Common Integration Needs

Companies typically want cap table connections to:

• Accounting software: Record equity compensation expenses
• HRIS systems: Sync employee data for grants
• Banking platforms: Process exercise payments
• Legal document tools: Generate and store agreements
• Investor portals: Share ownership data with stakeholders

Eqvista’s Integration Approach

Eqvista offers integrations with common business tools. The platform also provides data export capabilities for manual connections.

API access enables custom integrations for companies with specific needs.

Pulley’s Integration Landscape

Pulley built integrations with popular startup tools. YC-adjacent positioning meant connections to commonly used platforms in that ecosystem.

The shutdown announcement means these integrations will eventually stop working. Companies need transition plans.

Investor Ecosystem Considerations

Some VCs prefer specific platforms. Carta dominates Series A and beyond partly due to investor familiarity.

Eqvista works with investor requirements while maintaining competitive pricing. If your investors specifically require Carta-format outputs, discuss compatibility before switching.

Pulley had strong recognition in YC circles. That network effect disappears with the shutdown.

Who Should Choose Which Platform?

Different companies have different needs. Here’s guidance on platform fit.

Eqvista Is Best For:

• Pre-seed and seed startups wanting to start free
• Companies needing integrated 409A valuations
• Teams wanting real-time valuation insights
• Organizations with complex equity structures
• Companies from early-stage through pre-IPO
• Founders wanting direct specialist access

Pulley Was Best For:

• YC-adjacent startups valuing network effects
• Companies wanting simple, no-frills cap table management
• Teams comfortable with fixed-tier pricing
• US-based seed to Series B companies

With Pulley shutting down, these use cases shift to alternatives like Eqvista.

When Neither Fits

Some situations call for different solutions:

• Enterprise companies: May need Carta or Shareworks scale
• European startups: Ledgy offers EU-focused features
• Global teams: Look for multi-jurisdiction support
• Specific compliance needs: Verify platform capabilities

The Pulley Shutdown: What It Means for the Market

Pulley’s December 2026 shutdown reshapes the cap table software landscape. Let’s examine the implications.

Why Pulley Is Closing

The company announced the shutdown in September 2026. Specific reasons weren’t fully disclosed, but market dynamics played a role.

Cap table software is competitive. Carta dominates at scale. Smaller players struggle to differentiate and achieve profitability.

The Carta Transition Offer

Pulley partnered with Carta to offer assisted transitions for eligible customers. This makes Carta the default destination for many.

But Carta isn’t the only option. Companies should evaluate alternatives before accepting the default path.

Why Evaluate Alternatives

Reasons to look beyond Carta:

• Pricing: Carta costs more than Eqvista for similar features
• 409A bundling: Eqvista includes unlimited valuations at lower cost
• Company stage: Early-stage companies may not need Carta’s enterprise features
• Customer service: Some companies prefer smaller providers with more personal support

Migration Timeline Considerations

Pulley ceases operations December 8, 2026. Affected companies need to:

• Export all data before shutdown
• Select a new platform
• Migrate records completely
• Update stakeholder access
• Verify data accuracy post-migration

Don’t wait until the last minute. Data migration takes longer than expected.

Altshare: The Best Alternative to Both Pulley and Eqvista

While comparing Pulley and Eqvista, another option deserves attention. Altshare emerges as a strong alternative to both platforms.

Why Consider Altshare?

Altshare combines the best features of both competitors while addressing their limitations:

• Complete cap table management for all equity types
• Competitive pricing that scales with your company
• Integrated valuation services without switching platforms
• Advanced modeling tools for strategic planning
• Strong compliance support across jurisdictions
• Excellent customer service with direct specialist access

Altshare vs Eqvista

While Eqvista offers solid features, Altshare provides additional benefits:

• More flexible pricing tiers
• Enhanced reporting capabilities
• Better multi-jurisdiction support
• Faster platform updates and improvements
• More responsive customer support

Altshare vs Pulley

For companies that previously used Pulley, Altshare offers:

• Similar ease of use without the shutdown concern
• Better pricing without tier-based limits
• Integrated 409A services included
• Smoother migration process from Pulley
• Long-term platform stability

Making the Switch to Altshare

Altshare provides comprehensive migration support:

• Dedicated migration specialists
• Data validation and reconciliation
• Parallel running during transition
• Training for your team
• Post-migration support

Companies affected by the Pulley shutdown should include Altshare in their evaluation process.

Making Your Final Decision

Choosing cap table software involves weighing multiple factors. Here’s a framework for deciding.

Key Decision Criteria

Questions to Ask Yourself

Answer these before deciding:

1. What’s my current stakeholder count? Will I exceed free tier limits soon?
2. Do I need 409A valuations now or in the near future?
3. How complex is my equity structure?
4. What’s my budget for cap table software?
5. Do my investors have platform preferences?
6. How important is financial modeling functionality?
7. What support level do I need?

Recommended Approach

For most startups, we recommend:

1. Start with free trials to test platform usability
2. Map your specific needs against each platform’s features
3. Calculate total costs including 409A and future growth
4. Check investor preferences if you’re raising funds
5. Evaluate Altshare as the leading alternative to both

Don’t rush the decision. But don’t delay if you’re currently on Pulley.

Conclusion

Comparing Pulley and Eqvista reveals clear differences in pricing, features, and long-term viability. With Pulley shutting down in December 2026, Eqvista stands as a strong option for cap table management and integrated 409A valuations. The free tier makes it accessible for early-stage startups, while advanced features support growth through later funding rounds. For companies seeking the best overall solution, Altshare deserves serious consideration as a comprehensive alternative that combines the strengths of both platforms while adding its own unique advantages.

Frequently Asked Questions About Pulley vs Eqvista