
Pulley vs Ledgy: The Complete Cap Table Software Comparison for 2026
Picking the right cap table software can feel overwhelming. You’ve got investors asking questions, employees wondering about their equity, and compliance deadlines that won’t wait. Two platforms keep coming up in conversations: Pulley and Ledgy. Both handle cap table management. Both promise to simplify your equity operations. But they’re built for different companies with different needs.
This comparison breaks down everything you need to know about Pulley versus Ledgy. We’ll cover pricing, features, compliance support, user experience, and much more. By the end, you’ll know exactly which platform fits your startup. And if neither feels right, we’ll introduce you to Altshare, a strong alternative that might be the better choice for your situation.
Let’s dig in and figure out which cap table tool deserves your attention.
Understanding Cap Table Software: Why Your Choice Matters
Before comparing Pulley and Ledgy directly, let’s talk about why this decision matters so much.
What Cap Table Software Actually Does
Cap table software tracks who owns what in your company. Sounds simple. It’s not.
When you start, maybe you have two founders splitting things 50/50. Easy enough for a spreadsheet. But then you raise a seed round. You issue SAFEs. You create an option pool. You hire employees and grant stock options. Suddenly, your ownership structure looks like a maze.
Good cap table software handles:
- Tracking all shareholders and their ownership percentages
- Managing stock option grants and vesting schedules
- Converting SAFEs and convertible notes during funding rounds
- Modeling future fundraising scenarios
- Generating reports for investors, auditors, and board members
- Staying compliant with tax and securities regulations
Get this wrong, and you’re looking at legal headaches, angry employees, and investor distrust. Get it right, and equity management becomes one less thing keeping you up at night.
The Real Cost of Switching Platforms Later
Here’s something nobody tells you early enough: switching cap table platforms is painful.
Your historical data needs migration. Your stakeholders need new login credentials. Your integrations break. Your team needs retraining. Some founders report spending weeks cleaning up data during migrations.
That’s why picking the right platform now saves you massive headaches later. This isn’t a decision to rush.
Pulley Overview: Built for US Startups and YC Founders

Pulley launched in 2019 in San Francisco (now headquartered in Oakland, California). The company raised a $40 million Series B led by Founders Fund in 2022, with valuations reportedly between $150 million and $300 million. That’s serious backing for a cap table platform.
Pulley’s Core Philosophy
Pulley’s tagline says it all: “Manage equity. Make decisions. Get back to work.”
The platform focuses on removing friction from equity management. It’s built primarily for US-based startups, especially those in the Y Combinator ecosystem. Many YC companies use Pulley because of the tight integration with YC’s startup infrastructure.
Pulley built its reputation as a cap table and equity management platform. It helps founders track ownership, issue stock options, manage SAFEs, and handle equity compliance. Valuations came later as an add-on service.
Who Pulley Serves Best
Pulley works great for:
- Early-stage US startups raising seed or Series A rounds
- YC-backed companies looking for familiar tools
- Founder-led teams who want predictable pricing
- Companies prioritizing 409A valuations alongside cap table management
The platform targets founders who want simplicity without sacrificing functionality. It’s not trying to be everything to everyone. That focus shows in the product design.
Pulley’s Market Position
Pulley positions itself as the cost-effective alternative to Carta, the industry giant. According to multiple founder comparisons, Pulley offers similar core functionality at 30 to 40 percent less cost.
The tradeoff? Pulley has a smaller customer base than Carta. Some founders report that traditional law firms don’t recognize Pulley as readily as they do Carta. But this gap has been narrowing as Pulley’s investor and lawyer network grows.
Pulley currently holds a 4.6 out of 5 rating on G2, based on user reviews. That’s a strong score in a competitive market.
Ledgy Overview: The European and Global Equity Platform

Ledgy takes a different approach. While Pulley focuses on US startups, Ledgy built its entire platform around a problem American competitors don’t solve well: multi-jurisdiction equity compliance.
Ledgy’s Core Philosophy
Ledgy understands that equity isn’t just an American concept. Companies across Europe, Asia, and beyond need to manage ownership structures too. And each country has its own rules.
The platform natively handles:
- UK EMI option schemes
- German VSOPs (Virtual Stock Option Plans)
- French BSPCEs (Bons de Souscription de Parts de Créateur d’Entreprise)
- Other country-specific equity structures
Without Ledgy, managing these structures requires a patchwork of local advisors and manual tracking. Ledgy consolidates everything into one platform.
Who Ledgy Serves Best
Ledgy works great for:
- European startups headquartered in the UK, Germany, France, or other EU countries
- Globally distributed teams with employees and shareholders across multiple countries
- Companies with complex international equity structures
- Teams that need strong investor and employee portals
If your company has equity holders outside the US, Ledgy should be on your shortlist. Period.
Ledgy’s Market Position
Ledgy doesn’t try to compete directly with Carta or Pulley in the US market. Instead, it owns the European and global equity space.
The platform holds a 4.5 out of 5 rating on G2. Users consistently praise its international compliance features and employee equity tools.
Pricing starts at €900 per year for the Build tier and €3,000 per year for the Team tier. No free tier exists, which differs from some competitors.
Pulley vs Ledgy: Detailed Feature Comparison
Now let’s get into the specifics. How do these platforms stack up feature by feature?
Feature Comparison Table
| Feature | Pulley | Ledgy |
|---|---|---|
| Cap Table Management | ✓ Full support | ✓ Full support |
| SAFE & Note Tracking | ✓ Full support | ◐ Partial support |
| Scenario Modeling | ✓ Full support | ✓ Full support |
| Investor Portal | ◐ Partial support | ✓ Full support |
| Employee Equity App | ◐ Partial support | ✓ Full support |
| 409A Valuation | ✓ Included | — Not available |
| QSBS Attestation Letter | ◐ Available | — Not available |
| Compliance (83(b), 3921, ASC 718) | ✓ Full support | ◐ Limited US compliance |
| Multi-jurisdiction Support | ◐ US-focused | ✓ Global coverage |
| Fast Onboarding | ✓ Quick setup | ◐ Moderate setup time |
| Free Migration | ◐ Case by case | — Not specified |
| Transparent Pricing | ✓ Published rates | ✓ Published rates |
Breaking Down Each Feature Category
Let’s explore what these checkmarks and partial marks actually mean for your daily operations.
Cap Table Management: The Foundation of Both Platforms
Both Pulley and Ledgy handle core cap table management well. This is table stakes for any equity platform.
How Pulley Handles Cap Table Management
Pulley’s cap table management focuses on clarity and speed. The interface shows ownership percentages clearly. You can drill down into individual stakeholder holdings. Historical changes are tracked automatically.
Key Pulley cap table features include:
- Real-time ownership calculations
- Automatic dilution tracking as you issue new shares
- Clean visualizations of ownership breakdown
- Support for common and preferred share classes
- Audit trails for every cap table change
Pulley makes it easy to answer the question “who owns what percentage?” at any moment. That sounds basic, but many startups struggle with this when using spreadsheets.
How Ledgy Handles Cap Table Management
Ledgy’s cap table management adds layers for international complexity. The platform handles multiple share classes, different jurisdictions, and various equity instruments.
Key Ledgy cap table features include:
- Multi-currency support for international teams
- Jurisdiction-specific share class handling
- Complex corporate structure mapping
- Real-time ownership calculations
- Historical cap table snapshots
Ledgy shines when your cap table involves shareholders from different countries with different regulatory requirements.
Verdict on Cap Table Management
For US-only cap tables, both platforms perform well. Pulley might feel slightly faster and cleaner for simple structures.
For international cap tables, Ledgy wins hands down. The multi-jurisdiction support isn’t just a nice feature. It’s the core of the platform.
SAFE and Convertible Note Tracking: Pulley Takes the Lead
SAFEs (Simple Agreement for Future Equity) and convertible notes are common fundraising instruments for early-stage startups. Tracking them properly matters a lot.
Why SAFE Tracking Gets Complicated
SAFEs don’t immediately convert to equity. They sit on your books as a promise of future shares. When you raise a priced round, those SAFEs convert based on specific terms: valuation caps, discounts, and other negotiated conditions.
Getting this conversion math wrong can mean:
- Incorrect ownership percentages post-round
- Disputes with investors who expected different outcomes
- Legal costs to fix mistakes
- Damaged trust with your earliest backers
Pulley’s SAFE and Note Tracking
Pulley offers full support for SAFE and convertible note tracking. The platform was built with YC startups in mind, and YC popularized the SAFE instrument.
You can input SAFEs with their specific terms. Pulley models how they’ll convert under different scenarios. When you close a priced round, the platform calculates conversions automatically.
Pulley’s SAFE features include:
- Multiple SAFE templates (post-money, pre-money)
- Valuation cap and discount tracking
- Automatic conversion calculations during funding rounds
- Scenario modeling showing how different round sizes affect SAFE holders
- MFN (Most Favored Nation) clause handling
Ledgy’s SAFE and Note Tracking
Ledgy offers partial support for SAFEs and convertible notes. The platform can track these instruments, but it wasn’t built around them the way Pulley was.
European startups use different fundraising instruments more often. Ledgy focuses on those structures. If your company relies heavily on US-style SAFEs, you might find Ledgy’s tools less refined.
Verdict on SAFE and Note Tracking
If you’re raising via SAFEs (common for US startups), Pulley offers better tooling. The YC connection means Pulley understands SAFE mechanics deeply.
If you’re using European convertible instruments, check Ledgy’s specific support for your structure. The partial rating means it works, but might require more manual handling.
Scenario Modeling: Planning Your Company’s Future
Scenario modeling helps you understand how future events will affect ownership. Both platforms offer this feature, but they approach it differently.
What Scenario Modeling Includes
Good scenario modeling lets you ask “what if” questions:
- What if we raise $5 million at a $25 million pre-money valuation?
- What if we expand the option pool by 5%?
- What if those SAFEs convert at the cap versus without a cap?
- What if we do a secondary sale?
Founders use these models to make decisions. Investors use them to understand potential outcomes. Board members use them for strategic planning.
Pulley’s Scenario Modeling
Pulley’s scenario modeling focuses on fundraising outcomes. You can model different round sizes, valuations, and terms to see how ownership changes.
Pulley scenario features include:
- Fundraising round modeling with multiple scenarios
- Option pool expansion impact analysis
- SAFE conversion scenario comparisons
- Exit waterfall analysis showing who gets paid what
- Side-by-side scenario comparisons
The interface makes it easy to toggle between scenarios and see differences clearly.
Ledgy’s Scenario Modeling
Ledgy’s scenario modeling handles international complexity. You can model scenarios that involve multiple jurisdictions, different share classes, and various regulatory outcomes.
Ledgy scenario features include:
- Multi-jurisdiction scenario planning
- Complex share class outcome modeling
- Exit waterfall with international considerations
- Employee equity scenario impact
- Round modeling with European instrument types
Verdict on Scenario Modeling
Both platforms handle scenario modeling well. Pulley feels more intuitive for US-style rounds with SAFEs and common structures.
Ledgy handles more complex international scenarios better. If you’re modeling a round with investors from multiple countries and different share classes, Ledgy’s tools prove more capable.
Investor and Employee Portals: Ledgy’s Strong Suit

Your stakeholders need access to equity information. Investor portals and employee equity apps provide that access without requiring constant support from your team.
Why Portals Matter
Without proper portals, you’ll spend hours answering the same questions:
- “How many shares do I own?”
- “What’s my vesting schedule?”
- “When can I exercise my options?”
- “What percentage of the company do I have?”
Good portals let stakeholders find this information themselves. That saves you time and keeps everyone happy.
Pulley’s Portal Offerings
Pulley offers partial support for both investor portals and employee equity apps. The features exist but aren’t as developed as the core cap table management.
Pulley’s portal features include:
- Basic stakeholder login access
- Ownership information display
- Document access for grant letters and agreements
- Vesting schedule visibility for employees
The portals work. They’re functional. But they’re not a standout feature.
Ledgy’s Portal Offerings
Ledgy offers full support for both investor portals and employee equity apps. This is a core strength of the platform.
Ledgy’s investor portal features include:
- Complete ownership information dashboard
- Historical transaction records
- Document library with all agreements
- Communication tools for company updates
- Data room functionality for due diligence
Ledgy’s employee equity app features include:
- Mobile-friendly interface for checking equity
- Clear vesting schedule visualizations
- Exercise simulation tools
- Tax estimation helpers (by jurisdiction)
- Educational content about equity
Employees actually understand their equity better with Ledgy’s tools. That’s not a small thing. Equity confusion causes retention problems.
Verdict on Portals
Ledgy wins clearly on portal functionality. If your investors expect professional portals or your employees need help understanding their equity, Ledgy delivers more.
Pulley’s portals work for basic needs. But they won’t impress sophisticated investors or help confused employees as much.
409A Valuations: Pulley’s Major Advantage
If you’re granting stock options in the US, you need a 409A valuation. This determines the fair market value of your common stock. It protects employees from huge tax bills.
What 409A Valuations Involve
The IRS requires that stock options be granted at fair market value. Without an independent 409A valuation, the IRS might claim you granted options at below-market prices. That creates tax problems for your employees and potential penalties for your company.
Most startups need new 409A valuations:
- Every 12 months at minimum
- After any material event (fundraising, major revenue changes, etc.)
- Before issuing significant option grants
Pulley’s 409A Service
Pulley includes 409A valuations as part of its platform. This is a major selling point.
Pulley’s 409A features include:
- In-house valuation team handling the process
- Fast turnaround times (often faster than standalone valuation firms)
- Integration with your cap table data (no manual re-entry)
- Audit-ready documentation
- Ongoing support for questions
Bundling 409A valuations with cap table management makes sense. The valuation team already has your cap table data. They don’t need to request it separately and reconcile different sources.
Ledgy’s 409A Approach
Ledgy does not offer 409A valuations. The platform focuses on European and global markets where 409A isn’t relevant.
If you need a 409A while using Ledgy, you’ll work with a separate valuation firm. That creates extra work: exporting data, coordinating with the valuation team, and importing results back.
Verdict on 409A Valuations
Pulley wins completely here. If you need 409A valuations (and most US startups do), having them bundled saves time, money, and headaches.
Ledgy users aren’t necessarily at a disadvantage. Many European companies don’t need 409A valuations. But US companies using Ledgy will need external valuation providers.
Compliance Support: Different Strengths for Different Needs
Equity compliance involves more than just valuations. Both platforms help with compliance, but in different areas.
US Compliance Requirements
US startups face specific compliance needs:
- 83(b) elections: Employees can elect to pay taxes on restricted stock at grant rather than vesting
- Form 3921: Required reporting for incentive stock option exercises
- ASC 718: Stock compensation expense recognition for financial reporting
- QSBS: Qualified Small Business Stock tax benefits
Pulley’s US Compliance Support
Pulley offers full support for US compliance requirements. The platform generates necessary forms, tracks deadlines, and helps ensure you don’t miss anything.
Pulley compliance features include:
- 83(b) election tracking and reminders
- Automatic Form 3921 generation
- ASC 718 expense calculation support
- QSBS attestation letters (partial support)
- State-specific compliance guidance
International Compliance Requirements
International equity involves different compliance needs entirely:
- UK EMI schemes: Tax-advantaged employee options requiring specific registration
- German VSOPs: Virtual stock options with unique tax treatment
- French BSPCEs: Founder stock warrants with specific eligibility rules
- Cross-border tax considerations: When employees move between countries
Ledgy’s International Compliance Support
Ledgy offers native support for international equity compliance. This is where the platform truly differentiates itself.
Ledgy compliance features include:
- UK EMI scheme management and reporting
- German VSOP structuring and tracking
- French BSPCE compliance support
- Multi-country tax reporting guidance
- Local regulatory requirement tracking
Without Ledgy, managing these structures requires hiring local advisors in each country. Ledgy centralizes that knowledge into one platform.
Verdict on Compliance
This comes down to geography.
US companies: Pulley offers more comprehensive US compliance support.
European or global companies: Ledgy is the clear choice. No other major platform handles international equity compliance as well.
Pricing Comparison: Pulley vs Ledgy Costs
Let’s talk money. Pricing affects which platform makes sense for your stage and budget.
Pulley Pricing Structure
Pulley uses transparent, published pricing. No free tier exists, but costs are predictable.
| Pulley Plan | Annual Cost | Stakeholder Limit | Best For |
|---|---|---|---|
| Build | $1,200/year | 25 stakeholders | Early-stage startups |
| Team | $3,600/year | 40 stakeholders | Growing companies |
| Enterprise | Quote-based | Custom | Larger organizations |
Pulley positions itself as more affordable than Carta. Multiple founders report saving 30 to 40 percent by choosing Pulley over Carta for similar functionality.
Ledgy Pricing Structure
Ledgy also uses transparent, published pricing. The European pricing shows in euros.
| Ledgy Plan | Annual Cost | Best For |
|---|---|---|
| Build | €900/year (~$1,000) | Early-stage startups |
| Team | €3,000/year (~$3,300) | Growing companies |
| Enterprise | Quote-based | Larger organizations |
Ledgy’s entry-level pricing is slightly lower than Pulley’s. But the value depends on which features matter to you.
Total Cost of Ownership Considerations
The sticker price doesn’t tell the whole story. Consider these factors:
For Pulley:
- 409A valuations are included. Standalone 409A valuations cost $1,000 to $5,000+ elsewhere.
- US compliance support is built-in. No extra legal costs for common compliance tasks.
- Fast onboarding means lower time investment.
For Ledgy:
- International compliance support is built-in. You’d otherwise pay local advisors in each country.
- Strong employee portals reduce HR support time.
- No 409A means separate valuation costs if you need them.
Verdict on Pricing
Raw prices are similar between platforms. Total cost depends on your specific needs:
US startup needing 409A? Pulley’s bundled valuation makes it cheaper overall.
European startup with employees in multiple countries? Ledgy’s compliance support saves money on advisors.
User Experience and Onboarding: Getting Started
A platform can have great features. But if it’s painful to use, those features don’t matter much.
Pulley’s User Experience
Pulley earns praise for fast onboarding. The platform prioritizes getting you up and running quickly.
Pulley UX strengths:
- Clean, modern interface design
- Quick setup process (often same-day)
- Intuitive navigation for common tasks
- Good mobile responsiveness
- Helpful onboarding guides
Founders frequently mention that Pulley “just works” without requiring extensive training. The platform assumes you’re busy and don’t want to spend hours learning software.
Ledgy’s User Experience
Ledgy’s user experience handles complexity well. The interface manages to present international equity concepts without overwhelming users.
Ledgy UX strengths:
- Well-organized information architecture
- Strong employee-facing interfaces
- Multiple language support
- Currency localization
- Comprehensive help documentation
Ledgy’s onboarding takes slightly longer due to the international complexity it handles. But users report the extra setup time pays off later.
Migration Support
If you’re moving from spreadsheets or another platform, migration support matters.
Pulley offers migration assistance on a case-by-case basis. Some users report smooth migrations. Others say it required more manual work than expected.
Ledgy doesn’t prominently advertise free migration support. Expect to spend time on data cleanup and import during the transition.
Pro tip: Before migrating to either platform, clean your existing cap table data. Verify ownership percentages, check for missing transactions, and reconcile any discrepancies. Clean data imports smoothly. Messy data creates problems regardless of the destination platform.
Integration Ecosystem: Connecting Your Tools
Your cap table software doesn’t exist in isolation. It needs to work with other tools.
Pulley’s Integrations
Pulley integrates with the US startup ecosystem:
- Legal tech platforms for document signing
- Accounting software for equity expense tracking
- HR systems for employee data
- Banking and payment platforms
The YC connection means many startups in that ecosystem have built workflows around Pulley. Your lawyer and accountant likely know the platform already.
Ledgy’s Integrations
Ledgy integrates with international business tools:
- HRIS systems used globally
- European banking platforms
- Multi-currency accounting systems
- International payroll providers
Ledgy’s API allows custom integrations for specific needs. Companies with unique international requirements can build connections to their existing systems.
Verdict on Integrations
Neither platform is dramatically ahead on integrations. Both connect to the tools their target users typically need.
US startups will find Pulley’s integrations more relevant. International companies will find Ledgy’s ecosystem more useful.
Customer Support and Resources: Getting Help When You Need It
Equity management isn’t something you do every day. When questions arise, you need reliable support.
Pulley’s Support Model
Pulley offers responsive customer support. The company emphasizes getting founders back to their work quickly.
Pulley support features:
- Email support with fast response times
- In-app chat for quick questions
- Knowledge base with how-to articles
- Webinars and educational content
- Dedicated support for enterprise customers
Users report that Pulley’s support team understands founder challenges. They’re not reading from scripts. They actually help solve problems.
Ledgy’s Support Model
Ledgy provides support tailored to international needs:
Ledgy support features:
- Multi-language support options
- Timezone-appropriate response times
- Comprehensive documentation
- Educational resources on international equity
- Premium support for larger customers
Ledgy’s team includes experts in European equity structures. They can answer questions that US-focused platforms simply can’t handle.
Verdict on Support
Both platforms provide solid support. The difference is expertise area:
Pulley: Better for US-specific questions about SAFEs, 409A, and American compliance.
Ledgy: Better for international equity questions about EMI, VSOP, BSPCE, and cross-border issues.
Security and Data Protection: Keeping Your Information Safe
Your cap table contains sensitive information. Ownership percentages, compensation data, and investor details all need protection.
Pulley’s Security Approach
Pulley takes standard enterprise security measures:
- SOC 2 compliance
- Encrypted data storage
- Role-based access controls
- Audit logging for all changes
- Regular security assessments
Ledgy’s Security Approach
Ledgy adds European data protection considerations:
- GDPR compliance (required for EU operations)
- European data residency options
- SOC 2 compliance
- Encrypted data handling
- Strict access controls
For companies with European stakeholders, Ledgy’s GDPR focus matters. You need a platform that understands EU data protection requirements.
Verdict on Security
Both platforms meet enterprise security standards. Ledgy has an edge for companies needing GDPR compliance and European data residency.
The Decision Framework: Which Platform Fits Your Company
Let’s make this practical. Here’s how to decide between Pulley and Ledgy.
Choose Pulley If:
- You’re a US-based startup with primarily American shareholders
- You need 409A valuations bundled with cap table management
- You use SAFEs and convertible notes for fundraising
- You want predictable pricing that’s lower than Carta
- You’re in the YC ecosystem and want familiar tools
- Fast onboarding matters to you
- US compliance (83(b), 3921, ASC 718) is your priority
Choose Ledgy If:
- You’re a European company or have headquarters outside the US
- You have employees or shareholders in multiple countries
- You need EMI, VSOP, BSPCE or other international equity structures
- Strong investor and employee portals are priorities
- GDPR compliance is required for your operations
- You don’t need 409A valuations
- Multi-currency and multi-jurisdiction support matters
The Simple Rule
One industry comparison puts it perfectly:
“A rough rule that holds up across most comparisons: Carta if you value ecosystem recognition and can absorb the cost; Pulley if you want the same core functionality at 30 to 40 percent less; Ledgy without exception if you’re a European or multi-country company.”
That’s about as clear as it gets. Your geography and stakeholder locations largely determine the right choice.
Why Altshare Is the Best Alternative to Both Pulley and Ledgy
Here’s the thing: Pulley and Ledgy are both solid platforms. But they each have limitations. Pulley is US-focused. Ledgy lacks 409A support. What if you need a platform that does more?
Altshare emerges as a compelling alternative that addresses limitations of both platforms.
What Makes Altshare Different
Altshare built its platform to serve modern startups regardless of where they’re headquartered. The platform combines strengths from both approaches:
From the Pulley playbook:
- Clean, intuitive interface
- Strong US compliance support
- 409A valuation integration
- SAFE and convertible note tracking
- Fast onboarding
From the Ledgy playbook:
- International compliance support
- Strong stakeholder portals
- Multi-jurisdiction capabilities
- Global team support
Altshare’s Key Advantages
1. True Global Coverage
Unlike Pulley’s US focus or Ledgy’s European emphasis, Altshare serves companies operating anywhere. You don’t have to choose between American and international features.
2. Competitive Pricing
Altshare offers transparent pricing that competes favorably with both Pulley and Ledgy. Many startups find meaningful cost savings without sacrificing features.
3. Comprehensive Feature Set
The platform includes cap table management, scenario modeling, stakeholder portals, compliance tools, and valuation support. You get a complete solution without piecing together multiple tools.
4. Modern Technology
Altshare built its platform more recently. That means modern architecture, better performance, and features designed for how startups operate now.
5. Responsive Support
Customer support spans timezones and expertise areas. Whether you have US compliance questions or international equity structure questions, Altshare’s team can help.
Who Should Consider Altshare
Altshare makes sense for companies that:
- Have or plan to have stakeholders in multiple countries
- Want one platform that handles US and international needs
- Find Pulley too US-limited or Ledgy missing US features
- Want competitive pricing without sacrificing capability
- Value modern, well-designed software
Comparing All Three Platforms
| Feature | Pulley | Ledgy | Altshare |
|---|---|---|---|
| US Focus | ✓ Strong | ◐ Limited | ✓ Strong |
| International Focus | ◐ Limited | ✓ Strong | ✓ Strong |
| 409A Valuations | ✓ Included | — Not available | ✓ Included |
| SAFE Tracking | ✓ Full | ◐ Partial | ✓ Full |
| Stakeholder Portals | ◐ Basic | ✓ Strong | ✓ Strong |
| Multi-jurisdiction | ◐ US primary | ✓ Native | ✓ Native |
| Pricing Transparency | ✓ Yes | ✓ Yes | ✓ Yes |
| Best For | US startups | EU startups | Global startups |
The Bottom Line on Altshare
If you’re trying to choose between Pulley and Ledgy, ask yourself: do I really need to choose between US features and international features?
Altshare lets you have both. That’s why growing numbers of startups consider it the best alternative to both platforms.
Common Mistakes When Choosing Cap Table Software
Before you make your final decision, avoid these common errors.
Mistake 1: Choosing Based on Current Needs Only
Your cap table needs will grow. A pre-seed company with three founders will eventually have employees, investors, and international stakeholders.
Don’t pick a platform that only works today. Pick one that works for where you’re headed.
Mistake 2: Ignoring Migration Costs
Switching platforms later is expensive. Count time costs, data risks, and stakeholder disruption.
Get this decision right now to avoid painful migration later.
Mistake 3: Undervaluing Compliance Support
Compliance mistakes cost real money. Fines, legal fees, and corrective actions add up fast.
A platform with strong compliance features pays for itself by avoiding these costs.
Mistake 4: Forgetting About Stakeholder Experience
Your investors and employees will interact with this platform. Their experience matters.
If your employee equity app is confusing, people don’t understand their compensation. That affects retention.
Mistake 5: Choosing Based on Brand Recognition Alone
The biggest name isn’t always the best fit. Carta has strong brand recognition, but founders consistently report high costs and slow support.
Evaluate features, pricing, and fit. Not just brand.
Conclusion: Making Your Cap Table Software Decision
Pulley and Ledgy are both quality platforms. Pulley serves US startups well with bundled 409A valuations and strong SAFE tracking. Ledgy serves European and global companies with international compliance tools no other platform matches.
Your decision comes down to geography and specific needs. US-only? Pulley works great. International? Ledgy is likely your answer.
But if you want the best of both worlds, Altshare offers comprehensive global coverage that neither Pulley nor Ledgy fully provides. Consider all three before making your final choice.
Frequently Asked Questions About Pulley vs Ledgy
| What’s the main difference between Pulley and Ledgy? | Pulley focuses on US startups with bundled 409A valuations and strong SAFE tracking. Ledgy focuses on European and global companies with international equity compliance support for structures like UK EMI, German VSOP, and French BSPCE. |
| Does Ledgy offer 409A valuations like Pulley does? | No. Ledgy doesn’t offer 409A valuations. If you need a 409A while using Ledgy, you’ll need to work with a separate valuation provider. Pulley includes 409A valuations as part of its platform. |
| Which platform is cheaper, Pulley or Ledgy? | Entry-level pricing is similar. Ledgy starts at €900/year (about $1,000). Pulley starts at $1,200/year. Total cost depends on whether you need 409A valuations (favors Pulley) or international compliance support (favors Ledgy). |
| Can Pulley handle international shareholders? | Pulley can include international shareholders on your cap table, but the platform is built primarily for US compliance and equity structures. Complex international equity schemes require platforms like Ledgy that specialize in multi-jurisdiction support. |
| Which platform has better employee equity tools? | Ledgy has stronger employee equity apps and portals. The platform includes exercise simulation tools, tax estimation helpers by jurisdiction, and educational content that helps employees understand their equity. Pulley’s employee tools are more basic. |
| Is Altshare better than Pulley and Ledgy? | Altshare offers a combination of US features (like 409A valuations) and international features (multi-jurisdiction compliance) that neither Pulley nor Ledgy fully provides alone. For companies needing global coverage, Altshare is often the better choice. |
| Who should use Pulley instead of Ledgy? | US-based startups that rely on SAFEs for fundraising, need integrated 409A valuations, prioritize US tax compliance, and have primarily American shareholders should choose Pulley. YC-backed companies often find Pulley particularly familiar. |
| Who should use Ledgy instead of Pulley? | European companies, startups with employees in multiple countries, companies using EMI/VSOP/BSPCE equity structures, and organizations requiring GDPR compliance should choose Ledgy. The platform handles international complexity that Pulley doesn’t address. |
| How hard is it to switch from Pulley to Ledgy or vice versa? | Migration between cap table platforms is time-consuming. You’ll need to export all historical data, clean it, and import it to the new platform. Stakeholders need new credentials. Integrations break. Plan for several weeks of migration work plus potential data reconciliation. |
| What G2 ratings do Pulley and Ledgy have? | Pulley holds a 4.6 out of 5 rating on G2. Ledgy holds a 4.5 out of 5 rating. Both receive positive reviews from users. Pulley users praise fast onboarding and 409A integration. Ledgy users highlight international compliance features and employee portals. |



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