Pulley vs Mantle: The Complete Cap Table Management Comparison for 2026

Picking the right cap table management platform can feel overwhelming. Startups need software that tracks equity, handles compliance, and grows with the company. Two names that keep coming up are Pulley and Mantle. But here’s the twist: Pulley is shutting down operations on December 8, 2026. That changes everything for founders currently using Pulley or considering it.

This comparison breaks down both platforms in detail. We’ll look at pricing, features, migration options, and user experience. You’ll see where each product shines and where it falls short. And if neither feels right, we’ll introduce Altshare as a strong alternative worth considering. By the end, you’ll know exactly which platform fits your startup’s needs.

Understanding Cap Table Management Software

Before we dig into Pulley and Mantle specifically, let’s talk about what cap table software actually does. A cap table, short for capitalization table, shows who owns what in your company. It lists shareholders, their ownership percentages, and how those percentages change over time.

Why Cap Table Software Matters

Spreadsheets work fine when you’re two cofounders splitting equity 50/50. Add investors, employees with stock options, and advisors with vesting schedules? Spreadsheets become a nightmare. Mistakes creep in. Version control breaks down. Nobody trusts the numbers anymore.

Good cap table software solves these problems:

• Real-time accuracy: Every transaction updates automatically
• Scenario modeling: See how future funding rounds affect ownership
• Compliance support: Stay on top of legal requirements
• Stakeholder access: Investors and employees can view their holdings
• 409A valuations: Required for issuing stock options legally

The cap table sits at the heart of your company’s financial story. Investors look at it during due diligence. Employees want to understand what their equity is worth. The IRS cares about it for tax purposes. Getting it wrong creates real problems.

The Stakes Keep Rising

Companies stay private longer now. A decade ago, startups might go public within five to seven years. Today, many wait ten years or more. That means cap tables grow more complex over time. More funding rounds. More employee grants. More secondary transactions.

The demand for solid cap table management has never been higher. Platforms like Pulley and Mantle emerged to meet this need. They promise to make equity management simple, accurate, and affordable. But they take different approaches to get there.

Pulley: A Closer Look at the Platform

Pulley started in San Francisco with a clear mission. Help startups understand and manage their ownership structure. The company raised significant funding, including a $40 million Series B led by Founders Fund. At one point, Pulley’s valuation sat somewhere between $150 million and $300 million.

What Pulley Offered

Pulley built its reputation on several key features:

• Advanced cap table management: Real-time updates and support for complex equity structures
• Scenario modeling: Model future funding rounds before they happen
• Fundraising tools: Streamline the fundraising process
• Compliance support: Help with U.S. regulatory requirements
• 409A valuations: Built-in valuation services
• Investor relations: Tools for managing investor communications

The platform focused heavily on the U.S. market. It understood American startup culture and the specific legal requirements founders face. The interface was clean. The tools were powerful. Many founders loved it.

Pulley’s Pricing Model

Here’s where things got complicated. Pulley’s pricing scaled with stakeholder count and complexity. Small startups with few stakeholders paid less. Growing companies with more investors, employees, and advisors paid more.

This model made sense for Pulley’s business. But it created uncertainty for founders. Your bill grew alongside your cap table. Hit a growth spurt? Hire a bunch of employees with stock options? Your costs jumped too.

Some founders found this frustrating. They wanted predictable costs. They didn’t want to worry about their equity software bill every time they added a new team member.

The Shutdown Announcement

The big news: Pulley is shutting down operations on December 8, 2026. This caught many users off guard. A well-funded platform with strong backing is closing its doors.

For current Pulley users, this creates urgency. They need to migrate their cap tables to a new platform. They need to do it before the deadline. And they need to find a platform they can trust for the long term.

The shutdown also matters for anyone comparing options. Choosing Pulley now means choosing a platform with an expiration date. That’s a non-starter for most founders.

Pulley’s Partnership with Nasdaq Private Market

Before the shutdown announcement, Pulley made waves with an interesting partnership. They teamed up with Nasdaq Private Market (NPM) to launch liquidity solutions. Pulley became the first cap table management system to offer NPM’s Cap Table Connect product.

What did this mean for users? Those who opted into NPM’s liquidity program could authenticate and transfer stakeholder holdings data via API. The process was smooth and secure. It helped address the growing demand for secondary liquidity events.

This partnership showed Pulley’s ambition. They weren’t just managing cap tables. They wanted to help companies facilitate liquidity for shareholders. Unfortunately, the shutdown cuts this vision short.

Mantle: The Flat-Rate Alternative

Mantle positions itself as an “AI-native alternative to Pulley.” The platform launched with a specific pitch: flat-rate pricing, no matter how many stakeholders you add. For founders tired of scaling costs, this promise resonated immediately.

Mantle’s Core Philosophy

The team behind Mantle built their platform with a few beliefs:

• Pricing shouldn’t punish growth
• Migration should be fast and painless
• Support should feel personal, not automated
• Features should ship regularly

These beliefs show up throughout the product. Mantle doesn’t charge more when you add stakeholders. The company offers white-glove migration services. Their support team “knows you by name and not a ticket number.”

Flat-Rate Pricing Explained

Let’s break down why Mantle’s pricing matters. On Pulley, a company with 50 stakeholders might pay X dollars. Grow to 200 stakeholders? Your bill increases significantly. This creates weird incentives. Do you really want to think twice about giving an advisor equity because of software costs?

Mantle flips this model. Pay one flat rate per plan. Add 10 stakeholders or 500. The price stays the same. For early-stage companies, this might not seem like a big deal. But once you’re past seed stage and adding employees, advisors, and investors regularly? The savings add up fast.

The Mantle Essentials plan runs $1,200 annually. And they’re offering $100 off for Pulley refugees until the December 8, 2026 deadline. That brings the first-year cost down to $1,100.

Migration from Pulley to Mantle

With Pulley shutting down, migration is top of mind. Mantle has positioned itself to capture Pulley’s user base. They’re offering fast white-glove migration services. What does that mean in practice?

Self-serve migration: Takes about a week. You export your data from Pulley and import it into Mantle. The platform guides you through the process step by step.

Concierge migration: Takes just a few days. Mantle’s team handles everything for you. They pull your data, clean it up, and set everything up in your new account.

For busy founders, the concierge option is worth considering. Moving a cap table isn’t technically hard. But it’s tedious. And mistakes can create headaches down the road. Letting experts handle it removes that risk.

Mantle’s Feature Set

Beyond pricing and migration, what does Mantle actually offer?

• Cap table management: Track ownership, dilution, and equity transactions
• Unlimited stakeholders: No limits on any plan
• AI-native tools: Built with artificial intelligence from the ground up
• Regular updates: New features ship monthly
• Responsive support: Real humans who know your company

The “AI-native” positioning is interesting. Mantle claims to use artificial intelligence throughout their platform. This could mean smarter data entry, better predictions, or more helpful suggestions. The exact details aren’t always clear, but it signals a modern approach to building software.

Pricing Comparison: Pulley vs Mantle

Let’s get specific about costs. This is where many founders make their decision.

Pulley’s Pricing Structure

Pulley used a tiered approach based on:

• Number of stakeholders
• Cap table complexity
• Feature access level

The exact numbers varied by company. But the pattern was consistent: more stakeholders meant higher bills. Some companies reported costs jumping significantly as they grew. This created budget unpredictability.

Mantle’s Pricing Structure

Mantle keeps it simple:

The unlimited stakeholder promise is the headline. But the predictability matters just as much. Budget $1,200 for the year. Know exactly what you’ll pay. No surprises.

Cost Over Time

Imagine a startup’s growth over three years:

Note: Pulley costs are estimates based on reported pricing patterns. Actual costs varied by company.

In year one, Pulley might actually be cheaper. But by year three, Mantle’s flat rate creates real savings. And those savings compound over time. A company staying private for ten years could save tens of thousands of dollars.

Hidden Costs to Consider

Beyond the headline price, think about:

• Migration costs: Moving platforms takes time and sometimes money
• Training time: Learning a new system reduces productivity temporarily
• 409A valuations: Some platforms charge extra for this service
• Support tiers: Premium support often costs more
• Add-on features: Not everything is included in base plans

Always ask about total cost of ownership. The sticker price doesn’t tell the whole story.

Feature-by-Feature Comparison

Let’s go deeper into specific features. Where does each platform shine?

Cap Table Management

Pulley: Advanced cap table management with real-time updates. Support for complex equity structures. Scenario modeling to visualize future rounds. Strong reputation for accuracy and reliability.

Mantle: Core cap table functionality including ownership tracking, dilution calculations, and equity transaction management. Less focus on advanced features, more focus on simplicity and ease of use.

Verdict: Pulley offered more advanced tools. But for most startups, especially at early stages, Mantle covers the basics well. The question is whether you need those advanced features today.

Scenario Modeling

Scenario modeling lets you ask “what if” questions. What if we raise at a $20 million valuation? What if we create a new option pool? How does dilution affect each stakeholder?

Pulley: Robust scenario modeling capabilities. Multiple variables. Visual outputs. Great for board presentations and investor discussions.

Mantle: Basic scenario tools included. Focused on common use cases rather than edge cases.

Verdict: If scenario modeling is critical to your workflow, this is worth investigating before switching. Ask Mantle exactly what their tools can do.

ESOP and Option Plan Management

Employee stock option plans (ESOPs) add complexity. Vesting schedules, exercise windows, different grant types. The software needs to track it all accurately.

Pulley: Comprehensive ESOP management. Handles standard and non-standard vesting schedules. Employee portal for viewing grants.

Mantle: Option plan management included. Unlimited stakeholders means no per-employee charges.

Verdict: Both platforms handle the basics. For complex international setups or unusual grant structures, dig deeper into each platform’s specific capabilities.

409A Valuations

Every U.S. startup issuing stock options needs a 409A valuation. This determines the fair market value of your common stock. Get it wrong and face serious IRS penalties.

Pulley: Offered 409A services. Typical turnaround times reported around 15 days, which is longer than some competitors.

Mantle: 409A valuation services available. Check current turnaround times directly with their team.

Verdict: Both offer this service. The key differences are turnaround time and cost. Ask for specifics before committing.

Compliance Support

Equity compliance involves securities laws, tax regulations, and reporting requirements. Good software helps you stay on the right side of these rules.

Pulley: Built specifically for the U.S. market. Strong understanding of SEC requirements and state-level rules.

Mantle: Focused on founder-friendly compliance. May have less depth for complex international structures.

Verdict: For straightforward U.S. startups, both work fine. Companies with international operations or unusual structures should verify compliance capabilities carefully.

User Interface and Experience

Software is only useful if people actually use it. A confusing interface creates friction and errors.

Pulley: Clean, modern interface. Generally well-reviewed for usability. Some users reported a learning curve for advanced features.

Mantle: Positioned as simple and intuitive. AI-native design suggests modern UX patterns. Monthly feature updates mean the interface evolves regularly.

Verdict: Both receive positive feedback on usability. Request demos of both to see which feels more natural to you.

Support and Customer Service

When something goes wrong with your cap table, you need help fast. Support quality varies wildly across platforms.

Pulley’s Support Approach

Pulley offered multiple support tiers. Basic email support for standard plans. More responsive options for premium customers. The quality was generally good, though response times varied.

With the shutdown announced, support quality may decline. Companies winding down often reduce customer service resources. Current Pulley users should plan their migration sooner rather than later.

Mantle’s Support Promise

Mantle makes a specific claim: “a support team that knows you by name and not a ticket number.” This suggests a more personal approach. Fewer automated responses. More human interaction.

For early-stage startups, this matters. You might have questions that don’t fit neatly into a help article. You want someone who understands your specific situation. A personal relationship with support can save hours of frustration.

Response Times and Availability

Community and Resources

Beyond direct support, consider learning resources:

• Documentation and help centers
• Video tutorials
• Webinars and educational content
• Community forums
• Blog posts and guides

Both platforms offer some level of educational content. As a newer player, Mantle may have less historical content but tends to update more frequently.

Integration and Compatibility

Your cap table doesn’t exist in isolation. It connects to accounting systems, HR platforms, and investor relations tools.

Pulley’s Integration Ecosystem

Pulley built partnerships with various tools:

• Nasdaq Private Market: Direct integration for liquidity programs via API
• Banking partners: Connections for funding round management
• Accounting software: Export capabilities for financial reporting

The Nasdaq Private Market partnership was particularly notable. Pulley was the first cap table platform to offer this integration. It allowed smooth data transfer for secondary transactions.

Mantle’s Integration Approach

As a newer platform, Mantle’s integration ecosystem is still developing. Key areas to ask about:

• Accounting software connections
• HRIS and payroll integrations
• Document management systems
• Investor reporting tools

The AI-native approach might enable smarter integrations over time. But verify current capabilities match your needs before switching.

Data Export and Portability

What happens if you need to move again? Data portability matters.

Pulley: Standard export formats available. Current users can pull their data for migration to other platforms.

Mantle: Should offer similar export capabilities. Always confirm data ownership and export rights before signing up.

A good rule: never put your data in a system you can’t get it out of. Both platforms should let you export everything you put in.

Security and Data Protection

Cap table data is sensitive. Ownership information, personal details, financial data. You need to trust your platform with this information.

What to Look For

Key security features to evaluate:

• Encryption: Data should be encrypted at rest and in transit
• Access controls: Granular permissions for different user types
• Audit trails: Logs showing who changed what and when
• Compliance certifications: SOC 2, ISO 27001, etc.
• Backup and recovery: What happens if something goes wrong?

Pulley’s Security Stance

As a well-funded platform handling sensitive data, Pulley invested in security. Standard encryption, access controls, and compliance measures were in place. The Founders Fund backing suggested serious due diligence on security practices.

Mantle’s Security Measures

Mantle serves “thousands of founders” according to their messaging. That scale requires solid security foundations. Ask specifically about:

• Where data is hosted
• What certifications they hold
• How they handle security incidents
• Their data retention and deletion policies

Risk Assessment

One additional security consideration: platform stability. Pulley’s shutdown creates risk for users who don’t migrate in time. A platform that’s been around longer and shows financial stability reduces this risk.

Mantle appears well-positioned to grow, but any startup carries some uncertainty. Diversifying your risk by maintaining good data exports is always smart.

Migration Guide: Moving from Pulley to Mantle

If you’re a current Pulley user, migration is now mandatory. Here’s what to expect.

Timeline Planning

Don’t wait until December 2026. Start planning now. A good migration timeline:

1. Months 6+ before deadline: Evaluate alternatives, request demos
2. Months 4-5 before: Choose new platform, negotiate terms
3. Months 2-3 before: Begin migration process
4. Month 1 before: Complete migration, verify data, train team
5. Before deadline: Full cutover to new platform

Rushing migration increases error risk. Give yourself buffer time.

Data Preparation

Before migrating, clean up your existing data:

• Review stakeholder list for duplicates or errors
• Verify vesting schedules are accurate
• Confirm share counts match your records
• Gather any documents that need to transfer
• Note any custom configurations or unusual setups

Clean data migrates more smoothly. Garbage in, garbage out applies here.

Migration Options

Self-serve migration to Mantle:

• Export data from Pulley in standard format
• Follow Mantle’s import wizard
• Map fields to Mantle’s structure
• Review and verify imported data
• Timeline: approximately one week

Concierge migration to Mantle:

• Provide Mantle team with access credentials
• They handle export, mapping, and import
• Review final setup for accuracy
• Timeline: a few days

The concierge option costs the same. If you qualify, it’s usually worth taking.

Post-Migration Verification

After migration, don’t just assume everything worked:

• Compare total shares in old and new systems
• Spot-check individual stakeholder records
• Verify vesting schedules calculate correctly
• Test reporting and export functions
• Confirm user access permissions are correct

Catch errors now, not during your next funding round.

Introducing Altshare: A Strong Alternative to Both Platforms

Maybe neither Pulley nor Mantle feels quite right. Perhaps you want more features. Or different pricing. Or a platform with a longer track record. Altshare deserves serious consideration.

Why Consider Altshare

Altshare positions itself as a complete equity management solution. The platform offers:

• Comprehensive cap table management: All the core features you expect
• Advanced modeling tools: Plan for future rounds with confidence
• ESOP administration: Manage employee equity at any scale
• 409A valuations: Keep your grants compliant
• Investor portal: Give stakeholders self-service access
• Document management: Keep everything organized in one place

Altshare vs Pulley

Where Pulley struggled, Altshare shines:

• Stability: Altshare isn’t shutting down
• Pricing predictability: Competitive rates that don’t spike with growth
• Feature depth: Matches or exceeds Pulley’s capabilities
• Support quality: Responsive team with startup expertise

Altshare vs Mantle

Where Mantle might fall short, Altshare delivers:

• Proven track record: More established platform with longer history
• Advanced features: Deeper capabilities for complex situations
• Integration ecosystem: More connections to other tools
• Enterprise readiness: Scales from seed to Series D and beyond

Altshare Pricing Overview

Altshare offers competitive pricing across different company stages. Plans typically include:

• Unlimited stakeholders (similar to Mantle)
• Core cap table features
• Basic 409A services
• Email and chat support

Premium tiers unlock advanced features like:

• Custom reporting
• API access
• Priority support
• Advanced modeling tools

Contact Altshare directly for current pricing. They often offer special rates for companies migrating from other platforms.

Migration to Altshare

Moving to Altshare from Pulley or Mantle follows similar steps:

1. Export data from current platform
2. Import into Altshare
3. Verify accuracy
4. Train your team
5. Go live

Altshare typically offers migration assistance for new customers. Ask about white-glove services during your sales conversation.

Comparison Table: Pulley vs Mantle vs Altshare

Here’s a side-by-side look at all three platforms:

Who Should Choose Mantle

Mantle makes the most sense for certain types of companies:

Early-Stage Startups

If you’re pre-seed or seed stage, Mantle’s simplicity appeals. You don’t need advanced features yet. You want something that works without complexity. The flat rate fits a tight budget.

Cost-Conscious Founders

Bootstrapped? Running lean? Mantle’s pricing model means no surprises. Budget $1,200 and move on. Focus your energy on building the business, not managing software costs.

Pulley Refugees

Mantle is actively courting Pulley users. The $100 discount, fast migration, and similar feature set make it an easy transition. If you liked Pulley’s approach, Mantle feels familiar.

Teams Valuing Personal Support

If you’ve been burned by faceless customer service, Mantle’s promise of named support contacts sounds refreshing. A real relationship with your vendor can make a difference when problems arise.

Who Should Choose Altshare

Altshare fits different needs:

Growth-Stage Companies

Series A and beyond? Your cap table is getting complicated. You need advanced modeling. Multiple share classes. Complex vesting schedules. Altshare handles this complexity better than simpler tools.

Companies Planning Liquidity Events

If an acquisition, IPO, or secondary transaction is on your horizon, you need robust tools. Altshare’s feature depth prepares you for due diligence and transaction execution.

Teams Wanting a Proven Platform

Mantle is relatively new. Pulley is shutting down. If you want a platform with a longer track record and demonstrated stability, Altshare provides more peace of mind.

Companies with Complex Structures

International subsidiaries? Multiple entities? Unusual equity arrangements? Altshare’s advanced features handle edge cases that simpler platforms might struggle with.

Making Your Decision

Choosing cap table software isn’t just about features and pricing. It’s about fit.

Questions to Ask Yourself

• How complex is my cap table today?
• How complex will it be in three years?
• What’s my budget for this software?
• How much do I value simplicity vs. features?
• Do I need advanced scenario modeling?
• How important is personal customer support?
• Am I planning a liquidity event soon?
• Do I need specific integrations?

Questions to Ask Vendors

• What’s the total cost at my current stakeholder count?
• What will costs look like in two years?
• Can you handle my specific equity structure?
• What’s your support response time?
• How long has your company been operating?
• What’s your financial stability?
• Can I talk to reference customers?
• What happens if I need to leave your platform?

Trial Before You Commit

Most cap table platforms offer demos or trials. Take advantage of these. See the interface. Test the features. Ask questions. A 30-minute demo can reveal more than hours of research.

Don’t Overthink It

At the end of the day, all three platforms manage cap tables. They track ownership. They calculate dilution. They help with compliance. The differences matter, but they’re not life or death.

Pick the one that feels right. Use it well. If it stops meeting your needs later, migrate then. You’re not married to your cap table software.

The Future of Cap Table Management

Where is this industry heading? A few trends worth watching.

AI Integration

Mantle’s “AI-native” positioning hints at a broader trend. Expect more platforms to add artificial intelligence for:

• Automated data entry and error detection
• Smarter scenario suggestions
• Natural language queries (“What’s John’s vesting schedule?”)
• Predictive analytics

Consolidation

The cap table software market has many players. Pulley’s shutdown suggests some consolidation is happening. Weaker players will exit. Stronger ones will grow.

Expanded Services

Platforms are moving beyond basic cap table management:

• Liquidity programs (like Pulley’s NPM partnership)
• Fundraising automation
• Investor relations tools
• Employee engagement features

The cap table becomes a hub for broader equity operations.

Better User Experience

Early cap table software was built by lawyers and accountants. It showed. Newer platforms prioritize design and usability. This trend will continue as competition heats up.

Common Mistakes When Choosing Cap Table Software

Learn from others’ errors:

Choosing Based on Current Needs Only

Your cap table will get more complex. The simple tool that works today might not work in two years. Think ahead.

Ignoring Migration Costs

Switching platforms takes time and money. Factor this into your decision. A slightly more expensive option that you won’t outgrow might be cheaper long-term.

Not Checking References

Marketing materials always sound great. Talk to actual customers. Ask about real experiences, especially problems they’ve had.

Undervaluing Support

Cap table issues can be urgent. A funding round requires accurate data fast. Poor support at a critical moment can cost you more than the software subscription.

Forgetting About Data Ownership

Confirm you can export your data at any time. In any format you need. Without fees. Your cap table data belongs to you.

Choosing Based on Price Alone

The cheapest option isn’t always the best value. A platform that costs more but saves time and prevents errors might be worth the premium.

Final Thoughts and Recommendations

The Pulley shutdown creates a clear decision point. Current Pulley users must migrate. New companies must choose an alternative. The good news: solid options exist.

Mantle offers a simple, affordable solution. Flat-rate pricing removes budget uncertainty. Fast migration helps Pulley refugees move quickly. For early-stage startups focused on simplicity, it’s a strong choice.

Altshare provides more depth and stability. Advanced features handle complex cap tables. A longer track record builds confidence. For growing companies with sophisticated needs, it’s the better fit.

Either beats scrambling to migrate as the December 2026 deadline approaches. Start evaluating now. Make your choice with time to spare. Your future self will thank you.

Frequently Asked Questions: Pulley vs Mantle Comparison