What is the best cap table software in 2026?
The one that keeps your ownership records investor-ready, prices fairly as your option pool grows, and lets you leave with your data. With Pulley closing at the end of 2026, that last point is no longer theoretical.
Cap table software keeps a live record of who owns what in your company: founders, investors, employees with options, SAFE holders waiting to convert. It models dilution before a round, tracks vesting, issues grants, and hands your investors and auditors a clean, fully diluted view on request.
The short answer: Capboard is the cheapest serious option, at $2 per stakeholder per month. Ledgy has the best free tier and scales well for European teams, but its paid plan starts at €5,000 a year. Eqvista is free under 20 stakeholders and bundles 409A valuations at a low price. Cake Equity is the friendliest for a seed-stage team. Carta remains the default your VC probably uses, at a price you will only learn from its sales team.
And the news that reshapes this market: Pulley is shutting down at the end of 2026, with an assisted migration to Carta only. If you were a Pulley customer, the section on leaving well is for you.
Our ranking is editorial: a sponsored spot is always labeled on its card, and no affiliate link ever changes a score.
Best cap table software by profile
5 cap table platforms compared
The full ranking. The cost column shows what a startup with 20 stakeholders (two founders, a few angels, a dozen option holders) pays per year on the cheapest plan that fits. A stakeholder is anyone on the cap table, including employees who hold unexercised options.
| Best for | Yearly cost at 20 stakeholders | Free plan | Team size | Visit | ||||
|---|---|---|---|---|---|---|---|---|
| 1 | Capboard | Best value | About $480 ($2 x 20 x 12) | 4.4/5 | $2/stakeholder/month billed yearly, $360/yr minimum | — | Pre-seed to Series A on a tight budget | Visit → |
| 2 | Ledgy | Best free tier | €0 on Launch if under its cap | 4.3/5 | Free Launch, Scale from €5,000/yr | ✓ | European teams and multi-country option plans | Visit → |
| 3 | Eqvista | Best for 409A on a budget | $0 under 20, then about $40 a month on Premium | 4.2/5 | Free under 20 stakeholders, Premium $2/stakeholder/month | ✓ | US startups that need a cheap 409A | Visit → |
| 4 | Cake Equity | Easiest for seed teams | $1,000 on Build (25 included) | 4.0/5 | Free up to 5, Build $1,000/yr | ✓ | Seed-stage teams granting first options | Visit → |
| 5 | Carta | The VC standard | Quoted by sales based on stakeholders | 4.0/5 | Annual quote by stakeholder count, 409A extra on small plans | — | Series A and beyond, IPO track | Visit → |
Prices from each vendor's official pricing page in 2026. Ledgy lists its prices in euros. 409A valuations are billed separately unless stated.
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How we compared and scored
Most pages that rank for this query are written by cap table vendors, and every one of them puts its own product first. Few give a real yearly cost for a real company, and almost none have caught up with the biggest change of the year: Pulley, a popular choice with early-stage startups, is closing at the end of 2026.
We read each vendor's official pricing page, the Pulley shutdown notices and migration guides, then the negative reviews founders and finance leads leave on review platforms. Every price is brought back to a company with 20 stakeholders, then 50. AngelList is not ranked: its cap table product is now limited to companies using its own Roll Up or Consolidation Vehicles. Pulley is not ranked because it is closing. Shareworks by Morgan Stanley targets public and late-stage companies on custom quotes.
Value and depth of features carry the most weight. Cap table software gets judged at two moments: the week before a round, when your lead asks for the fully diluted table, and during due diligence, when every grant needs its board approval.
- Ease of useSetup without a lawyer in the room, clear cap table and employee portal.15 %
- Value for moneyYearly cost at 20 and 50 stakeholders, plan jumps, paid add-ons like 409A.30 %
- Features and depthRound modeling, SAFEs and notes, vesting, grants, exports, investor access.35 %
- Customer supportHelp with onboarding historic data, human response, clean cancellation.10 %
- IntegrationsHRIS and payroll sync, e-signature, data room.10 %
No affiliate link ever changes a score or a rank.
Capboard
Capboard is a Barcelona-based startup that reports more than 450 companies on the platform. It covers the cap table, the shareholder register, option and grant plans, and phantom shares, and it openly pitches itself as the affordable alternative to Carta, Ledgy and Pulley.
Its pricing is the simplest in the category. You pay $2 per stakeholder per month on a yearly plan, $4 on monthly billing, with a $360 annual minimum that covers up to 15 stakeholders. At 20 stakeholders that is about $480 a year; at 50, about $1,200. A detail that matters when you budget: the lawyers, accountants and advisors you invite as collaborators do not count as stakeholders.
Reviews are few but consistently positive, especially on value for money. The trade-off is that Capboard is a European tool. It does not bundle 409A valuations or US tax forms, so a Delaware C-corp will still need a valuation provider on the side.
- Pay per stakeholder, no plan jumps
- Outside advisors are free seats
- 14-day trial, no credit card
- ✓Cheapest paid option in this ranking at 20 to 50 stakeholders
- ✓Linear pricing you can forecast
- ✓Handles phantom shares and European plans
- ✗No 409A bundle
- ✗Few public reviews
- ✗Official price grid announced in US dollars
The best price for a cap table of 15 to 50 people. If you are a US company that needs a 409A every year, pair it with a valuation provider or look at Eqvista.
Ledgy
Ledgy is a Swiss company founded in 2017 and a favorite of European venture-backed startups. Its Launch plan is free for small cap tables and includes the cap table, plans and grants, simple vesting and dashboards. The pricing page shows two different limits for it, 25 and 50 stakeholders, so confirm the cap when you sign up.
The jump to paid is the real decision. Scale starts at €5,000 a year above 50 stakeholders and adds unlimited collaborators, a data room, more than 70 HRIS integrations, DocuSign and reporting. Enterprise starts at €18,000 with a GraphQL API, SAML single sign-on, SCIM and audit trails. Expense reporting for IFRS 2 and ASC 718 is a separate module from €3,000 a year.
Users rate Ledgy highly for simplicity and support on software directories. The rare complaints are about charts that are hard to read without a finance background, and basics like printing a share certificate being locked behind paid tiers.
- Free plan for small cap tables
- 70+ HRIS integrations on Scale
- ASC 718 reporting module
- ✓Most complete free plan in this ranking
- ✓Strong support reputation
- ✓Built for multi-country equity plans
- ✗Goes from €0 to €5,000 a year in one step
- ✗Priced in euros
- ✗Free plan limit shown as 25 or 50 on the same page
Great while your cap table is small and later when you have budget. Between the two, check the date you will cross into Scale: if it is within a year, Capboard or Eqvista will cost less.
Eqvista
Eqvista is built around US startup law. The free plan covers companies under 20 stakeholders with the cap table, an ESOP, vesting and a data room, no credit card needed. Premium runs $2 per stakeholder per month and adds e-signature, SAFE tracking, round modeling and waterfall analysis. Above 50 stakeholders, pricing is custom.
The standout is the 409A bundle. A valuation plus the cap table starts at $990 a year for a pre-revenue company and climbs by stage to $2,590 at Series A. Rule 701 and Form 3921 support are built in, which saves your accountant work at year end.
The interface feels more functional than polished, and support is less hands-on than at the bigger players. For a company outside the US, most of what makes Eqvista attractive does not apply.
- Free under 20 stakeholders
- 409A bundles with fixed prices
- Rule 701 and Form 3921 support
- ✓Lowest all-in price for cap table plus 409A
- ✓Waterfall and round modeling on Premium
- ✓No card for the free plan
- ✗Prices in US dollars only
- ✗Custom pricing above 50 stakeholders
- ✗Little value outside the US
The smartest pick for a US seed company that needs a 409A this year. Compare its bundle with the 409A quote your current provider gives you: the gap usually decides it.
Cake Equity
Cake Equity started in Australia and has spread to US and UK startups. It is the most approachable tool in this ranking: clear onboarding, a friendly employee view, and plain-language explanations of what an option grant is worth.
The free plan covers up to 5 stakeholders, enough for founders only. Build costs $1,000 a year with 25 stakeholders included and $1 for each extra one. Team costs $2,750 a year with 40 included, then $5 each, and bundles two 409A valuations a year plus AI access through MCP. Separate add-ons cover 409A at $1,500 a year, QSBS at $500 and SPVs at $500.
The catch is the per-head jump on Team: from 40 stakeholders, every hire costs $5 more. Advanced round modeling and audit-grade reporting are thinner than at Carta or Ledgy.
- Clear employee equity portal
- Two 409As included on Team
- QSBS and SPV add-ons
- ✓Easiest setup in the ranking
- ✓Transparent published prices
- ✓Good fit for first option grants
- ✗Free plan stops at 5 stakeholders
- ✗$5 per extra stakeholder on Team
- ✗Less depth for complex rounds
A good first cap table tool for a seed team. Once you pass 40 people or start modeling complex preference stacks, compare it with Ledgy Scale or Carta.
Carta
Carta is the default for venture-backed US startups. Many funds track their portfolio on it, which matters: if your lead investor already lives on Carta, it may ask you to join. Feature depth is the best in this ranking, with round modeling, waterfall analysis, investor portals, 409A and compliance tools.
Price is the main pain point. Carta does not publish readable prices and quotes by stakeholder count. Founders report quotes of several thousand dollars a year for small companies, and a hard cancellation process: email, then chase, before the renewal date. Support is often described as hard to reach. UK customers report being moved to the US platform without their local features.
Carta is also the only official landing spot for Pulley customers: the assisted migration keeps your Pulley price for one year, then switches you to a new Carta contract billed quarterly or yearly, not monthly.
- Investor access built in
- Deepest round and waterfall modeling
- Official migration path for Pulley users
- ✓Most complete feature set
- ✓Common language with your investors
- ✓Scales to IPO
- ✗No readable public price
- ✗Cancellation is hard, per many reviews
- ✗No monthly billing after a Pulley migration
Pick it when your investors require it or you are on an IPO track. Otherwise you pay for depth you will not use yet. Negotiate the first quote and put the renewal date in your calendar.
What cap table software really costs, and how to leave cleanly
Three questions matter more than the feature list: what you will pay when your option pool doubles, whether you need a 409A from the same vendor, and how you get your data out when the vendor changes or closes.
Cost at 20, then 50 stakeholders
The 409A question
Pulley is closing: leave on your terms
- Count stakeholders the way the vendor does, option holders included.
- Price the plan at today's headcount and at next year's.
- Add a 409A provider's fee to tools that do not bundle one.
- Check SAFE and convertible note conversion in round modeling.
- Write down the renewal date and the cancellation notice at signing.
- Export the full cap table and transaction history before you commit.
Six habits that keep your cap table diligence-ready
Cap table mistakes surface at the worst time: during a round's due diligence or an acquisition. These come up again and again from founders and finance leads, whatever tool they use.
Know when to leave the spreadsheet
TimingBefore your first priced round, a careful spreadsheet works. Once you have several SAFEs, an option pool and grants vesting on different schedules, move to software. The classic spreadsheet errors: a broken formula, a forgotten vesting cliff, a grant dated before its board approval. All three show up in diligence.
- Switch point
- First option grant or second round
Always read the fully diluted table
FundraisingInvestors negotiate on the fully diluted count: issued shares, granted options and the unallocated pool. Check whether the term sheet sizes the pool pre-money or post-money. A pre-money pool comes out of the founders' share. Every tool here models it, but confirm the unallocated pool is in the denominator.
- Term sheet detail
- Pool pre or post-money
Count stakeholders like the vendor
PricingAlmost every price is per stakeholder. An employee with unexercised options counts. At Capboard, invited lawyers and accountants do not. Make your list before asking for a quote and add the hires planned for the year: the option pool is what usually pushes you up a tier.
- Option holders
- Counted everywhere
Reconcile line by line when you migrate
PulleyNever copy a cap table system to system and trust the export. Reconcile every line with its documents: stock purchase agreements, board consents, grant agreements. This is the advice given to Pulley customers on the way out, and it applies to any migration.
- Documents to match
- SPAs, board consents, grants
Calendar the renewal on day one
TrapThe most common complaint about Carta is not price, it is cancellation: you email, then chase, before the renewal date. Put a reminder two months before the term ends and ask for the exit process in writing before you sign. Ask too whether billing is monthly, quarterly or yearly.
- Reminder
- Two months before renewal
Negotiate the first quote
PricingQuote-based tools have room. Experienced buyers often get Carta 15 to 25 percent below the first offer. Bring Capboard's or Eqvista's published price for the same headcount: it is your best lever.
- Usual discount on a first Carta quote
- 15 to 25 percent
Your cap table is sorted, now the rest
These pages go further on signing, finance and people.
Legal validity, pricing, integrations.
You are getting your numbers ready for a roundBest accounting software for startupsClose, forecasting, working with your CPA.
You just raised and need to watch runwayBest cash flow management softwareForecasts and bank reconciliation.
You need an account for the wireBest business bankFees, cards, treasury.
You want option grants synced with HRBest HRIS softwareEmployee records and integrations.
You want to review term sheets fasterBest legal AIContract review and research.
Cap table software · FAQ
Is Carta free?
Not in a way you can plan on. Carta does not publish readable prices and quotes by stakeholder count, and accounts of a free tier for tiny companies conflict. If you want free, Eqvista is free under 20 stakeholders, Ledgy Launch is free for small cap tables, and Cake Equity is free up to 5.What happens to Pulley customers?
Pulley shuts down at the end of 2026. Customers who opt in move to Carta with their Pulley price kept for a year and a credit for unused months, then sign a new Carta contract billed quarterly or yearly. You can also leave for any other tool: export everything and reconcile it first.What is the best free cap table software?
Eqvista for a US company under 20 stakeholders, since it includes ESOP tracking and a data room. Ledgy Launch for a European startup that will grow into a paid plan later. Cake Equity's free plan stops at 5 stakeholders, so it fits founders only.How much does cap table software cost for a 20-person cap table?
Between $0 and a few thousand dollars a year. Eqvista is free, Capboard about $480 a year, Cake Equity $1,000 on Build. Ledgy is free until you need Scale at €5,000. Carta depends on its quote. Add a 409A provider if your tool does not bundle one.Carta or Ledgy?
Carta if your US investors require it or you are heading toward an IPO in the US. Ledgy if your team spans several European countries and you want strong HRIS integrations. Ledgy's prices are public, Carta's are not, which makes Ledgy easier to budget.Do I need cap table software before my first round?
Not always. Two founders with a clean spreadsheet can wait. Move once you issue SAFEs, grant your first options or prepare a priced round, because diligence will ask for a fully diluted table with every grant tied to a board approval.Does cap table software replace my lawyer?
No. It records and models ownership, it does not draft your financing documents or sign off on them. Giving your lawyer read access to the cap table can shorten diligence, but legal review of each round still belongs to counsel.How do I move my cap table history into a new tool?
Rebuild it from the documents, not from the final spreadsheet. Enter transactions in order: incorporation, each round, transfers, grants and exercises. Ask in the quote whether the vendor imports this history for you and check the result line by line.