Best Cap Table Software for Startups: The 2024 Buyer’s Guide That Saves You From Dilution Drama

Yes, that’s right—your cap table is not just a boring Excel sheet with names and percentages. It’s the single source of truth that decides who owns what, how much you can raise, and whether your dream exit turns into a lawsuit-laden nightmare.

If you’re Googling “best cap table software for startups” at 2 a.m. because an investor just asked for a pro forma and your spreadsheet has #REF! everywhere—breathe.

This guide gives you the exact short list the top 1% of founders use, plus pricing insights, integration tricks, and the rookie mistakes that cost equity (and sanity).

Why Your Cap Table Deserves Better Than Google Sheets

Let’s get the obvious out of the way: Google Sheets is free, but so is stress. One fat-fingered formula and you just promised 140% of your company to your college roommate.

Cap table software—purpose-built equity management platforms—automates the math, keeps you SEC-compliant, and gives investors confidence that you know what you’re doing.

But not all tools are created equal. Some are overkill for two founders and a dog; others will choke when you hit Series C with 400 option holders.

Below are the seven most-used platforms among YC founders. Each includes who it’s for, what it costs, and the key pros and cons.

Quick Comparison: Best Cap Table Software for Startups in 2024

Carta — Best for Series A+ startups
Starting at $3k/year minimum. Integrates with Gusto, QuickBooks, and 409A.
Website: carta.com

Pulley — Best for pre-seed to Series B
Free for up to 25 stakeholders. Integrates with Stripe, AngelList, and Rippling.
Website: pulley.com

Ledgy — Best for EU-heavy, remote teams
€3 per stakeholder/month. Integrates with Slack and HRIS APIs.
Website: ledgy.com

Cake — Best for APAC and global startups
$250/month flat fee, unlimited stakeholders. Integrates with Xero, Wise, and Snowflake.
Website: cakeequity.com

Capshare (now Certent) — Best for legacy enterprise users
Custom pricing, integrates with Oracle ERP.
Website: certent.com

Shareworks (Morgan Stanley) — Best for IPO-bound companies
Custom pricing, integrates with Schwab and E*Trade.
Website: shareworks.com

EquityEffect — Best for bootstrapped startups
$99/month flat, minimal integrations.
Website: equityeffect.com

Deep-Dive Reviews: The 7 Tools Worth Your Equity (and Money)

1. Carta: The 800-Pound Gorilla

If your investor’s brand colors are blue and green, they probably want you on Carta.
Website: carta.com

Key features

• Automated 409A valuations (included)
• Scenario modeling for IPO, M&A, or down rounds
• Portfolio insights for VCs
• SEC and Rule 701 compliance baked in

Ideal for: Startups post-priced round with pro-rata tracking needs.
Pricing: $3k minimum for <25 stakeholders, then $8/stakeholder/month.
User feedback: G2 score 4.4/5.
Gotcha: Annual auto-renewal and per-stakeholder fees—even for ex-employees.

2. Pulley: The YC Darling

Pulley is what Carta would feel like if it were built in 2023.
Website: pulley.com

Key features

• Safe Harbor 409A (YC’s default)
• “What-if” round modeling
• Automated board consents
• GitHub-style audit trail

Ideal for: Pre-Series A startups with <10% option pools.
Pricing: Free up to 25 stakeholders, then $7/stakeholder/month.
User feedback: Product Hunt 5/5.
Gotcha: EU GDPR data hosted on US servers.

3. Ledgy: The European Contender

Think of Ledgy as Pulley with better chocolate and multilingual option grants.
Website: ledgy.com

Key features

• Double-entry equity ledger
• ESOP & VSOP templates for EU markets
• Slack notifications for vesting events
• Multi-currency conversion

Ideal for: Remote-first startups with European employees.
Pricing: €3 per stakeholder/month, min €200.
User feedback: Capterra 4.7/5.
Gotcha: USD valuation reports cost extra.

4. Cake: The APAC Speedboat

If your lead investor is from Sydney and you’re raising on SAFEs, Cake is your best bet.
Website: cakeequity.com

Key features

• SAFE & SHA templates (US, AU, SG)
• Automated ESIC compliance (Australia)
• Wise integration for cross-border payments
• Unlimited stakeholders

Ideal for: Global teams operating across currencies.
Pricing: $250/month flat, 409A via Scalar $1500.
User feedback: 9/10 community rating.
Gotcha: Some Australian slang in the UI.

5. Capshare (Certent)

The enterprise classic—robust but dated.
Website: certent.com

Key features

• Multi-tier waterfall analysis
• Custom auditor reports
• Oracle ERP sync

Ideal for: Legacy setups or inherited systems.
Pricing: Custom ($5k+ typical).
User feedback: G2 3.9/5.
Gotcha: Feels like Windows 95.

6. Shareworks by Morgan Stanley

When your roadmap says “IPO in 24 months,” the bank picks this for you.
Website: shareworks.com

Key features

• SOX controls
• Trading window admin
• Brokerage integrations (Schwab, E*Trade)

Ideal for: Late-stage companies with 500+ option holders.
Pricing: $20k+ setup typical.
User feedback: 4.2/5.
Gotcha: Implementation takes months.

7. EquityEffect: The Budget Option

No-frills but functional—perfect for early-stage founders.
Website: equityeffect.com

Key features

• Basic waterfall modeling
• Document vault
• Unlimited users

Ideal for: Bootstrapped startups needing simplicity.
Pricing: $99/month flat.
User feedback: 4.0/5.
Gotcha: Email-only support.

How to Pick Without Regretting It in 12 Months

Here’s a quick checklist every founder should consider:

• Stakeholder count now vs. 24-month forecast
• 409A valuation frequency (included or billed separately?)
• Investor reporting requirements
• GDPR and data residency (especially for EU employees)
• Payroll integrations (Gusto, Rippling, BambooHR)
• E-signature workflow for option grants and board consents
• Cost per leaver (some tools charge until you offboard)
• Waterfall complexity (participating preferred, liquidation prefs)
• Support response time (chat vs. email delays)
• Export formats—can you leave without data loss?

Rookie Mistakes That Cost Real Equity

• Forgetting to file 83(b) elections—software can’t fix it. Set a reminder.
• Leaving departed founders active—dead equity scares investors.
• Creating phantom shares—avoid duplicate data in multiple tools.
• Ignoring fully-diluted math—model note conversions early.
• Waiting too long to migrate—legal review adds days to your close.

FAQ: The Questions Founders Actually Ask

Can I just stick with Excel until Series A?
You can, but investors often make migration a closing condition. Do it while your list is small.

Is free cap table software really free?
Pulley’s free tier is genuinely free—no card, no watermark. They bet you’ll grow into paid, and you will.

Do I still need a lawyer?
Yes. Software automates, but lawyers protect your ownership and terms.

How long does migration take?
If your data is clean, 24 hours. Realistically, plan for 3–5 business days.

What happens if we switch platforms later?
All major vendors export to CSV/PDF, but re-mapping option IDs takes effort.

Actionable Recommendations by Startup Stage

Pre-seed / Idea stage (under 5 stakeholders)
Use Pulley free. Spend the $3k you save on customer discovery tacos.
Website: pulley.com

Seed stage (5–25 stakeholders)
Pulley or Ledgy. Both handle SAFEs natively.
Websites: pulley.com and ledgy.com

Series A (institutional investors)
Go with Carta—it’s the industry default.
Website: carta.com

Series B+ or remote/global team
Ledgy for EU HQ, Cake for APAC.
Websites: ledgy.com and cakeequity.com

IPO track (500+ holders)
Shareworks. It’s enterprise-grade, and your auditors already know it.
Website: shareworks.com

Final Thoughts

Founders spend more time picking Netflix shows than choosing the software that tracks who owns their company. Don’t be that founder.

Pick one of the seven tools above, migrate this week, and get back to building something people actually pay for.

If you want a launch video that makes your cap table story pop, visit flowjam.com — we’ll even throw in a free explainer frame about your ESOP.

Now stop reading and go add that advisor who promised you intros to Sequoia—before they change their mind.