Best Cap Table Software for Startups: The 2025 Buyer’s Guide That Saves You From Cap-Table-Hell

So you just closed your first angels on a SAFE, popped the champagne emoji in Slack, and now your lawyer is asking for “the cap table, in Excel, yesterday.”Congrats—welcome to the part of startup life nobody puts on the poster: cap-table administration.

In the next 8 minutes I’ll show you the best cap table software for startups (yes, free ones too), the sneaky pricing traps, and the exact stack we used at Flowjam when we helped 40+ YC companies turn their boring spreadsheets into investor-ready visuals for launch videos. Spoiler: one founder literally cried when she saw her fully-diluted pie chart auto-update after a new hire’s option grant. It’s that satisfying.

First, What Even Is Cap Table Software?

Think of it as Google Sheets… if Google Sheets had a law degree, a tax minor, and never forgot to apply the 83(b) election. Cap table software tracks who owns what, models future rounds, produces 409A-ready reports, and—crucially—keeps you compliant when the IRS or your future Series B lead asks questions.

TL;DR—The Winners at a Glance

Below are the seven tools we see actually used by startups that make it to demo day. Prices are monthly, billed annually, for a 10-person startup with <25 stakeholders. ✅ = included, ❌ = paid add-on.

Carta — Best for VC-Backed Startups with Multiple Rounds

Carta doesn’t offer a free tier and starts at $280/month. It includes full 409A valuation, ASC 718 compliance, and even supports direct 83(b) filings. Carta is ideal for venture-backed startups that have raised more than one round and want the industry-standard platform trusted by VCs and law firms.

Pulley — Best for Pre-Seed to Series A Founders

Pulley offers a free tier with pricing that scales from $0–$120/month, depending on your stage. It covers 409A valuations, ASC 718 compliance, and direct 83(b) filing. This makes Pulley an excellent choice for pre-seed through Series A startups that want a modern, founder-friendly platform without heavy enterprise pricing.

Cake — Best for Remote-First and APAC Startups

Cake provides a free plan with paid tiers starting at $0–$90/month. It includes 409A valuations, but does not currently support ASC 718 or direct 83(b) filings. Cake is best suited for remote-first teams or startups based in the APAC region looking for simplicity and affordability.

Capshare — Best for Budget-Conscious, Traditional Startups

Capshare has no free plan and starts around $200/month. It supports 409A valuations and ASC 718 compliance, but lacks direct 83(b) filing. It’s an older, more traditional option suited for startups that want something low-cost and functional, but not necessarily cutting-edge.

LTSE Equity — Best for Public-Minded and Mission-Driven Companies

LTSE Equity offers a free tier with pricing up to $250/month. It includes 409A valuations, ASC 718 compliance, and direct 83(b) filing. It’s a strong pick for companies with a long-term or public roadmap, especially those aligned with the LTSE (Long-Term Stock Exchange) ethos.

Shareworks — Best for Large, Enterprise-Scale Teams

Shareworks does not offer a free plan and uses custom pricing for each client. It includes full 409A, ASC 718, and direct 83(b) capabilities. It’s designed for enterprise companies with 500+ employees who need advanced reporting, audit support, and enterprise-grade compliance.

AngelList Stack — Best for Rolling-Fund and VC-Linked Startups

AngelList Stack includes a free tier but charges 0.25–1% of funds under management. It provides 409A, ASC 718, and direct 83(b) filing features. It’s best suited for rolling-fund startups or companies with strong investor networks that want integrated fundraising and cap table management.

🕓 Prices checked on October 24, 2025. Vendors move fast—double-check pricing before you buy.

Deep Dive: Each Platform, Warts and All

1. Carta — “The Kleenex of Cap Tables”

Quick Take: If you say “we use Carta” in a pitch room, nobody blinks. It’s the safe choice—and priced like it.

Key Features

Automated 409A every 12 months (included)

Scenario modeling for down-round protection

Portfolio dashboard for investors (they’ll love you)

Built-in tender-offer workflow

Ideal For: Founders who’ve already raised a priced round and want to look institutional overnight.

Real-World Gripe: Customer support can feel like the DMV. One founder told us she waited 11 days to fix a mis-issued option grant—during diligence. Ouch.

External Link: SEC guidance on 409A compliance

2. Pulley — “The YC Darling”

Quick Take: The fastest way to turn a messy SAFE stack into a clean series-seed model. Free until you have 25 stakeholders, then $10/stakeholder/mo—almost free compared with Carta.

Key Features

“What-if” round modeling that actually makes sense

One-click 83(b) submissions via HelloSign

Startup-friendly knowledge base (they quote Naval)

Ideal For: Pre-seed to Series A companies that want Carta-grade power without Carta-grade invoices.

Human Moment: We made a launch video for a Pulley user who closed a $4 M seed on a Friday; by Sunday her new investors had view-only access and didn’t email her once. That’s the dream.

External Link: Y Combinator’s post on cap table best practices

3. Cake — “The Remote-First Sweet Tooth”

Quick Take: Built in Australia, perfect for distributed teams that pay contractors in five currencies.

Key Features

Multi-currency valuations (AUD, SGD, USD)

ESOP pool auto-top-up rules

Slack bot reminds employees to exercise before expiry

Ideal For: APAC startups or US companies hiring heavily overseas.

Caveat: ASC 718 reporting still in beta—ask for a demo before you rely on it for US audits.

4. Capshare (now part of Morgan Stanley)

Quick Take: The grand-daddy. UI looks like Windows 98, but some CFOs swear by its flat-fee pricing.

Key Features

Unlimited option grants on every plan

Direct export to iWork Numbers (yes, really)

Flat $200/mo up to 100 stakeholders

Ideal For: Bootstrappers who just need something auditable and don’t care about aesthetics.

5. LTSE Equity — “The Long-Term Stock Exchange Bet”

Quick Take: Eric Ries’s project. If you’re into stakeholder capitalism, this is your spiritual home.

Key Features

Built-in stakeholder dashboards for employees

Pledge-to-ESOP feature (auto-donate % to pool)

Free until 50 stakeholders if you list LTSE as your “intended” exchange

Ideal For: Mission-driven companies that might actually list on LTSE one day.

6. Morgan Stanley Shareworks (ex-Solium)

Quick Take: Rolls-Royce power, Rolls-Royce price. If you have 500+ employees and need global tax withholding, nothing beats it.

Key Features

40-country payroll integration

Mobile app for employees to exercise & sell

Same-day wire to 26 currencies

Ideal For: Unicorns prepping for IPO or dual-listing.

7. AngelList Stack — “The One-Stop Shop”

Quick Take: You get banking, payroll, and cap table in exchange for 0.25–1 % of your next round. Sounds steep until you add up the cost of a CFO, lawyer, and bookkeeper.

Key Features

Auto-convert SAFEs when you raise

Rolling-fund LP management baked in

Instant 409A via Carta API (yes, Carta powers the backend—ironic)

Ideal For: Indie hackers who live on AngelList and never want to touch a spreadsheet again.

How to Pick Without Regretting It in 18 Months

✅ Map your next 24 months.Pre-seed? You need modeling, not compliance. Series B? You need audit-grade ASC 718. Don’t over-buy.

✅ Check 409A pricing.Some tools give you one free 409A a year, then hit you with $5 k invoices. Ask up front.

✅ Demand integrations.Make sure it talks to your HRIS (Gusto, Rippling), accounting (QuickBooks, Xero), and data room (DocSend, Notion).

✅ Ask your investors.If your lead uses Carta’s investor portal, switching later is painful. Better to start there if you can afford it.

✅ Negotiate onboarding.Vendors will often migrate your Excel cap table for free if you sign a 2-year deal. Just ask; they want your data.

External Link: AICPA audit checklist for stock-based comp

Real-Life Migration Horror Story (and How We Fixed It)

Last year a Flowjam client raised a $1.2 M pre-seed using a colour-coded Google Sheet (yes, colours). When their term-sheet required an audit-ready cap table in 10 days, we moved them to Pulley. Total cost: $0 for the software, $1 200 for a paralegal to re-issue paper 83(b) letters. They closed on time and even sent us a thank-you loaf of sourdough. Moral: pick software before the lawyers start panicking.

Frequently Asked Questions (FAQ Schema Ready)

Q: Is Excel really that bad?A: Only if you like typos that cost you 2 % of your company. Excel misses liquidations preferences, anti-dilution, and version control—three things that will bite you.

Q: Can I switch vendors later?A: Yes, but budget $2–5 k in legal fees to re-certify option grants. Exporting data is easy; re-filing 83(b)s is not.

Q: Do I need a 409A right now?A: The IRS wants one within 12 months of any stock option grant. If you’ve promised equity to employees, the clock is ticking.

Q: What’s the cheapest compliant stack?A: Pulley free tier + free 83(b) e-file + Google Drive data room = $0 until you hit 25 stakeholders. Hard to beat.

Q: How does this tie into my pitch deck?A: Investors screenshot your cap table slide in <3 seconds. Clean software exports = credibility. We literally animate those screenshots in launch videos—trust me, pixelated Excel graphs kill vibes.

Actionable Recommendations by Stage

Idea-Stage / Accelerator
‍✅ Use Pulley free or AngelList Stack. You’re not complicated enough to pay yet.

Pre-Seed with SAFEs
‍✅ Pulley paid tier + Stripe Atlas incorporation. Model dilution before you sign anything with >20 % discount.

Series A – Hiring Fast
‍✅ Carta or LTSE Equity. Integrate with Gusto so new hires auto-grant options on day 1.

Series B – Audit Looming
‍✅ Stick with Carta, enable ASC 718, and buy the premium support package. Your auditors will thank you.

Remote-First, Global Team
‍✅ Cake or Shareworks depending on head-count. Multi-currency tax withholding is non-negotiable.

Checklist: 9 Things to Do Before You Click “Buy”

✅ Export your current Excel sheet to CSV—no vendor migrates chaos for free.
✅ List every stakeholder with email addresses; typos here = legal fees later.
✅ Decide your option-pool size (10 % is not a law of physics).
✅ Ask founders in your YC batch for a referral code—most vendors give 20 % off first year.
✅ Book a 30-min onboarding call; you’ll learn more than in any white-paper.
✅ Test the 409A workflow before you need it—some tools still ask you to fax stuff.
✅ Set calendar reminder to re-price options if 409A drops (down-round protection).
✅ Grant your team view access; transparency beats rumours every time.
✅ Update your data room NDA links—cap table software exports often auto-generate new PDFs.

Final Word (and a Shameless Plug)

Choosing the best cap table software for startups isn’t rocket science—it’s just boring science. Pick the cheapest tool that still scares your lawyer and your accountant in equal measure. Start free, upgrade when the invoice becomes smaller than your legal bill, and never, ever let your CTO colour-code ownership again.

If you’re gearing up for a fundraise and need a launch video that turns your freshly-minted cap table into a 60-second credibility bomb, swing by Flowjam.com—we’ve made explainer videos for 40+ YC batches and we live for that “we just closed” Slack ping.

Now go forth and dilute—responsibly.

Best Cap Table Software FAQs for Startups

Is Excel Really That Bad for Cap Tables?

Yes — it is. Excel might feel convenient, but it doesn’t handle critical equity details like liquidation preferences, anti-dilution formulas, or version control. Small spreadsheet errors can lead to major ownership mistakes and messy audits later.

Can I Switch Cap Table Vendors Later?

You can, but it’s not free. Expect to spend $2,000–$5,000 in legal and admin fees to re-certify option grants, reissue share documents, and file new 83(b) elections if necessary.

Which Cap Table Software Is Best for Early-Stage Startups?

For pre-seed and seed founders, Pulley and Cake are great picks. They’re affordable, easy to use, and include essential features like 409A valuations and basic equity tracking—perfect before your first big round.

What’s the Best Cap Table Software for Scaling Startups?

When your company starts raising multiple rounds or preparing for an exit, Carta becomes the most reliable option. It’s widely trusted by VCs and law firms, and covers ASC 718, 409A, and direct 83(b) filings for full compliance.

Can International or Remote Startups Use Cap Table Software?

Yes. Tools like Ledgy and Cake are ideal for remote-first or global teams. They support multi-jurisdiction equity management, multiple currencies, and localized compliance, making them great for distributed startups.