Top 5 Cap Table Management Software for Startups 2024

For the uninitiated, let’s begin by answering, what is a cap table management software?

A cap table management software is a specialized tool designed to track and manage the ownership structure of a company, detailing who owns what percentage of equity. It provides a central repository for maintaining accurate and up-to-date records of shareholders, including founders, investors, employees with stock options, and other stakeholders.

The software also facilitates equity transactions, and helps you comply with regulatory requirements related to ownership disclosure.

When purchasing a cap table management software, several crucial factors must be considered.

3 factors to consider when evaluating cap table software

• Firstly, it's essential to consider the specific features required to efficiently complete tasks. For instance, when it comes to cap table management platforms, functionalities such as scenario modeling, equity dilution forecasting, and real-time updating capabilities are pivotal.

Additionally, a comprehensive cap table management tool covers all the following features listed under each category.

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Since feature comparison is going to be one of the most important aspects of this blog, it is important to simplify what exactly ‘cap table management’, ‘stock options management’, ‘shareholder management’, and so on, include.

When discussing features of each cap table management tool listed, the term ‘cap table management’ includes all the sub-features listed under that category in the above image, unless specified otherwise.

• Secondly, pricing structure plays a significant role. Understanding whether the software offers scalable pricing models, subscription options, or one-time purchase plans can greatly influence budgetary decisions. You will get a good look at the starter plans offered by all the platforms mentioned in this post.

• Lastly, feedback from current users is invaluable. Insight into user experiences regarding usability, customer support responsiveness, and overall satisfaction provides crucial guidance in determining the software's suitability and reliability. 

Together, these factors form a comprehensive framework for evaluating and selecting software that aligns best with organizational needs and goals.

Top 5 Cap Table Management Software for Startups

The following image summarizes this section, however for a detailed comparison, please read further.

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1. EquityList

About: 

EquityList is a robust equity management platform tailored for modern enterprises. Our intuitive interface seamlessly integrates departments such as HR and Finance, enhancing operational alignment. 

Who is it for:

Recognizing the complexities of global operations, EquityList offers specialized features to meet regional regulatory requirements:

• EquityList is built for founders, HR, and finance teams. Its intuitive UI/UX simplifies complex equity management tasks, allowing users to perform actions seamlessly without needing external legal counsel.
• For companies in India, we provide a comprehensive electronic share register with dematerialisation services.
• For companies in the United States, our platform delivers streamlined, audit-ready 409A reports, along with management of ISO/NSO/INTL grants and federal exemption tagging.
• Emerging markets like Southeast Asia and MENA benefit from capabilities such as tax slab integration and multi-entity management for holding structures.

Currently, EquityList oversees operations for over 360+ companies across India, Southeast Asia, MENA, and the U.S., managing equity worth approximately $2 billion for more than 25,000 stakeholders.

Features:

Since the goal for EquityList is to become the one-stop solution for global businesses to manage equity, the platform is quite comprehensive. We offer all the features listed in the above table across cap table, stock options and shareholder management, and advisory services for global entities (along with dematerialisation of shares specifically for companies in India).

💡Bonus: We frequently receive positive feedback for our quick onboarding process. For certain accounts, we've onboarded them within just 24 hours.

Don’t take it from us, we will let our user reviews speak for themselves:

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Starter plan: Plans on EquityList start as low as $11 per stakeholder/year.

2. Carta

About:

Founded in 2012, Carta has emerged as a dominant force in the U.S. market. It is a leading platform for managing equity and ownership, simplifying cap table management, valuations, and compliance for both private and public companies. 

Additionally, Carta specializes in venture capital fund administration and formation, offering comprehensive solutions for businesses at all stages.

Most recently, they seem to have stumbled a bit.

Who is it for:

Carta offers features such as ACH and wire transfers, along with dedicated audit support, which are particularly beneficial for large U.S. enterprises. However, these functionalities may not be essential for small to medium-sized companies, potentially increasing costs for them.

With a strong market presence, Carta serves over 40,000 companies and supports more than 2.3 million equity holders. Their platform has facilitated valuations exceeding $2.5 trillion in private assets.

Features:

While Carta is fairly comprehensive with its cap table, stock options, and shareholder management functionalities,it does not support:

• Multi-entity for holding company structure, vesting payslips and customized company reports.
• Dematerialisation workflow for subsidiaries / companies registered in India (which is a regulatory mandate set by the Indian government), and larger advisory assistance for equity scheme document creation.

On their G2 profile, Carta has mixed reviews from its users

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‍Starter plan: Carta hasn’t mentioned its pricing on their website but it is known to be relatively expensive. Some users have also reported recent changes and experimentation with their pricing.

3. Pulley

About:

Pulley, founded in 2016, is a platform prioritizing user-friendliness and transparency in managing ownership and equity.

Pulley serves as a unified platform that integrates employees, investors, and critical departments like HR, Legal, and Finance. It specializes in supporting web3 native companies with token distribution strategies and provides customized solutions for private equity firms.

‍Who is it for:

It appeals to early-stage startups and smaller companies.

Features:

Pulley has fewer features in each of the categories.

• Cap table management: It does not track historical cap tables per funding round.
• Stock options management: Issuing vesting slips and generating company customized reports is unavailable.
• Shareholder management: Showing the company cap table to shareholders is unavailable.
• Admin tools: They also do not have activity logs or admin analytics.

When it comes to user feedback, Pulley does have many satisfied customers.

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Starter plan: Pulley's basic plan starts at $1200 per year for a minimum of 25 stakeholders.

4. Ledgy

About:

Ledgy was founded in 2017 by Yoko Spirig, Ben Brandt, and Timo Horstschaefer, who crossed paths while studying physics at ETH Zürich. Recognizing the challenges faced by European companies in effectively managing equity plans, they established Ledgy.

Ledgy's mission is to streamline equity management, making it accessible and advantageous for both companies and their employees. The platform empowers teams with seamless communication and rapid setup for ongoing value creation.

Who is it for:

Ledgy’s primary market is Europe.

Features:

• Stock options management: You cannot issue vesting slips or generate customized company reports. 
• Shareholder management:, Ledgy does not provide visibility of the company's cap table to shareholders.
• Admin tools: The platform also lacks activity logs and admin analytics, along with dematerialisation services for India registered/ Indian subsidiary companies.

While ledgy has good reviews from its users, they are limited and anonymous.

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Starter plan: Ledgy’s plan starts from €3 per stakeholder / month ( €36 per stakeholder / year)

5. Trica Equity

About:

Trica is a cap table management platform designed to empower startups with a focus on global expansion and employee stock ownership plans (ESOPs). Founded in 2016, Trica caters to a diverse range of companies,

Who it's for:

Trica's primary target market is startups and investors in India.

Features:

On paper, Trica seems to have the least number of features of all the platforms mentioned in this blog-post.

• Cap table management: You can only manage and track convertible securities and convertible notes. It does not support managing historical cap tables per funding round, hosting multiple entities, performing share splits, or customizing vesting schedules.
• Stock options management: You can only provide employee dashboards and conduct buybacks. However, features such as exercise flow, vesting payslips, and custom reports are unavailable.
• Shareholder management: You can share investor updates, but other secretarial workflows such as board consents and shareholder consents are unavailable.

As for customer reviews, this is what they have to say:

Starter plan: Their starter plan starts at $6 for up to 10 stakeholders.

This wraps our list of ‘Top 5 Cap Table Management Software for Startups in 2024’. We hope you found this post helpful. 

In case you would like to see how EquityList can work for your company, book a demo here.