Pulley vs Carta

Both assume American corporations and price by stakeholder count. Pulley is the founder's modelling tool, with a fundraise modeller in its $1,200 a year entry plan and published bands. Carta is the incumbent US investors recognise, with 409A valuations and financial reporting spread across four plans. Founders modelling a raise choose Pulley; companies whose investors expect the default choose Carta.

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Both are reviewed in full in our cap table management ranking: Pulley and Carta.

1. 01

   Modelling a round

   Pulley includes its fundraise modeller in the entry Startup plan, and its scenario and waterfall modelling is the clearest in this category, making dilution and liquidation preferences legible without a spreadsheet. Carta spreads modelling across tiers: SAFE modelling on every plan, priced round modelling and a deal-ready pro forma from Build, and exit modelling only on Scale. For a founder mid-raise, Pulley gets there sooner.

   Edge: Pulley

2. 02

   Diligence and the machinery around the register

   Carta says over 40,000 companies use its platform, and most US investors have seen it, which lowers friction in diligence. It adds 409A valuations with audit support and Form 3921 from Grow, and Rule 701 and ASC 718 reporting on Scale. Pulley's Growth plan also lists 409A valuations, Rule 701 and Form 3921, so the gap is familiarity and depth more than missing features.

   Edge: Carta

3. 03

   Published bands against a quote

   Both count stakeholders, so either bill rises in the year you grant options. Pulley publishes its bands: $1,200 a year with the first 25 stakeholders included, $3,500 with the first 40, and angels investing $50,000 or less counted as half. Carta's plan summary names Launch, Build, Grow and Scale without prices, and renewals come with a sales conversation. Pulley is the more predictable.

   Edge: Pulley

4. 04

   Your data and the way out

   Pulley exports cleanly and is described as easy to leave. Carta has previously used customer data in ways customers objected to, during its secondaries push, which is why its terms on what it may see and use deserve a careful read. On independence and control of your own register, Pulley is the stronger choice.

   Edge: Pulley

Is Pulley cheaper than Carta?

Only Pulley's side can be stated. Its Startup plan is $1,200 a year with the first 25 stakeholders included, and Growth is $3,500 a year with the first 40 and 409A valuations.

Carta's plan summary lists four plans and their features without prices, so its figure comes from a sales conversation.

Do investors accept Pulley as readily as Carta?

Carta is the American default: it reports more than 40,000 companies on its platform, and most US investors have seen it, which makes diligence smoother.

Pulley holds a SOC 2 Type II audit and its data exports cleanly, so a register kept there can be handed over without difficulty.

Can a European company use Pulley or Carta?

Both are built around American company structures. Pulley can record a GmbH or a BV but is not designed around notarised or registry-based share transfers.

In those jurisdictions the notary or registry holds the binding record, so a product built for your company form is the safer route.

Which Pulley and Carta plans include a 409A valuation?

Pulley includes 409A valuations from its Growth plan at $3,500 a year; the $1,200 Startup plan does not list them.

Carta includes 409A valuations and audit support on its Grow and Scale plans, not on Launch or Build. Either way, budget for the tier above entry once you grant options.

• Pulley pricing page: Pulley plan prices, stakeholder bands, half-count for small angels, 409A on Growth and SOC 2 Type II.
• Carta plans summary (PDF): Carta plan names, features per plan, absence of listed prices and the 40,000 companies figure.