Carta vs Pulley vs Ledgy: AI Cap Table & Equity Management Showdown (2026)
Compare the top 3 AI equity management platforms — Carta, Pulley, and Ledgy — on cap table, stock options, 409A valuation, dilution modeling, multi-currency support, fund administration, and target size.
Verdict:Carta and Pulley are both cap-table and equity-compensation tools, but they differ in scale and philosophy. Carta is the global leader spanning 409A valuations, fund administration, and secondary liquidity — reassuring for companies eyeing future VC ties and IPO readiness, with the breadth of its ecosystem as its biggest weapon. Pulley is a challenger winning support with founder-first UX and clarity in SAFEs and dilution modeling, suited to founders who want to intuitively compare seed-to-Series fundraising scenarios. For global companies granting equity to employees across multiple countries, Ledgy — which supports each country's tax and regulatory rules — is the strong third option. Choose Carta for breadth and future-proofing, Pulley for founder UX and fundraising modeling, and Ledgy for multinational support.
Table of Contents
Carta & Pulley Overview
Carta
The global leader in equity and cap-table management. Covers cap table, 409A valuations, fund administration (for LPs/GPs), and secondary liquidity, adopted by startups, VCs, and IPO-track companies. The breadth of its ecosystem and integrations is its biggest strength.
Learn more about Carta →Pulley
A fast-rising challenger with founder-first UX. Its dilution modeling and SAFE handling are easy to grasp, strong for comparing seed-to-Series fundraising scenarios. Praised for ease of switching and hands-on support.
Learn more about Pulley →Feature & Pricing Comparison
| Feature | Carta | Pulley |
|---|---|---|
| Position | Global leader, comprehensive | Founder-first challenger |
| 409A valuation | ◎ In-house | ○ Offered |
| Dilution / round modeling | ○ Full-featured | ◎ Praised for clarity |
| Fund admin (for VCs) | ◎ LP/GP support | △ Limited |
| Target size | Seed to IPO-ready | Seed to Series B |
| Strength | Ecosystem, future scalability | UX, switching ease, support |
Our Verdict
Our Verdict
Carta and Pulley are both cap-table and equity-compensation tools, but they differ in scale and philosophy. Carta is the global leader spanning 409A valuations, fund administration, and secondary liquidity — reassuring for companies eyeing future VC ties and IPO readiness, with the breadth of its ecosystem as its biggest weapon. Pulley is a challenger winning support with founder-first UX and clarity in SAFEs and dilution modeling, suited to founders who want to intuitively compare seed-to-Series fundraising scenarios. For global companies granting equity to employees across multiple countries, Ledgy — which supports each country's tax and regulatory rules — is the strong third option. Choose Carta for breadth and future-proofing, Pulley for founder UX and fundraising modeling, and Ledgy for multinational support.
Recommendations by Use Case
Comprehensive management eyeing future VC ties and IPO
Covers cap table, 409A, fund admin, and secondaries with a broad ecosystem, so you can keep using it as you scale.
Founder-first UX and fundraising scenario comparison
Intuitive SAFE and dilution modeling for seed-to-Series simulations, with easy switching and hands-on support.
Granting equity to employees across multiple countries
European platform with multi-currency and per-country tax support, plus an employee portal that visualizes ownership.
Detailed Reviews
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