What happens to my Pulley data after December 8, 2026?

Pulley says you can still view your data in a limited format through the app until January 31, 2027. After that, plan for it to be gone. Export your cap table, grant documents, board consents, 409A reports and transaction history now, and store them where your finance lead and lawyer can reach them, whatever platform you move to.

Does Carta honor Pulley pricing?

For customers who opt in by November 30, 2026, Pulley's FAQ says Carta will honor current Pulley pricing for the first full year and credit any unused prepaid balance. You must sign a new 12-month Carta contract. Carta does not offer monthly billing, so monthly Pulley customers move to quarterly or annual terms.

Is Carta free for startups?

Carta's Launch plan is free for companies with up to 25 stakeholders and up to $1M raised. It covers cap table management, securities issuance, 83(b) forms and SAFE modeling. Build, Grow and Scale are quote-based. 409A valuations are included from the Grow plan upward, not in Launch or Build.

Is Capbase a good Carta alternative?

For pre-seed founders, often yes. Capbase charges $999 a year and combines Delaware incorporation, a registered agent, a live cap table and SAFE fundraising tools. It is lighter than Carta on priced-round modeling, 409A depth and investor familiarity, so many companies move to Carta once they raise a priced round or grant options at scale.

Do I need a cap table platform if I am bootstrapped?

Not always. A single founder with no outside shareholders can run a clean spreadsheet. Move to a platform when you issue your first option grant, sign your first SAFE or bring in a co-founder with vesting. At that point the cost of an error, such as a wrong strike price or a missed 83(b), is far higher than the software.

Carta vs Pulley vs Capbase 2026: Cap Tables

Q: Is Pulley shutting down?

Yes. Pulley announced on September 15, 2026 that it will cease operations on December 8, 2026. After that date the app is no longer accessible and support ends. Customers keep limited access to their data until January 31, 2027. Pulley has an exclusive transition partnership with Carta, but customers are free to choose another provider.

Is Pulley shutting down?

Yes. Pulley announced on September 15, 2026 that it will shut down on December 8, 2026. After that date the app is no longer accessible and Pulley's team stops supporting customers. You keep access to your data in a limited format until January 31, 2027.

Pulley has signed an exclusive transition partnership with Carta. If you opt in by November 30, 2026, Carta migrates your cap table and history, honors your current Pulley pricing for the first full year, and credits any prepaid balance. You sign a new 12-month Carta contract. Carta does not bill monthly, so monthly Pulley customers move to quarterly or annual billing.

You do not have to go to Carta. But Pulley says it will not help with a migration to any other provider, and it offers no pricing guarantee elsewhere. If you have no new platform in place by December 8, you lose working access to your cap table.

This article was first written when Pulley was a live challenger to Carta. We have kept Pulley in the comparison so current customers can see what they are moving from, and rebuilt the advice around the two options that remain.

Quick verdict

For most venture-backed startups, Carta is now the default. It is free up to 25 stakeholders and $1M raised, and it is the platform most investors already use. Capbase is the better fit for pre-seed founders who want incorporation, a registered agent and a cap table in one $999-a-year package.

If you are on Pulley today, your decision has a hard deadline. Choose by November 30 if you want Carta's assisted migration and price match.

Best for	Pick
Pre-incorporation, day-zero founder	Capbase
SAFE-stage startup, under 25 stakeholders	Carta Launch (free) or Capbase
Priced round, first option pool	Carta Build or Grow
409A bundled with the cap table	Carta Grow
ASC 718 and audit-ready equity reporting	Carta Scale
Tender offers	Carta, with the Liquidity add-on
Current Pulley customer	Carta via the migration offer, or a self-managed move elsewhere

Side-by-side comparison

Carta covers the full lifecycle from first SAFE to IPO. Capbase covers formation to the first priced round. Pulley sat in between, and is winding down.

Feature	Carta	Pulley	Capbase
Status (October 2026)	Active	Shutting down December 8, 2026	Active
Free plan	Launch: up to 25 stakeholders and $1M raised	None	None
Entry paid plan	Build: quote-based, up to 50 stakeholders	Startup: $1,200/year, 25 stakeholders	$999/year
409A valuations	Included from Grow	Included from Growth ($3,500/year)	Higher-priced growth tier
Delaware incorporation	No	No	Yes, filing fee included
Registered agent	No	No	Yes, included
SAFE modeling and closings	Yes, all plans	Yes	Yes
Priced round modeling	From Build	Yes	Limited
Board consents and meetings	Consents on all plans; meetings from Grow	Yes, from Growth	Basic board setup
ASC 718 reporting	Scale	Enterprise	No
Tender offers	Liquidity add-on, paid plans	Enterprise	No
Exit modeling	Scale	Yes	No

Pricing

Carta publishes one price: Launch is free. Everything above it is quoted. Capbase publishes a flat annual fee. Pulley's published prices are now relevant mainly as the number Carta matches for year one.

Plan or item	Carta	Pulley (until Dec 8, 2026)	Capbase
Free tier	Launch: free, 25 stakeholders, $1M raised	None	None
Seed stage	Build: quote, up to 50 stakeholders	Startup: $1,200/year, 25 stakeholders, no 409A	$999/year
Priced round with 409A	Grow: quote, flexible stakeholder limit	Growth: $3,500/year, 40 stakeholders, 409A included	Growth tier: price on request
Late stage and pre-IPO	Scale: quote	Enterprise: quote	Not offered
Add-ons	Liquidity, QSBS Attestation, Equity Advisory, Total Compensation	n/a	n/a

Two practical points. First, Carta's paid plans are negotiated, so get a written quote that states the stakeholder limit, the number of 409As per year and the renewal terms. Second, Pulley customers who migrate pay their Pulley price for year one only. Budget for a Carta list-price quote from year two.

Feature analysis

The tools differ less on basic cap table entries and more on what surrounds them: valuations, financing rounds, audit work and liquidity.

409A valuations

Carta includes 409A valuations and 409A audit support from its Grow plan. Launch and Build do not include them. Pulley included 409As from its Growth plan. Capbase positions its higher tier for companies moving to a priced round and a 409A.

A 409A sets the fair market value of common stock, which sets the strike price for options. You need a fresh one at least every 12 months and after any material event, such as a new priced round. If you will grant options in the next year, compare plan prices with the 409A included, not without it.

Equity issuance and vesting

All three handle option grants, vesting schedules and 83(b) elections. Carta adds ISO management, Form 3921 generation (from Grow) and Rule 701 management (Scale). Capbase updates the cap table automatically when a SAFE, stock grant or note is signed, which suits small teams with few transactions.

Scenario and waterfall modeling

Carta Launch models SAFE conversion. Build adds priced round modeling and a deal pro forma. Exit modeling sits in Scale. Capbase's modeling is enough for SAFE rounds and thin for priced rounds with preferences. If you are heading into a round, the model investors will test is your own financial model, not the cap table tool's pro forma. Both need to agree.

Secondary sales and tender offers

Carta sells tender offer support as a Liquidity add-on on paid plans. Pulley offered secondary solutions on Enterprise. Capbase does not offer tenders. If you plan an employee liquidity program in the next two years, factor the add-on into your Carta quote.

Investor and board experience

Carta's main advantage is familiarity. Pulley's own FAQ notes that Carta is used by over 55,000 companies, and most institutional investors already have a Carta login. Board consents are on every Carta plan; board meetings come with Grow. Capbase covers board setup and consents for early-stage governance.

Data export and migration

This is the lesson of the Pulley shutdown. Whichever platform you use, keep an independent export of your cap table, grant agreements, board consents and 409A reports. BPM, the accounting firm, recommends reconciling records against source documents rather than trusting a system-to-system transfer. We agree.

Who should use which

Stage decides most of this. The second factor is how soon you will need a 409A and a priced round.

Day-zero founder needing incorporation and a cap table: Capbase. One fee covers Delaware formation, a registered agent and SAFE tools. Plan to review the setup when you raise a priced round.

Pre-seed or seed on SAFEs, under 25 stakeholders and $1M raised: Carta Launch. It is free and investors will recognize it.

Seed after a priced round: Carta Build, or Grow if you need 409As in the next year. Ask for both quotes.

Series A and B with an active option program: Carta Grow. The bundled 409A and Form 3921 work save separate vendor fees and reconciliation time.

Pre-IPO, or audited with ASC 718 reporting: Carta Scale.

Current Pulley customer: If Carta fits your stage, opt in by November 30 to lock year-one pricing. If you prefer another provider, start the move now; you will run it yourself.

Bootstrapped company with no outside shareholders: A well-kept spreadsheet is fine until your first grant or SAFE.

Our take as fractional CFOs

The platform matters less than whether the cap table is right. We regularly see cap tables that disagree with the signed documents: a grant entered with the wrong vesting start, a SAFE converted at the wrong cap, an option pool top-up that never got board approval. Those errors surface in due diligence, when they are most expensive to fix.

When we review a client's equity setup, we check four things:

Reconciliation. Does the cap table tie to signed grants, board consents and the share register? We reconcile before every round and at year end.
409A timing. Is the current 409A less than 12 months old, and has anything material happened since? An out-of-date 409A can make every option granted after it a tax problem for employees.
Dilution in the model. The fully diluted share count in the fundraising model must match the cap table, including the post-money option pool investors will ask for.
Total cost. A cap table tool is a small line in the budget, but 409As, tender support and ASC 718 work add up. We compare the bundled quote against buying those pieces separately.

For Pulley customers, our advice is simple. Export everything this week. Reconcile it against your source documents. Then decide. The Carta offer is reasonable for most, because year-one pricing is matched and the migration is assisted. If your board or lead investor prefers another platform, start that move now rather than in late November.

Cap table quality is also part of investor reporting. Investors read the cap table next to your board pack, and inconsistencies between them raise questions. See what a credible financial model for investors looks like for the other half of that conversation.

Next step

If you are moving off Pulley or preparing for a round and want a second pair of eyes on your cap table and model, book a free CFO diagnostic call. We will tell you what needs fixing before investors see it.