Introduction
Managing a startup’s equity and cap table can be challenging without the right tools. Several platforms like Capboard, Carta, and Pulley offer software to simplify equity management. This article compares Capboard with Carta and Pulley, focusing on pricing, features, and ease of use to show why Capboard is the most startup-friendly choice.
Pricing Differences
Cost is a major factor for startups. Capboard stands out with significantly more affordable pricing compared to Carta and Pulley:
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Capboard: Priced at $2 per stakeholder per month (billed annually)
Even with a monthly billing option ($4 per stakeholder), the cost is low. There is a minimum charge covering up to 15 stakeholders (e.g. $360/year for 15 stakeholders)
All Capboard features are included in this simple pricing, with no hidden fees or surprise add-ons -
Carta: Carta offers a free Launch plan for very early startups (up to 25 stakeholders and $1M raised)
Beyond that, its paid plans can become expensive – around $6 per stakeholder per month as a starting point
Carta’s pricing isn’t transparent on the website; founders often must contact sales for a quote
Many companies report paying thousands per year for Carta’s higher-tier services (especially when including add-ons like 409A valuations). -
Pulley: Pulley uses tiered annual plans. The Startup plan costs $1,200 per year for up to 25 stakeholders, and the Growth plan is $3,500 for the first year for up to 40 stakeholders
This equates to roughly $100–$292 per month, which can be 2–3× more per stakeholder than Capboard. Pulley’s pricing is more transparent than Carta’s, but still higher than Capboard for comparable company sizes.
Bottom line: Startups can save a substantial amount by choosing Capboard. For example, a startup with 20 stakeholders would pay about $480/year on Capboard, versus roughly $1,440/year on Carta or $1,200/year on Pulley for similar cap table sizes. Capboard’s flat, transparent pricing is designed to be budget-friendly for early-stage companies
Feature Comparison
While all three platforms offer core equity management functionalities, Capboard provides all the essential tools a startup needs at a fraction of the cost. Below is a comparison of key features and capabilities of Capboard, Carta, and Pulley:
| Feature / Functionality | Capboard (Startup-Focused) | Carta (Industry Leader) | Pulley (Advanced Cap Tables) |
|---|---|---|---|
| Cap Table Management | Comprehensive, intuitive cap table management for tracking ownership and dilution. Easy to keep an accurate, error-free cap table from day one. | Robust cap table management with compliance and audit readiness. Widely used standard, but interface can be complex for new users. | Advanced modeling with real-time updates and support for complex equity structures (SAFEs, convertibles). Great for scenario planning and what-if analysis. |
| ESOP & Equity Plan Management | Full support for employee equity plans – manage stock options, ESOPs, phantom shares, vesting schedules, etc. Designed to give employees clear visibility of their equity. | Strong ESOP management for option grants and stock plans, integrated with cap table. Often includes legal document support for option grant agreements. | Comprehensive ESOP management with automated vesting, exercise tracking, and employee equity portals. Ensures smooth administration of options and grants. |
| Shareholder / Investor Relations | Built-in tools for investor relations: update shareholders, share reports, and even host board or stakeholder meetings. Includes a data room for due diligence document sharing. Great for keeping investors informed easily. | Basic shareholder management – mostly cap table sharing and notifications. Carta is more focused on compliance and valuations than on proactive investor communications. | Limited investor relations features– mainly focuses on cap table data. Less emphasis on communication tools for investors compared to Capboard. |
| Fundraising Tools | Fundraising modeling and simulations to plan financing rounds. Supports SAFE and convertible note tracking, and cap table adjustments to see dilution impact. Helps founders prepare for future rounds confidently. | Fundraising support with scenario modeling and benchmarks. Carta offers features like SAFE financing support and fundraising benchmarking (in its Launch plan), and more advanced tools in higher tiers. | Advanced fundraising modeling: pro-forma cap tables, automatic SAFE & note templates, pro-rata rights, and detailed dilution modeling built-in. Very robust for complex scenarios. |
| Reporting & Analytics | Currently provides basic reports (ownership summaries, etc.) with improvements underway for deeper analytics (Capboard is developing AI-powered reporting via Gerri.ai). Data can be easily exported to Excel for further analysis. | Extensive standard reporting and audit-ready financials. However, some data may require manual calculations or exports for custom analysis (e.g., determining how many options have been exercised might not be directly in one report). | Advanced reporting with customizable dashboards and one-click exports (Excel/CSV). Offers numerous built-in reports for compliance and insights. |
| Integrations & API | Public API available; currently limited native integrations (focus is on core product). Continuously expanding integration capabilities driven by user needs. | Broad integrations especially for HR and finance systems. Carta’s mature API and ecosystem connect with various HRIS, accounting, and financial apps. | Offers integrations with popular HR and accounting systems, plus a robust API for custom workflows. Good fit if you need to plug equity data into other software. |
| Onboarding Process | Quick and user-friendly onboarding. Self-serve sign-up with a 14-day free trial. Capboard’s interface is easy to learn, and a dedicated support team is available via chat to assist during onboarding. Most startups can get set up in minutes by importing a spreadsheet or entering initial data. | Guided onboarding (“white glove” service) is offered, but can be time-consuming. Carta’s implementation can take several weeks – some reports suggest up to 90 days to fully onboard and migrate a cap table. This process is thorough but may be slow for a fast-moving startup. | Faster onboarding than Carta. Pulley provides concierge onboarding typically within 7–10 days, assisted by cap table experts. The platform is fairly intuitive, but initial setup still benefits from guidance by the Pulley team. |
| Ease of Use (UI/UX) | Designed for simplicity – modern, clean interface with an intuitive UX. Founders can navigate features without needing an expert. Capboard’s focus on startups means less clutter and a more straightforward experience. | Powerful but can be complex. Carta’s interface is feature-rich and aimed at larger enterprises too, which can lead to a steeper learning curve for new users. Some tasks may require training or support to use effectively. | User-friendly interface focusing on ease-of-use. Pulley is generally praised for being easier than Carta to navigate. Its design helps founders handle most tasks without legal counsel, though it has many advanced features available as you grow. |
| Customer Support | Responsive support included for all customers. Chat and email support with quick response, plus an AI assistant (Gerri) in development. The new pricing includes a dedicated Customer Success team to help with onboarding, ESOP setup, and more. | Strong support resources (knowledge base, account managers), but experience can vary. High-tier Carta plans come with “premier” support, while basic tiers rely on standard channels. Response times and expertise may not be as consistent across users. | Excellent support reputation. Pulley’s team is known for very fast responses (often under 5 minutes) and deep equity knowledge. They offer phone, email, and chat support for all users, which is one of Pulley’s highlights. |
(Sources: Capboard and competitor websites & materials)
As shown above, Capboard covers all essential features — from cap table management and ESOP administration to investor communications — that a startup needs. Carta and Pulley are also feature-rich, but Carta’s feature set is geared toward larger companies and Pulley’s advanced capabilities come at a higher cost. Importantly, Capboard delivers these capabilities in a way that’s accessible and affordable for early-stage companies.
Ease of Use and Onboarding
For startup founders, time is as valuable as money. An equity management solution should be easy to adopt and simple to use:
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User-Friendly Interface: Capboard prides itself on a clean and intuitive interface, so even founders new to equity management can navigate it easily.
All equity data and documents are organized logically, which means less time learning software and more time running your business. In contrast, Carta’s interface, while comprehensive, can feel overwhelming due to its complexity and multitude of features. Pulley’s interface is considered simpler than Carta’s, but it still carries a lot of advanced options that might be unnecessary for a small startup. -
Fast, Simple Onboarding: Capboard enables startups to get started in minutes. You can sign up for a free trial and import your existing cap table (or use Capboard’s templates) without a lengthy implementation process. Capboard has a dedicated Customer Success team ready to assist new users with onboarding and cap table setup via instant chat ensuring a smooth start.
Carta, on the other hand, often requires a concierge onboarding process that can take several weeks. While thorough, this delay can be frustrating if you need to update your cap table quickly. Pulley’s onboarding is quicker than Carta’s (usually within 7–10 days with expert help), but still not as instant or self-service as Capboard’s approach. -
Ongoing Efficiency: After onboarding, Capboard continues to save founders time with its straightforward design. Routine tasks like issuing new shares, updating option grants, or generating reports are streamlined. Plus, Capboard’s upcoming AI features (like the Gerri.ai assistant) promise to further automate and simplify equity management tasks.
Both Carta and Pulley have extensive capabilities, but many startups may not utilize all those advanced features – and might find themselves paying for complexity they don’t need. Capboard focuses on the features that matter most to startups, making day-to-day equity management easier.
Conclusion
Choosing the right equity management platform is crucial for a startup’s efficiency and budget. Capboard offers the best of all worlds for early-stage and growing companies: dramatically lower pricing than Carta and Pulley, a comprehensive set of features tailored to startup needs, and a user-friendly experience with quick onboarding. Carta and Pulley are strong platforms in their own right, but they often come with higher costs or steeper learning curves that can burden a young startup.
For founders looking to save money, time, and headaches, Capboard emerges as the better choice. It provides all the essential equity management tools — cap table management, ESOP handling, shareholder communications, and more — without the hefty price tag or complexity. By opting for Capboard, startups can confidently manage their equity and focus on growth, knowing they have a cost-effective and easy-to-use solution supporting them every step of the way.