Heads up before you evaluate: AngelList stopped accepting new cap-table customers in August 2026 and paused feature development on it. So for a new company this is really Carta vs Pulley.
| Entry | Includes 409A | Range | |
|---|---|---|---|
| Pulley | Startup $1,200/yr | Growth $3,500/yr | predictable, no per-stakeholder surprises |
| Carta | ~$2,500/yr base | yes, at higher tiers | median observed spend ~$15,400/yr |
| AngelList | $1,600/yr (≤20 team members) | $3,200/yr | closed to new customers |
Pulley wins on price and predictability. Its Startup tier is $1,200/year flat — no charge that balloons with your number of shareholders — and its Growth tier ($3,500) includes a 409A valuation with a faster turnaround (3–5 days versus roughly 10 at Carta). For an early-stage company that mainly needs a clean cap table and the occasional 409A, Pulley can run 30–40% cheaper than Carta for a narrower but sufficient feature set.
Carta wins on breadth and institutional acceptance. It's cap table plus 409A plus fund administration under one roof, its documents are what most law firms and investors expect to see, and its median customer spends around $15,400/year — much of which is companies that have grown into needing the wider platform. If you're raising from institutional VCs who all use Carta, matching that reduces friction.
New startup, cost-sensitive, straightforward cap table: Pulley — the $1,200 Startup tier is hard to beat and the 409A turnaround is genuinely faster. Raising institutional money where everyone expects Carta, or you need fund admin in the same tool: Carta, and budget for the median to climb as you grow.