Best Cap Table Software in 2026
The equity management platforms founders actually trust with their ownership records, ranked on 409A support, scenario modeling, cost, and how founder-friendly the terms are.
The best cap table software in 2026 is Carta as the market standard for funded startups, and Pulley as the founder-friendly challenger with transparent published pricing and strong modeling. Eqvista is the best free option for early-stage startups under 20 stakeholders, Ledgy leads in Europe, and Shareworks by Morgan Stanley at Work fits companies heading toward or past IPO. Choose on your stage, geography, and how much you value founder-friendly pricing.
Key facts5 tools compared: Carta, Pulley, Eqvista, Ledgy, Shareworks by Morgan Stanley at Work
- 5 tools compared: Carta, Pulley, Eqvista, Ledgy, Shareworks by Morgan Stanley at Work
- Pulley (best for: Founders wanting friendlier terms than Carta): Startup $1,200/yr (first 25 stakeholders); Growth $3,500/yr (first 40)
- Eqvista (best for: Early-stage startups that want a free cap table and cheap 409As): Free under 20 stakeholders; Premium $2/stakeholder/mo; 409A bundle from $990/yr
- Ledgy (best for: European startups and scale-ups): Custom / contact sales
Your cap table is the legal record of who owns your company, and getting it wrong creates problems that surface at the worst possible moment: a funding round, an acquisition, or an audit. Cap table software keeps ownership accurate as you issue equity, run 409A valuations, and model dilution. The market has consolidated around a few serious players, each aimed at a different stage and geography. We looked at accuracy, modeling, 409A support, and how founder-friendly the terms really are. Here are the five worth trusting.
Top Picks
Based on features, real-world fit, and value for money.
The default equity platform most investors already know, covering cap table, 409A, and fund admin in one system of record.
Free Launch tier (up to 25 stakeholders); paid custom
Funded startups wanting the market standard
The founder-friendly challenger, with transparent published pricing and strong scenario modeling.
Startup $1,200/yr (first 25 stakeholders); Growth $3,500/yr (first 40)
Founders wanting friendlier terms than Carta
A freemium cap table with ESOP tracking and a data room, plus 409A valuations bundled from $990 a year.
Free under 20 stakeholders; Premium $2/stakeholder/mo; 409A bundle from $990/yr
Early-stage startups that want a free cap table and cheap 409As
| Tool | Pricing | Best for |
|---|---|---|
| Carta | Free Launch tier (up to 25 stakeholders); paid custom | Funded startups wanting the market standard |
| Pulley | Startup $1,200/yr (first 25 stakeholders); Growth $3,500/yr (first 40) | Founders wanting friendlier terms than Carta |
| Eqvista | Free under 20 stakeholders; Premium $2/stakeholder/mo; 409A bundle from $990/yr | Early-stage startups that want a free cap table and cheap 409As |
| Ledgy | Custom / contact sales | European startups and scale-ups |
| Shareworks by Morgan Stanley at Work | Custom / contact sales | Late-stage and pre-IPO companies |
Pricing read from each vendor's own pricing page, checked Sep 2026. 2 of 5 sell by quote only and publish no price; those entries say so rather than estimating. 1 of 5 publishes prices for some plans and quotes the rest.
Carta
The default equity platform most investors already know, covering cap table, 409A, and fund admin in one system of record.
- Pricing
- Free Launch tier (up to 25 stakeholders); paid custom
Best for: Funded startups wanting the market standard
Pros
- Market standard investors trust
- Full 409A and fund-admin support
- Free Launch tier for early startups
Cons
- Paid plans get expensive fast
- Pricing is opaque and quote-only
Pulley
The founder-friendly challenger, with transparent published pricing and strong scenario modeling.
- Pricing
- Startup $1,200/yr (first 25 stakeholders); Growth $3,500/yr (first 40)
Best for: Founders wanting friendlier terms than Carta
Pros
- Published prices: $1,200 a year for the first 25 stakeholders, and angels under $50,000 count as half
- Transparent, published pricing
- Strong dilution and modeling tools
Cons
- Smaller ecosystem than Carta
- Fewer downstream fund-admin features
Eqvista
A freemium cap table with ESOP tracking and a data room, plus 409A valuations bundled from $990 a year.
- Pricing
- Free under 20 stakeholders; Premium $2/stakeholder/mo; 409A bundle from $990/yr
Best for: Early-stage startups that want a free cap table and cheap 409As
Pros
- Free plan covers the cap table, ESOP management, vesting schedules and a data room under 20 stakeholders
- Premium adds SAFE agreements, round and exit modeling for $2 per stakeholder a month
- 409A valuation bundles start at $990 a year for pre-revenue companies
Cons
- Smaller investor network than Carta, so fewer VCs will already have an account
- Pricing turns custom above 50 stakeholders
Ledgy
The European leader, built around EU equity structures, local compliance, and multi-country employee ownership plans.
- Pricing
- Custom / contact sales
Best for: European startups and scale-ups
Pros
- Optimized for European equity rules
- Strong multi-country employee plans
- Often cheaper than Carta in Europe
Cons
- Less established in the US
- Pricing is quote-based
Shareworks by Morgan Stanley at Work
Enterprise-grade equity administration for companies approaching or past IPO, backed by Morgan Stanley's infrastructure.
- Pricing
- Custom / contact sales
Best for: Late-stage and pre-IPO companies
Pros
- Built for late-stage and public companies
- Deep equity plan administration
- Strong for global, large headcounts
Cons
- Overkill for early startups
- Heavier and pricier to run
What it is
Cap table software tracks equity ownership across founders, employees, and investors, replacing the fragile spreadsheet most startups start with. It issues and manages shares, options, and SAFEs, handles 409A valuations for setting strike prices, models how future rounds dilute everyone, and gives stakeholders a portal to see their holdings. Many platforms also handle fund administration and downstream events like secondaries and exits, becoming the system of record for a company's ownership.
Why it matters
A cap table error is not a rounding issue, it is a legal and financial one. An out-of-date spreadsheet can misstate ownership, botch option strike prices, and derail due diligence when a term sheet is finally on the table. Accurate equity records and clean 409A valuations protect founders and employees, keep option grants compliant, and make every future round faster. As soon as you take outside money or grant employee options, a spreadsheet stops being good enough.
Key features to look for
The bottom line
For most funded startups, Carta is the safe default because investors already work in it and it covers 409A and fund admin end to end. Founders who want friendlier pricing and modeling should seriously weigh Pulley, and the earliest startups can start free on Eqvista. European companies are better served by Ledgy, and once you are approaching IPO, Shareworks by Morgan Stanley at Work is built for that scale. Pick for your stage and geography, and never let the spreadsheet linger past your first round.
Frequently asked questions
What is the best free cap table software?
Is Pulley a real alternative to Carta?
Do I need cap table software before raising money?
Which cap table software is best for European startups?
Sources
Prices and plan details come from each vendor's own pricing page, re-checked by the Toolradar pricing tracker.
- Carta pricingchecked Sep 2026
- Pulley pricingchecked Sep 2026
- Ledgy pricing
Some offers on this page may be paid placements or contain affiliate links.
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