Short answer: Carta is free until a company passes 25 stakeholders or $1M raised, then every tier is priced by quote, and the 409A sits in its third tier (Grow). Pulley has no free plan but publishes its prices: $1,200 a year for the first 25 stakeholders and $3,500 a year for the first 40 with 409A valuations included. A pre-seed company inside Carta’s free limits pays nothing on Carta. A seed-stage company that has raised more than $1M and needs a 409A can price Pulley today and has to ask Carta. Carta’s paid tiers go further on compliance and exit work (ASC 718, IFRS, Rule 701, exit modeling, transfer agent services); Pulley adds token cap tables for crypto companies.

This is general information, not legal or tax advice. Figures come from Carta’s plans page and Pulley’s pricing page, checked November 5, 2026.

Clause by Clause

Pricing Tiers

Pulley publishes every number short of Enterprise. Carta publishes one: zero, for Launch.

That asymmetry is the decision for most seed companies. Pulley’s $1,200 and $3,500 can go straight into a budget. Carta’s Build, Grow and Scale require a quote, and the plans page describes pricing as built from the package, the number of stakeholders and any add-ons.

Worked example: seed company, 22 stakeholders

Assumptions
- Raised $1.5M on SAFEs (over Carta Launch's $1M limit).
- 22 stakeholders: 2 founders, 6 employees, 14 angels.
- 10 of the angels wrote checks of $50,000 or less.
- Needs a 409A this year to price option grants.

Carta
  Launch: not eligible (raised more than $1M)
  409A requires Grow                          = quoted price

Pulley
  Counted stakeholders: 12 + (10 x 0.5)       = 17
  Startup covers 25, but 409A requires Growth = $3,500 a year
  Without a 409A this year                    = $1,200 a year

Change one assumption, raised $900,000 instead of $1.5M, and Carta Launch costs nothing for the cap table, with the 409A still sitting behind Grow.

The 409A Question

Both put the 409A in their second paid level. On Carta, it arrives at Grow along with Form 3921, board meetings and 409A audit support. On Pulley, it arrives at Growth with Form 3921, Rule 701, option exercises, board approvals and HRIS integrations.

The practical difference: Pulley’s 409A tier has a public price of $3,500 a year including the cap table. Carta’s doesn’t. A company that only needs a valuation once a year should also price a standalone provider. Eqvista, for example, publishes 409A-plus-cap-table bundles by funding stage, compared in Carta alternatives.

Scenario Modeling

Carta splits modeling by tier. SAFE round modeling is on every plan, including Launch, so a free account can see how outstanding SAFEs convert. Priced-round modeling, deal pro forma and deal closings start at Build. Exit modeling is a Scale feature.

Pulley puts a fundraise modeler on its $1,200 Startup plan. Its page doesn’t break out SAFE versus priced-round modeling the way Carta’s does, so founders should test the modeler against the term sheet they expect to see.

Either tool’s output is only as good as the inputs. The mechanics behind conversion math are covered in SAFE note vs convertible note, and a modeler should reproduce the same numbers as a hand-built cap table template before anyone relies on it.

How Stakeholders Are Counted

Pulley defines a stakeholder as an individual who holds an ownership stake, and counts angel investors with checks of $50,000 or less as half. For companies with long tails of small angels, that matters more than the sticker price.

Carta’s plans page caps Launch at 25 stakeholders and Build at 50 but doesn’t spell out a counting rule on that page. Founders should ask whether SAFE holders, warrant holders and former employees with vested shares count toward the limit.

Onboarding and Migration

Carta lists white-glove onboarding from Build. Pulley lists concierge onboarding on Startup. Neither page publishes a migration fee. A founder moving between the two should expect to supply the underlying documents (stock purchase agreements, grant notices, board consents, 83(b) proofs) regardless of what the onboarding team does. The vesting terms on the ledger should match the signed agreements described in vesting schedule for founders.

Compliance and Later-Stage Features

Carta’s Scale tier lists ASC 718 and IFRS reporting with audit support, Rule 701 disclosure management, exit modeling, IPO advisory and SSO. Paid plans can add tender offers (Liquidity), QSBS attestation letters, equity tax advisory and compensation benchmarking. Carta also acts as an SEC-registered transfer agent for US companies, handling exercises, repurchases and transfers.

Pulley’s Enterprise tier lists ASC 718 reporting, custom reporting, managed equity administration services and secondary liquidity solutions. Pulley also sells a token cap table and token distributions, each from $4,500 a year for 25 stakeholders, with a 15% discount when combined with equity. For a company that has issued or plans to issue tokens alongside stock, that’s a feature Carta’s plans page doesn’t list.

What the Entry Plans Leave Out

The cheapest plan on each side is narrower than the headline suggests, and the gaps fall in different places.

Carta Launch includes cap table management, securities issuance, exercises and repurchases, the 83(b) form, ISO management, investor management, equity reporting, HRIS and payroll integrations, SAFE modeling and SAFE closings. It leaves out priced-round modeling, deal pro forma and closings (Build), board meetings, Form 3921 and the 409A (Grow), and everything audit-facing (Scale). For a company still raising on SAFEs, that’s a full kit. The first priced round is where Launch runs out.

Pulley Startup includes the cap table, certificates, templated SAFE, option and RSA agreements, the fundraise modeler, interactive offer letters, a communications hub and concierge onboarding. It leaves out the 409A, custom agreements, option exercises, Rule 701, Form 3921, board approvals and HRIS integrations, all of which sit in Growth. A company can issue options on Startup but needs Growth when employees start exercising.

Put side by side, the plans cross over. Carta’s free plan handles exercises and 83(b) forms that Pulley’s paid entry plan doesn’t list. Pulley’s entry plan includes a fundraise modeler that Carta reserves, for priced rounds, until Build.

Questions to Settle Before Signing

1. Will the company cross 25 stakeholders or $1M raised in the next 12 months? If yes, Carta Launch is temporary.
2. When is the first 409A needed? That date decides when either vendor’s second tier starts.
3. Will employees exercise options this year? On Pulley that requires Growth.
4. How many small angels are on the ledger? Pulley’s half-count rule changes the math.
5. What does the renewal price look like at double the stakeholder count?

Picking Between Them

• Pre-seed, under 25 stakeholders and under $1M raised: Carta Launch costs nothing and includes SAFE modeling and the 83(b) form.
• Seed, over $1M raised, budget needs a fixed number: Pulley, at $1,200 or $3,500 a year.
• Seed, many small angels: Pulley’s half-count rule may keep the company on Startup longer.
• Series A or later, audit and exit work ahead: Get a Carta Scale quote and a Pulley Enterprise quote, and compare them line by line.
• Company with tokens: Pulley, which lists token cap tables.

Also consider

• Ledgy: free Launch plan, Scale from €5k a year, with IFRS 2 and FRS 102 reporting available through a paid add-on.
• Cake Equity: free up to 5 stakeholders, Build listed at $1,000 a year, Team at $2,750 with two 409As a year, and free managed migration.
• Eqvista: free under 20 stakeholders, then $2 per stakeholder per month, with 409A bundles from $990 a year.

Full pricing for these is in the best cap table management software.