Carta Launch vs Pulley Free — cap-table software (2026)
Cap table & legal
Carta Launch
Up to $6k
Free cap table for early-stage startups (up to $5M raised, 25 stakeholders) and discounted 409A valuations.
See Carta Launch →
Cap table & legal
Pulley Free
Up to $4k
Free cap table management forever for early-stage startups. Carta's main competitor, leaner UI.
See Pulley Free →How to choose
Cap table software is one of those decisions you make once at pre-seed and live with through Series A. Both Carta Launch and Pulley Free offer the same shape of product — free equity management for early-stage startups under their respective thresholds — but they diverge sharply on what happens when you outgrow the free tier.
Carta is the incumbent. The vast majority of US VCs have Carta logins already and recognize the UI on sight. Pulley is the leaner challenger with cleaner UX and more aggressive free tiers. The default move for fundraising founders is "use whichever your lead investor uses" — and for ~80% of US institutional rounds, that's still Carta.
Side-by-side
| Feature | Carta Launch | Pulley Free |
|---|---|---|
| Free tier ceiling | Up to $5M raised | Up to $5M raised |
| Stakeholder limit (free) | 25 stakeholders | 25 stakeholders |
| Discounted 409A | Yes | Yes (free at lower tiers) |
| Institutional VC familiarity | Very high (default expectation) | Lower (still growing) |
| UI / UX | Functional, mature | Cleaner, modern |
| Best for | Series-A-bound startups, US institutional rounds | Bootstrapped, angel-led, international founders |
| Migration cost (out) | Common destination for everyone else | Lower switching cost — fewer downstream integrations |
Pick Carta Launch if…
Founders raising from US institutional investors. Carta is the default expectation — your lead's portfolio review will already use it.
Pick Pulley Free if…
Bootstrapped, angel-led, or international founders who don't need the institutional-VC familiarity. Cleaner UI, more permissive free tier.
Bottom line
If you have any institutional investor commitments on the cap table, use Carta. If you're pre-priced-round, Pulley saves you headache. Switching later is a 1-2 hour migration, not the end of the world.
More founder-perk comparisons
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