Pulley
Modern cap table management for startups.
About Pulley
Pulley manages cap tables, option grants, and 409A valuations for early-stage startups that have moved past spreadsheets but aren't large enough to justify Carta's pricing or complexity. Day-to-day, it tracks equity ownership, generates option grant letters via DocuSign, and automates the 409A valuation workflow without requiring a separate third-party provider. Scenario modeling lets founders run dilution projections before a priced round, showing exactly how a new term sheet reshapes the ownership table. It fits seed-to-Series B companies with 1 to 150 equity holders. Accounting firms advising founder clients on equity structure will find the investor reporting exports useful for annual reviews, and the QuickBooks sync covers basic journal entry needs for equity compensation. Where it falls short: the built-in 409A valuations are convenient but most accounting and law firms maintain independent valuation relationships for client work, so don't expect Pulley to replace that. The feature set is narrower than Carta or Shareworks for companies with complex waterfall structures, secondary transactions, or international equity plans.
Best for
Early-stage startups wanting simple, affordable cap table management with scenario planning
Key Features
- Automated cap table management and tracking
- Equity scenario modeling and forecasting
- 409A valuation workflow automation
- Employee stock option grant management
- Investor reporting and updates generation
Pros & Cons
Pros
- Scenario modeling shows dilution impact of a specific term sheet before you sign, including founder, employee, and investor stakes post-close
- Option grant workflow generates, sends, and tracks employee equity agreements through DocuSign without leaving the platform
- 409A valuation completed inside Pulley reduces the back-and-forth with external providers for straightforward early-stage companies
- QuickBooks sync exports equity compensation journal entries directly, cutting manual bookkeeping for stock-based compensation
- Investor update tool pulls live cap table data into formatted reports, useful for quarterly LP or board communications
- Pricing is publicly listed and significantly cheaper than Carta for companies under 25 stakeholders
Cons
- Built-in 409A valuations won't satisfy accounting firms or acquirers that require an independent third-party valuation opinion
- No free evaluation tier — you must commit to a paid plan to test the full workflow with real data
- Scenario modeling lacks the waterfall analysis depth needed for complex liquidation preferences or participating preferred structures
- International equity plans and non-US grant types are not well supported, limiting use for startups with global teams
- Smaller user community than Carta means fewer third-party guides, community forums, and accountant familiarity when onboarding clients
- Data migration from Carta or Shareworks requires manual review and is not automated, which adds hours of cleanup for firms switching clients over
Ledger Brief Take
Built for startups that have outgrown spreadsheets but don't need the complexity of Carta or other enterprise platforms. The scenario modeling goes beyond basic cap table math to help founders understand dilution impacts before fundraising rounds. While it handles 409A valuations in-house, most accounting firms will still want their own valuation relationships for client work.
Frequently Asked Questions
Common questions accountants ask about Pulley.
How does Pulley's pricing work and what does the entry tier include?
Pulley publishes its pricing publicly. The entry paid plan covers cap table management and option grants for early-stage companies with a small number of stakeholders. Higher tiers unlock 409A valuations and advanced scenario modeling. There is no free plan, but pricing starts well below Carta for comparable company sizes.
Does Pulley integrate with QuickBooks for stock-based compensation accounting?
Yes. Pulley connects to QuickBooks and exports equity compensation data as journal entries. This handles the basic bookkeeping for option grants and exercises, but you will still need to review entries manually for ASC 718 compliance. The integration does not connect to Xero.
How does Pulley compare to Carta for a startup client?
Carta offers deeper waterfall analysis, secondary transaction support, and a larger fund administration product. Pulley is faster to set up, cheaper for companies under 150 stakeholders, and easier to navigate for founders without equity administration experience. Once a company reaches Series C or has complex liquidation structures, Carta or Shareworks is the stronger fit.
Can accounting firms rely on Pulley's 409A valuations for client filings?
Pulley produces 409A valuations in-house for straightforward early-stage companies. Most accounting firms and acquirers still require an independent third-party valuation for audit defense and M&A diligence. Treat Pulley's 409A as a cost-effective option for pre-Series A clients, not a replacement for an independent valuation firm.
Is cap table data in Pulley secure and who can access it?
Pulley uses role-based access controls so founders can restrict what individual employees, investors, and advisors see on the cap table. Data is encrypted at rest and in transit. The platform is SOC 2 compliant. Administrators control stakeholder visibility at the individual grant level.
What size company is Pulley actually built for?
Pulley is built for seed through Series B companies, typically 1 to 150 equity stakeholders. It handles standard US equity structures well. Companies with international employees, complex preferred stock terms, or more than 200 stakeholders will hit feature limits and should evaluate Carta or Shareworks instead.