Cap Table & Equity

AngelList Equity encompasses the equity management and investment infrastructure services that AngelList provides to startups, investors, and syndicates within its sprawling startup ecosystem. AngelList's position as the largest online platform for startup-investor connections gives its equity services unmatched distribution — millions of founders and investors interact through AngelList, making its equity infrastructure an natural extension of those relationships. The Stack product provides startups with US company formation, initial cap table setup, SAFE issuance, and banking in a bundled startup-in-a-box package. AngelList's SPV (Special Purpose Vehicle) service enables angel investors to pool capital and invest as a single vehicle into startups, with AngelList handling fund administration, K-1 generation, and regulatory compliance for each SPV. Rolling Funds allow investors to raise capital on a quarterly subscription basis, democratizing venture fund management for emerging managers. The equity management tools track option grants, vesting schedules, and cap table updates through the AngelList platform with integration into AngelList's broader investor and talent marketplaces. Carry tracking and distribution management handle the economics of SPV and fund investments. For founders deeply embedded in the AngelList ecosystem — using it for recruiting talent or raising angel rounds through syndicates — the equity management services create natural integration. For investors running multiple SPVs or building an emerging manager brand, AngelList's fund infrastructure eliminates significant operational complexity.

Cake Equity is an Australian-founded equity management platform serving startups and growth companies across Australia, New Zealand, and Asia-Pacific with cap table management and employee share scheme administration adapted for regional legal frameworks. The platform handles Australian-specific equity structures including ESS (Employee Share Schemes) under Division 83A of the Income Tax Assessment Act, with particular expertise in the tax-deferred and upfront taxation elections that determine when employees recognize income on their equity grants. Cap table management tracks ordinary shares, preference shares, options, SAFEs (Simple Agreements for Future Equity), and convertible notes with real-time dilution calculation. The employee portal provides staff with clear visibility into their option grants, vesting status, and potential exit values without requiring accounting expertise to interpret. New Zealand ESS compliance is also covered, along with structuring guidance for Singapore and other APAC markets where Cake has expanded. Round modeling allows founders to test investment scenarios and their dilution impact. The SAFE conversion modeling handles the complex mechanics of converting SAFEs and convertible notes at financing rounds. Investor access gives VCs portfolio visibility. Cake's free tier accommodates very early-stage companies with minimal equity complexity, making it accessible from formation. For Australian and New Zealand founders managing equity compensation who find Carta and Pulley poorly adapted to Australian tax and legal requirements, Cake Equity's regional expertise eliminates the workarounds required when using US-designed tools for APAC equity structures.

Capdesk is a European equity management platform providing cap table administration, employee share scheme management, and investor relations tools for growth companies across the UK, Nordics, and continental Europe. The platform's design reflects the specific equity management needs of European startups — handling UK EMI options, Growth Shares, UK EIS/SEIS schemes, and the various continental European employee incentive structures that differ materially from US stock options. Cap table management provides accurate ownership tracking across multiple share classes, convertible notes, and warrant instruments, with historical snapshots and round-by-round dilution tracking for due diligence and fundraising preparation. Employee equity portals give staff transparent access to their vesting schedules, current equity value based on last 409A or board-determined valuation, and modeled outcomes at different exit scenarios — improving the effectiveness of equity as a recruitment and retention tool. The investor portal enables VCs and angels to access portfolio company equity data and transaction history without requesting updates from founders directly. Financing round modeling allows boards to evaluate term sheet options and their ownership implications. ESOP pool management tracks available option grants against the authorized plan. Regulatory compliance support covers UK Companies House filings and equity scheme documentation. Capdesk competes directly with Ledgy in the European market, with both platforms offering comparable European jurisdiction coverage. Company stage and team preference typically determine the choice, with Capdesk having stronger Scandinavian market presence.

Carta is the dominant equity management platform for startups, private companies, and the venture investors who fund them, managing cap tables, option grants, 409A valuations, and fund administration for over 40,000 companies. The platform's centrality to the startup equity ecosystem — used by the majority of venture-backed startups and their investors simultaneously — creates network effects that make cap table data verification and electronic exercise transactions seamless across parties. Cap table management tracks all share classes, option pools, warrant holders, and convertible instruments with automatic dilution calculation as new rounds close. Option administration automates grant documentation, vesting schedule tracking, exercise processing, and tax reporting for employees and the company. The 409A valuation service provides IRS-compliant fair market value determinations by Carta's team of valuation analysts, eliminating the coordination required to engage third-party valuation firms. Carta's liquidity programs facilitate secondary share sales for early employees and investors. The investor access features give VCs a unified view of their portfolio company cap tables without requesting updates from each company individually. Fund administration manages LP capital accounts, distributions, K-1 generation, and carry calculations for venture funds. ASC 718 stock compensation expense reports are generated automatically for financial statement compliance. For companies raising venture capital, Carta is effectively the standard — the platform's market penetration means most institutional investors and law firms prefer or require its use, making adoption not just a preference but an expectation.

Gust is a startup investment platform that connects early-stage founders with angel investors, accelerators, and startup programs, providing equity management tools alongside the funding relationship infrastructure. Originally launched as the standard platform for organized angel investing globally, Gust has expanded to offer cap table management, online SAFE and note issuance, and equity documentation tools for pre-seed and seed-stage startups. The platform is used by thousands of angel groups, accelerators, and incubators globally as their standard application, evaluation, and portfolio management system — meaning many accelerator applications are submitted and processed through Gust by default. For startups, Gust provides a managed company profile that serves as a pitching document for investors browsing the platform. Cap table management covers basic equity tracking with support for SAFEs, convertible notes, and common stock. Online closing tools enable remote issuance of SAFEs and convertible instruments with electronic signature, reducing legal costs for standard seed financing documents. The launch package provides access to state-specific formation documents and standard legal templates. Gust's investor portal gives angels a portfolio management view across all their Gust-connected investments. While Gust lacks the equity management depth of Carta or Pulley for post-seed companies, it serves a specific and valuable role as the standard platform for the angel investing ecosystem — making it a natural first equity management tool for companies raising their first institutional money from angel groups and accelerator programs.

Ledgy is a European equity management platform providing cap table management, employee equity plan administration, and investor relations tools with particular depth in European jurisdiction compliance — UK, Germany, Switzerland, France, Netherlands, and other EU member states where equity plan structures differ significantly from US models. The platform handles European equity instrument types including EMI (Enterprise Management Incentives) options in the UK, BSPCE (Bons de Souscription de Parts de Créateur d'Entreprise) in France, and virtual share programs common in German startups where direct equity grants face structural barriers. Cap table management tracks all share classes, convertible instruments, and equity pools with real-time dilution calculation. The employee equity portal provides staff with a transparent, real-time view of their vesting status, equity value at different exit scenarios, and tax implications — a feature that helps companies use equity as a retention tool by making its value tangible. Data room integration supports due diligence processes by sharing equity documentation with investors through controlled access. Financing round modeling allows founders to test different valuation scenarios and their impact on ownership. Ledgy's compliance documentation covers UK Companies House filings, EIS/SEIS advance assurance support, and jurisdiction-specific employee share plan requirements. The investor portal provides portfolio visibility for VCs backing European companies. For European startups seeking an equity management platform that handles the legal and tax complexity of European equity structures without workarounds designed for US models, Ledgy's regional expertise provides critical depth.

Pulley is an equity management platform that has positioned itself as the founder-friendly alternative to Carta, offering cap table management, 409A valuations, and equity plan administration at lower price points with a cleaner user experience. Founded by YC alumni, Pulley understands the frustrations founders experience with equity management — complex pricing, opaque 409A processes, and interfaces that make it difficult to model dilution scenarios before term sheets are signed. The cap table management interface provides clear visualization of ownership by shareholder, share class, and round, with real-time dilution modeling as hypothetical rounds are added. Option grant management handles ISO, NSO, and RSU grants with vesting schedule automation and grant documentation. 409A valuations are included in subscription pricing rather than billed separately — a meaningful cost advantage given the typical $3,000–$8,000 per-valuation cost when procured independently. The financing round modeling tool allows founders to compare different term sheet scenarios — valuation, option pool refreshes, pro-rata participation — and see their precise ownership impact before signing. Scenario modeling for exits and liquidation preferences shows how proceeds would distribute across shareholders at different exit valuations. The investor portal gives VCs access to portfolio company equity data without requiring separate requests. Pulley's migration service handles cap table imports from spreadsheets and competitor platforms. For early-stage founders building their first formal cap table or switching from spreadsheets after seed funding, Pulley's combination of clean design, inclusive 409A pricing, and founder-focused scenario tools provides strong value.

Qapita is an equity management and fintech platform serving startups and growth companies across Southeast Asia and India, providing cap table management, employee equity administration, and secondary share liquidity services adapted for regional markets. The platform covers equity management across Singapore, India, Vietnam, Malaysia, Indonesia, and other SEA markets, with jurisdiction-specific compliance for each country's company law, tax regulations, and securities requirements. Cap table management tracks equity across multiple share classes, convertible instruments, and option pools with real-time dilution calculation and shareholder analytics. Employee ESOP administration handles option grant documentation, vesting schedule tracking, exercise workflows, and the jurisdiction-specific tax compliance for employees in each covered country. The secondary marketplace capability is a distinctive feature — Qapita provides a liquidity platform where employees and early investors can sell equity in private companies, addressing the illiquidity problem that makes pre-IPO equity difficult to value for retention purposes. This secondary market functionality has particular relevance in Southeast Asia where IPO timelines are less predictable and employees may need liquidity options before an exit event. 409A equivalents and local valuation support cover the fair market value determinations required for option pricing in each jurisdiction. Integration with legal tools and cap table-aware document management simplifies the due diligence process for fundraising. For Southeast Asian and Indian founders managing equity complexity across multiple legal jurisdictions where US-centric platforms provide inadequate regional coverage, Qapita's multi-market expertise provides meaningful practical value.

Shareworks by Morgan Stanley is an equity plan management platform for private companies preparing for IPO and public companies managing equity compensation programs at scale. Operated by Morgan Stanley following the acquisition of Solium Capital in 2019, Shareworks benefits from Morgan Stanley's global financial infrastructure, brokerage capabilities, and institutional relationships to provide a comprehensive equity administration ecosystem. The platform manages stock option plans, restricted stock units (RSUs), employee stock purchase plans (ESPPs), and performance share units (PSUs) with the compliance and reporting depth required for companies subject to SEC regulations. For pre-IPO companies, Shareworks manages cap table complexity as it scales to hundreds or thousands of equity holders, with the organizational rigor required for a successful S-1 filing and IPO process. Post-IPO, the platform handles insider trading compliance, blackout period enforcement, Rule 10b5-1 plan management, and 10-K/proxy statement equity disclosure support. Global equity plan administration covers international equity grants with country-specific tax withholding, reporting, and regulatory compliance across 120+ countries. Employee equity portals provide participants with grant management, exercise workflows, and tax documentation. The brokerage integration with Morgan Stanley E*TRADE provides seamless equity transaction execution for employees. For companies in growth stages where IPO is a realistic near-term possibility, establishing Shareworks early provides continuity through the pre-IPO, IPO, and public company phases without platform migration.