Ledgy Review

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.

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.

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.