Setting the record straight
Perception vs. reality
A few things people get wrong about Cake, and what's actually true.
Is Cake built for US startups?
Yes, Cake is built for the US market, with an LA-based team, and trusted by US-based founders, VCs, and startup attorneys.
The platform covers every equity type US startups issue: stock options (ISO and NSO), restricted stocks (RSUs and RSAs), SAFEs, and warrants. US compliance is native: 409A valuations, Form 3921, 83(b) elections, ASC 718 stock-based compensation reporting, Rule 701, QSBS.
If you've seen Cake described as mostly Australian or international product, that's a misconception worth correcting. US equity management is what Cake does.
Is Cake only for early-stage startups?
No. Cake is built for startups that are growing, not just getting started.
Cake's cap table handles everything from a founding team raising on SAFEs to a company with a full option pool, investor base, and growing headcount. The platform handles the full US compliance layer: audit prep, board-ready reporting, and stock-based compensation reporting, as teams and investor bases grow.
On G2, Cake has three times the share of mid-market customers (51-1,000 employees) compared to Pulley. You'll find some review sites and blogs describe Cake as best suited for the earliest stages—the data says otherwise.
What's the difference between Carta and Cake?
Growing startups look for Carta alternatives because they were paying for infrastructure they didn't need.
Cake is built for founders. The same compliance depth: cap table, 409A, ESOP, audit trail, minus the bloat, the ticket queues, or the UI designed for fund admins. Equally important, we care about providing human support when you need it.
Carta switchers save an average of 48% with Cake. But that's not why they switch. Price is the catalyst. The product is the reason they stay. On G2 Winter 2026 report, Cake ranks ahead of Carta on every index.
Dave Christianson, Legal Counsel at Tracksuit, said it after switching:
"Cost wasn't the primary driver for us. But Cake was significantly cheaper than Carta. So when it's basically ahead on all those features, it was a no-brainer decision for us to choose to move to Cake."
How long does it take to migrate your cap table to Cake?
Minutes if your cap table is straightforward and you want to do it yourself. Three to five business days if it's more complex, you're migrating from Carta, or you'd rather Cake handle it.
Either way, it's free, there's a tool built for it, and the team is there when you need them. Every row is reconciled and reviewed before anything goes live. Nothing switches until you've confirmed it's right.
Is Cake ready for a Series A audit?
Yes. Cake is built with the audit trail and compliance reporting that finance teams and auditors expect.
Every transaction is logged, timestamped, and exportable from day one: option grants, vesting schedules, NSO/ISO splits, 409A history, and SAFEs. ASC 718 reporting is built in. Cap table records export in standard formats for auditors and legal review, with no manual reconciliation needed.
The audit trail isn't something you set up when the audit arrives. It runs from the moment you set up your cap table on Cake. Companies that start early arrive at their audit with clean and verifiable records, not a spreadsheet to untangle.
Why do VCs and attorneys recommend Cake?
Cake is recommended by 100+ VCs, attorneys, and accelerators.
VCs point their portfolio companies to Cake because they've seen it work. Founders actually use it, the records are clean when it matters, and it doesn't create problems down the line at due diligence or a raise. Attorneys recommend it to clients because compliance is built in from day one and the records are something they can rely on without having to fix them first.
Cake is recommended by 100+ VCs, attorneys, and accelerators.
Clay Gordon, Managing Partner at Stout Street Capital: "Cake is easy to use, friendly team, supportive of portfolio companies."
Matt Secrist, Attorney at Taft Law: "As a US attorney, our partnership with Cake has been invaluable in guiding clients through cap tables and equity incentive plans seamlessly."
