The best cap table management software for startups

So you're looking for the best cap table management software? Let's see, you're either finally ready to ditch the spreadsheets, or you're unhappy with your current cap table software and looking for something better. We got you. We're glad you landed on this page.

As a startup ourselves, we know how crucial it is to have a simple, automated cap table to manage startup equity. Between the legalese, valuation, and complicated cap table math, cap table management can be daunting.

Arguably, choosing the right cap table management software is one of the most important jobs-to-be-done by a startup founder.

In this guide, we'll walk you through some cap table criteria, top tools on the market, and how to choose the right one for your needs. Ready to whip your cap table into shape? Read on to learn how to find the solution that's just right for your startup.

What's your startup cap table story?

But first, let's talk about your very first cap table, or capitalization table. Yes, we all have a cap cable story!

Maybe you're a startup founder and you wrote down your first cap table on a paper napkin or the back of a receipt. At some point, you took that cap table napkin out of your back pocket, pulled up a spreadsheet, and made it official by recording your (and your father's!) first investment. Eventually, you added lines for your first angel investors and your first employee.

That's just about as basic as your cap table creation can get! As soon as you start adding more employees, advisors, investors, or as soon as you start using fundraising tools like SAFE notes, a cap table software becomes a part of your startup's story. In fact, you find out immediately that your cap table software is crucial to your growth from that point onwards.

From spreadsheets to cap table software

When do you need to get your cap table out of a spreadsheet and into a cap table software?

Having a spreadsheet-based cap table is still common among smaller companies. We are not against spreadsheets! If you're an excel whiz, things like cap table modelling and pre forma cap tables can be done with some spreadsheet magic.

Here at Cake, users have the ability to download their cap tables into a .csv file that they can convert into a spreadsheet for whatever purpose it may serve at any given moment.

However, you do need a single source of truth that you can always refer back to. Especially for dynamic equity-related transactions, you want the most updated data stored and accessible in one place.

When to toss the spreadsheet

We've seen startups move into a cap table software in the early stages, as soon as they begin engaging with angel investors and advisors, or issuing equity grants to early employees. Cap table spreadsheets simply do not scale and often lead to errors and version control issues.

The best cap table management software is designed not only for managing capital, but for equity management. You know you need a cap table software when you start to think about:

• Issuing employee equity grants and tracking ownership
• Managing equity holder information like contact details and vesting schedules
• Modeling dilution and scenario planning for funding rounds
• Providing audit trails and keeping historical record for compliance

Cap table and equity management can become complex and expensive quite quickly, especially when you factor in legal fees. Investing in a reliable cap table software can be a lifesaver at a time when you need your energy and resources growing your business.

Why do you need a cap table software

You know you need a cap table, but do you really need a cap table software?

When thinking about investing into a cap table management software, you need to start with your WHY. Each startup has unique contexts and business objectives. Knowing what's important to your business now and in the future will help you choose the right tools that will scale with you.

Here are some reasons why investing in the right cap table management software is important:

• Equity is the currency of a startup. Your company's equity is its most powerful asset—it's how you attract top talent, secure investment, and align everyone with your vision. The right cap table management software ensures this currency is managed with care and intention from day one.
• Excel spreadsheets break easily. Let's face it, spreadsheets collapse under the weight of SAFEs, complex vesting schedules, and multiple funding rounds. Smart cap table software automates these calculations, eliminating costly human errors and giving you back valuable time.
• Fundraising demands a clean cap table. When investors come knocking, they expect clarity and confidence in your equity structure. A professional cap table system doesn't just organize your data—it showcases your operational maturity and accelerates your path to closing.
• Equity grants must be managed carefully. Your equity grants are promises to the people building your company. Managing them manually invites legal headaches and tax complications. The right cap table management software ensures equity grants, vesting schedules, and employee equity communication centers work flawlessly.
• Regulatory and tax compliance becomes mandatory, fast. Before you know it, 409A valuations, jurisdiction-specific regulations, and tax requirements are non-negotiable. Effective cap table software transforms compliance from a burden into a seamless background process.
• Scalability is a smart investment early on. Rebuilding a broken capitalization table is like changing your foundation mid-construction—expensive, disruptive, and risky. Starting with robust software creates a clean, trustworthy record that supports your journey from seed funding through to exit or IPO.

7-Point Criteria

Choosing the best cap table management software for your startup

What are the things to consider when choosing the right cap table management platform?

1. Fast onboarding

When selecting a cap table platform, choose one that enables quick implementation. Look for solutions that let you import existing data (spreadsheets, SAFEs, share classes) and become operational within a few days. If it takes over a week just setting it up (and no one available to help!), it might indicate potential admin issues down the road.

The best cap table management tools offer guided setup processes and automation features that minimize manual data entry. Having migration support is also a good indicator of the kind of customer support available for you.

2. Ease of use

Evaluate how intuitive the platform feels for all stakeholders. Startups want to spend less time on admin work and more time focusing on growth. Effective capitalization table provides a clean, straightforward dashboard that stakeholders can navigate without specialized training.

Consider whether the platform offers helpful features like simplified workflows, streamlined grant creation, and clear visualizations of equity ownership and dilution, among others.

3. Equity management tools

Here at Cake, we believe that the best cap table software is not just built for managing capital $$$ but for ensuring human capital is taken care of. Thereforethe, best cap table management platform has robust equity management capabilities.  

It can efficiently handle equity compensation, ownership structure, vesting schedules, equity grants, and share/option holder information. Plus points for a separate employee and investor experience that removes the fluff and gives team members what they need to visualize and track their equity compensation.

4. Fundraising and scenario modeling tools

Consider how the platform supports, not only your ownership structure but also your fundraising activities. An effective cap table software should enable pre-money/post-money modeling, SAFE and convertible note conversion calculations, option pool adjustments, among other things.

In the early stages, more advanced features like exit scenario planning may not be necessary—you wouldn't want to pay for features you don't need just yet! It helps to determine what fundraising and cap table modeling tools you need depending on your growth stage.

5. Security, data control, and compliance

Examine the platform's security and compliance features. Your cap table solution should provide strong encryption, customizable access controls based on user roles, and compliance tools that support 409A valuations and relevant regulations. Ensure you maintain ownership of your data with full export capabilities to avoid vendor dependency.

6. Affordability and pricing transparency

Review the pricing structure for transparency and startup-friendliness. Choose platforms with clearly defined costs, no hidden fees for adding shareholders or issuing grants, and the ability to scale with your company's growth. Be cautious of vendors that require expensive early upgrades or restrict essential features behind premium tiers.

7. Quality of Support

Evaluate the available support resources. Quality support becomes particularly valuable when navigating equity management for the first time or handling complex scenarios. Effective platforms offer responsive customer assistance through channels like live chat or email, alongside comprehensive self-service materials including templates, video tutorials, and documentation.

Tip: One quick look at review sites like G2 gives you a picture of the cap table features and/or support available for you. Read customer reviews and testimonials when evaluating cap table platforms. You'd be surprised to see that often the lesser known brands have improved usability and customer support than the more established ones. Check out Cake Equity on G2.

Carta alternatives

While Carta maintains a dominant position in the cap table market and boasts of enterprise-level features, it can also be too complex and costly for startups. One of the most common concern we hear about Carta are the surprise price hikes and lacklustre customer support.

But the cap table industry is on the rise! Over the past years, there have been a growing number of Carta alternatives that better suit specific business needs and budgets.

By carefully assessing your company's requirements and growth trajectory, you can select a platform that delivers the necessary functionality without unnecessary costs or complexity.

See what users are saying about Cake in comparison to Carta: Cake vs Carta.

Top cap table management software for startups

It's important to note that the best cap table platform for early to mid-stage startups is rarely best fit for a series C company—and vice versa. Your startup's stage of growth directly determines the complexity of your equity, the compliance risks you need to manage, and the features you will actually use and (want to pay for!)

It is ideal to evaluate your cap table platforms by what you need right now and ensure the one you choose can grow with you.

We curated a list of cap table software in the market to help you with your search. We know how important affordability is to startup founders, so we're taking note of each platform's pricing tiers.

1. Cake Equity

We take pride in designing a cap table management software that is founder-focused and employee-friendly. At its core, Cake Equity is driven by a mission to help startups turn their cap tables into a powerful tool to accelerate team motivation through meaningful equity ownership.

This mission fuels Cake's feature set and even its pricing tiers. It offers an intuitive user interface that helps startup founders get started immediately and gain confidence; transparent pricing tiers that are focused on growth stages (so you don't have to pay for features you don't need!); and a unique investor/employee experience that highlights equity education and team motivation.

Main features

• Fast onboarding and free migration—get a clean cap table up and running within minutes; or if you have an existing cap table somewhere, get your cap table data migrated within 2-3 days
• User-friendly interface that simplifies complex equity concepts
• Clean visualization tools that make ownership structure easy to understand
• Equity management, digital signing, vesting notifications, and automated workflows
• Support for different types of equity grants (stock options, common or preferred stock, restricted stock, etc.)
• Built-in term sheet, SAFEs, and convertible agreement templates
• Add-on compliance and valuation reports as needed
• Employee and investor portal with equity education resource, tracking and visualization, and communication portal

Ideal for:

• US-based early to mid-stage startups and scaleups
• Strong focus in the US, with a team based in Los Angeles, CA, and a US-based network of accounting, finance, legal, and community partners
• Supported by a globally distributed team and a global community of startup founders and experts

Pricing:

• Offers a FREE plan for early-stage startups up to 5 stakeholders.
• Starter Plan begins at $480/year (20% discount) for up to 25 stakeholders, inclusive of cap table features, SAFE and Convertible notes, scenario modeling, shareholder vesting and 83B, employee/investor app, and attorney network and integration—just what a startup needs in the early stages.
• Growth Plan starts at $960/year (20% discount) for above 25 stakeholders, or if you want to add features like incentive plans, legal templates, board approvals, and exercising.
• Custom plans are available for startups who require advanted reporting tools and/or additional features like 409A valuations, ASC 718, and form 3921—only when you need them.

Explore Cake for FREE

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2. Pulley

Like Cake Equity, Pulley caters to early stage companies, focusing on bringing simplicity to cap table management. Pulley's main features are its fundraising and modeling tools, SAFEs, and audit-compliant 409A valuations. Like Cake, it supports equity plans with its built-in equity calculators, offer letters, and vesting customizations.

Based on G2 data, Pulley users are mostly small businesses, whereas Cake Equity has wider coverage across both small to mid-market companies.

Pricing:

• Startup plan starts at $1200/year, inclusive of cap table and equity management tools, up to 25 stakeholders
• Growth plan jumps up at $3600/year for 40 stakeholders, inclusive of 409A, 701, and 3921

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3. Ledgy

Ledgy was built to solve equity management challenges for European startups, with particular focus on cross-border compliance and multi-country teams. Their mission centers on making equity accessible across different regulatory environments.

Ledgy specializes on features that cater to EU and global companies, global equity programs, and country-specific compliance for EU jurisdictions. They also cater to US markets, so if you're a US-based company with EU-based teams, Ledgy might be worth considering.

Pricing

• Growth Plan starts at €900/year, inclusive of basic cap table and equity management tools
• Scale Plan starts at €3k/year, if you need additional compliance and valuation reports

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4. Shareworks by Morgan Stanley

As part of Morgan Stanley, Shareworks focuses on providing institutional-grade equity plan management. Their mission emphasizes preparing companies for significant liquidity events while maintaining compliance across complex organizational structures.

Shareworks is not ideal for early-stage startups. It is best for IPO-ready companies with multi-entity corporate structures and global equity programs.

Pricing: Enterprise-level, pricing available on request

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5. EquityList

Backed by AngelList India, EquityList focuses on providing straightforward cap table management for global startups, with particular attention to emerging markets. Their platform aims to simplify global equity management and supporting international compliance needs.

EquityList is a good early-stage option for founders in AngelList’s ecosystem — light but flexible.

Pricing:

• Pricing tiers are not readily available on their website
• Their pricing page indicates it starts at $11 per stakeholder/year

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Other cap table software in the market

6. Vestd. Vestd specializes in UK equity management, focusing on helping UK-based companies distribute shares and options to team members and investors.
7. Astrella. Astrella positions itself as a next-generation cap table platform built on blockchain technology. Ideal for late-stage startups and private companies with international operations.
8. Qapita. Southeast Asia-focused with deep local compliance (e.g., Singapore, India), ESOP & cap table tools, scenario modeling.

Quick-fire Q&A

Cap table software FAQs

What features should I look for in cap table software?

When evaluating cap table software options, you want a cap table software that meets your startup requirements and budget, and will scale with you as you grow. Early- to mid- stage startups have different requirements from a series C company. Look for features and pricing that are useful for your stage of growth. Non-negotiables are intuitive visualization tools, compliance features, stakeholder communication tools, equity issuance management, security controls, and scenario modeling capabilities.

What are the main benefits of using a cap table software?

Cap table software eliminates error-prone spreadsheets, automates complex equity calculations, ensures regulatory compliance, and provides clear visibility into ownership structure for all stakeholders. It is particularly valuable for equity compensation management and for raising capital, both are necessary for business growth.

How much does a cap table software cost?

Cap table software pricing ranges from FREE starter plans for early-stage startups to enterprise solutions costing $15,000+ annually. Cap table costs vary depending on company size (number of stakeholders), whether or not you need more advanced features and legal, accounting, or compliance support.

Cake Equity plans start FREE for up to 5 stakeholders, Starter Plan starts at $480/year for 25 stakeholders (20% discount for annual plans), and Growth Plan starts at $960/year for growth plan. Additional features (like 409A valuation) can be added as needed.

What is the best cap table software?

The best cap table software depends on your specific needs. If you're an early-stage or mid-range startup based in the US, Cake offers all the tools you need to simplify your cap table and to efficiently manage your equity. Cake Equity is the best cap table management software for you if you care about using equity ownership to motivate and align your team, and creating a meaningful equity experience for your investors and employees.

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Customer love

What cap table experts are saying about Cake

"The short and sweet of that is the cap table that we use in Cake is our source of truth. That's the tool that we use on a day-to-day basis to update it as we're adding new employees to Vow.

At Vow, every employee receives an option grant. Because of that, we need a tool like Cake where you can dynamically update the vesting. At any point in time for the fundraising process, you're going to have an investor reach out and say, what's the cap table look like today? And what's the exact amount of shares that have been vested within your ESOP pool?

So Cake becomes a very easy one-stop shop where we can go and because we have the day-to-day processes in place where that's updated, then we can very easily go and download what the cap table looks like."
^{—Ellen Dinsmoor, COO of Vow}

"We spent thousands and thousands of dollars on lawyers to keep all this information current in the last system and that was just on top of how much it already costs for just the subscription of the last system. It's so much easier to do it on Cake."
^{—Rachel Obenshain, President & Co-founder of Xeni}

Read more Cake Equity customer reviews.