For many US startups, managing equity starts with a spreadsheet until it quickly becomes overwhelming. Between tracking vesting schedules, onboarding new investors, issuing SAFEs, and staying compliant with tax rules, one wrong formula can create costly confusion.
That’s where a well-designed cap table management software comes in. It acts as a central record of ownership that plays a key role in fundraising, compliance, employee equity programs, and maintaining investor confidence.
In this guide, we’ll compare the top US cap table management software, breaking down their strengths, limitations, and pricing. Whether you are pre-seed or Series B, this resource will help you choose the right platform to simplify equity management and set your startup up for success.
What is Cap Table Management Software?
Cap table management software is meant to help stakeholders track ownership. The need for such a tool also emerged as the types of complex securities multiplied, and the use of equity for attracting talent became commonplace.
In addition to tracking ownership, cap tables also enable users to add or remove shareholders, issue new securities, and manage employee stock ownership plans (ESOPs). You can also use these tools for funding round dilution analysis and visualizing exits in a liquidity event.
Why Cap Table Management Software is Essential for Startups
Startups regularly leverage equity in various complex and unique forms right from day one. To start with, founders often receive equity that vests over a certain number of years to avoid dead equity.
Then, investors are onboarded using Simple Agreements for Future Equity (SAFE), warrants, convertible debt, and multi-class equity structures. Further along the road, startups begin using equity to attract and retain talent while conserving cash.
Since equity is central to the funding, governance, and recruitment needs of a startup, it demands a dedicated tool. While spreadsheets offer great flexibility, the need to set everything up manually quickly becomes cumbersome. In contrast, cap table management software offers streamlined features that not only save time but also unlock better insights through greater clarity.
Essential Features for Cap Table Software Comparison
You should look for the following features while choosing a cap table software:
- Core Cap Table Tracking: A cap table software should be able to provide real-time updates and maintain accurate historical data, even while handling multi-class share structures.
- Equity Plan Administration: In today’s equity-heavy environment, robust tools are critical for managing ISOs, NSOs, other stock-based compensation, and convertible securities, as well as their vesting schedules and exercises.
- 409A valuations: Look for software that includes a 409A valuation service, and ideally, these valuations should reflect directly in the cap table.
- Fundraising & Scenario Modeling: Startups need features that support dilution analysis, round modeling, and exit outcome visualization.
- Compliance & Reporting: The platform should simplify compliance with ASC 718 and generate tax reporting forms such as IRS Form 3921 and 83(b) elections.
- Stakeholder Portals: Providing secure, self-service access for investors and employees reduces administrative overhead and improves transparency.
- Document Management: Centralized, secure storage of legal documents helps ensure compliance and easy retrieval.
- Integrations: Seamless connections with payroll, HRIS, and accounting systems are essential for accurate recordkeeping and streamlined workflows.
- Security & Data Privacy: Ensure the software complies with industry standards such as SOC 2 and ISO 27001.
- Customer Support & Onboarding: Assisted onboarding and responsive human support can make adoption smoother and ongoing use more efficient.
Top 4 Cap Table Software Solutions
Now that we have established why cap tables are essential and which kind of cap table software you should purchase, let us take a look at the best cap table management software of 2025.
Now, let us explore these cap table management solutions in greater detail.
Eqvista
Eqvista offers a strong, compliance-friendly platform for US startups, particularly those that have grown beyond simple equity management.
Key features
- Supports dilution analysis through funding round modelling
- Helps visualize the distribution of proceeds from exits via waterfall analysis
- Unlimited 409A valuations and compliance support for verifying Rule 701 qualification, ASC 718-compliant stock-based compensation expensing, and tax filing
Pros
- Comprehensive compliance coverage for US regulations
- Flexible pricing from freemium (up to 20 shareholders) to enterprise
- Robust modeling for fundraising and exits
- Streamlined administration of shareholder accounts
Cons
- The Freemium plan is limited to smaller teams
Pricing structure
You can get started with the freemium package without even providing your credit card details. The premium plan can prove to be cost-effective since it is priced at $2 per month per shareholder. The cost of comprehensive compliance support for a pre-funding startup is $1,990 per year.
Eqvista is best for US startups from Seed to Series B stages that need compliance automation, valuation support, and investor-ready modeling.
Carta
Carta excels in scalable solutions for US startups with integrated compliance and fundraising tools.
Key features
- Deal-ready pro forma and priced round modelling for fundraising
- Integrated 409A valuations and ASC 718 reporting for compliance
Pros
- Free Launch plan for up to 25 stakeholders and $1 million raised
- Automated onboarding with white glove support
- Strong compliance and fundraising benchmarks for early-stage startups
Cons
- Pricing for paid tiers is not publicly disclosed
- Advanced compliance features may be unnecessary for most startups
Pricing structure
The Launch plan, which is available to startups with up to 25 stakeholders and $1 million raised, is free. Pricing is undisclosed for Build, Grow, and Scale tiers.
Ideal for early-stage startups prioritizing fundraising and compliance support.
Pulley
Pulley is built for US startups aiming to streamline equity management and is equipped with a strong mix of compliance, HR, and investor-ready features.
Key features
- Fundraise modeler and interactive offer letters for efficient deal-making
- Built-in 409A valuations and Rule 701 compliance at the Growth tier
Pros
- Transparent annual pricing with stakeholder limits
- Concierge onboarding
- Valuable compliance tools such as 409A valuations
- HRIS integrations and communication hub for large teams
Cons
- The startup tier has sufficient functionality for most companies, but it is limited to 25 stakeholders
- Scale plan has custom pricing, making costs less predictable for larger companies
Pricing Structure
The startup plan is $1,200/year (25 stakeholders). Growth plan, which includes 409A valuations and HR integrations, is $3,500/year (40 stakeholders). Scale, which has valuable features like ASC 718, liquidity solutions, and stock plan admin, has custom pricing.
Pulley is best suited for startups that need integrated HR and fundraising workflows.
Ledgy
Ledgy is designed for private companies struggling to manage growing equity structures. Its features, such as strong multi-entity support, compliance automation, and investor and employee engagement tools, are geared specifically towards large enterprises.
Key features
- Flexible, multi-entity cap table management with scenario modelling
- Automated equity plan administration with HRIS integrations
Pros
- Scales smoothly from 25 stakeholders to 200+, with tailored enterprise features
- Robust employee and investor dashboards improve transparency
- Valuation partnerships with Deloitte, Aranca, and others
Cons
- Pricing in euros may complicate budgeting for US startups
- No freemium plan, raising entry cost for pre-seed startups
- Compliance features designed for UK companies are less relevant for US startups
- Many features may be excessive for startups
Pricing structure
Growth plan starts at €900/year (25-50 stakeholders). Scale begins at €3,000/year (50+ stakeholders). The enterprise plan is custom-priced and designed for large organizations that might be planning on getting listed.
Ledgy is best for late-stage startups with complex ownership structures, international subsidiaries, and IPO ambitions.
Case Studies: Matching Providers to Startup Journeys
Here we explore the ideal cap table provider for each stage of the typical startup journey:
Scenario 1
A pre-seed SaaS startup with 10 employees and under 15 shareholders is finalizing its first SAFE round. Their immediate need is basic cap table clarity, SAFE tracking, and compliance. In this scenario, Eqvista’s premium plan is ideal since it covers shareholder accounts and funding round modeling at minimal costs.
Scenario 2
A Series A biotech startup with 35 employees and 25+ stakeholders needs 409A valuations, ASC 718 reporting, and waterfall modeling to prepare for future exits. Since Eqvista’s premium plan offers cost-effective compliance support and robust modeling, it fits perfectly for startups with such needs.
Scenario 3
A fintech Series B company with 70 employees and complex equity plans needs multi-round dilution analysis, investor-ready valuation reports, and shareholder administration. Here, Eqvista’s enterprise tier outperforms on account of unlimited 409A valuations, ASC 718 compliance support, and the waterfall analysis tool.
Choose the Best Cap Table Management Software
Effective cap table management is not just about tracking ownership. It is about enabling smarter fundraising, compliance, and giving founders, employees, and investors the clarity they need. In this article, we highlighted how different providers serve varying stages of a startup’s journey, from early SAFE rounds to preparing for exits and IPOs.
As the case studies show, Eqvista, a platform that combines compliance automation, valuation support, and advanced modeling, consistently meets the evolving equity needs of startups. This solution allows founders to simplify equity management and reduce administrative burdens. Most importantly, it will help you focus on what matters most, and that is building and scaling your company with confidence.
Ready to streamline both your business formation and equity management journey? Contact IncParadise today and incorporate in all 50 states with ease.
