Cap Table Software Comparison
TokenCapStack vs Pulley
Built for startups, but still $1,200+/year
TokenCapStack
$200/year
Flat pricing. No per-shareholder fees. Cancel anytime.
Pulley
$1,200–$3,500+/year
Founded 2020 · San Francisco, CA
What Is Pulley?
Pulley has gained traction as a startup-friendly alternative to Carta, doubling Carta's market share in recent Y Combinator cohorts. It offers transparent pricing, fast 409A valuations, and a strong early-stage experience. However, pricing starts at $1,200/year for up to 25 stakeholders, with per-stakeholder overage charges, and 409A valuations require the $3,500/year Growth plan.
Feature-by-Feature Comparison
| Feature | TokenCapStack | Pulley |
|---|---|---|
| Pricing | ||
| Starting annual price | $200/year | $1,200/year (Startup) |
| Per-shareholder fees | $4 per additional stakeholder | |
| Setup / onboarding fees | ||
| Feature-gated tiers | ||
| 409A valuations included | Growth plan ($3,500/yr) only | |
| Cancel anytime | ||
| Core Features | ||
| Cap table management | ||
| Shareholder dashboards | ||
| Multiple share classes | ||
| Vesting schedules | ||
| Convertible notes & SAFEs | ||
| Scenario / exit modeling | ||
| 409A valuations | Growth plan+ ($3,500/yr) | |
| Dividend distribution | $0.50/payment | |
| Unlimited cap table updates | ||
| Interactive offer letters | ||
| Technology | ||
| Blockchain-secured records | ||
| Immutable audit trail | ||
| Tokenized equity | ||
| Token / crypto cap table support | $4,500/year (separate plan) | |
| Shareholder wallet delivery | $25/transfer | |
| Insumer ecosystem access | ||
| Support & Experience | ||
| Dedicated customer success | ||
| Concierge onboarding | ||
| Data export | ||
| HRIS integrations | Growth plan+ | |
When Pulley Makes Sense
- 409A valuations delivered in 3–5 business days (Growth plan)
- Interactive offer letters for equity recruiting
- Strong YC community adoption — popular among early-stage founders
- Dedicated token/crypto cap table product (though at $4,500/year)
- Secondary liquidity via Nasdaq Private Market integration (Enterprise)
Why Choose TokenCapStack
- 83% cheaper — $200/year vs $1,200/year for comparable core features
- No per-stakeholder overage charges at any scale
- Blockchain-native from the start — not a traditional database with crypto bolted on
- Pulley's token cap table is $4,500/year; TokenCapStack's tokenized cap table is $200/year
- Insumer ecosystem provides real-world utility for shareholders
- No feature-gated tiers — you get everything for $200/year
The Bottom Line
Pulley is a solid product for startups who want 409A valuations bundled in. If that's your top priority, their Growth plan delivers. But if you want core cap table management with blockchain infrastructure and tokenized equity, TokenCapStack gives you more technology for a fraction of the price — and you can use the $1,000+ savings on things that actually grow your business.
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All the features you need. Blockchain infrastructure Pulley doesn’t offer. $200/year.