Pulley vs. Spreadsheets: When Your Cap Table Outgrows Excel

Companies need a cap table solution built around their exact needs.
See why more founders and finance teams are switching to Pulley.

Spreadsheets aren't built for cap tables. Pulley is.

A system you can trust

Your cap table contains sensitive ownership data. Pulley keeps it secure and access-controlled, visible only to the right people, not scattered across files, inboxes, and shared drives.

users icon

Expert support

Get professional help in any area, with an average response time of five minutes. Pulley also offers managed services if you need additional expert help.

Dollar icon

Transparent pricing

Spreadsheets look free, but the legal fees, reconciliation time, and error cleanup aren't. Pulley's pricing is straightforward and predictable. No surprises as you grow.

graph icon

Scalable equity management

Plans include advanced features to support your startup's growth. Whether you're scaling, preparing for M&A, or planning an exit, Pulley grows with you.

Pulley vs Spreadsheets in detail

Pulley logs every change with timestamps and user information. That audit trail holds up in investor reviews and due diligence.

Pulley

Spreadsheets

Pricing

Predictable pricing with no hidden costs.

  • Startup Plan is $1200 per year and includes your first 25 stakeholders.

  • Growth plan is $3500 year and includes your first 40 stakeholders.

Appear free upfront. Real costs include legal fees to maintain accuracy, manual reconciliation time, and error cleanup, often exceeding the cost of dedicated software.

Version control

Every change is logged automatically. Full audit trail with timestamps and user records.

No version history.

Changes overwrite the record. Most teams end up with multiple "FINAL" copies and no reliable way to reconcile them.

Error protection

Automated calculations with built-in error checks. Alerts flag issues before they compound.Intuitive experience designed for founders and finance teams.

No error protection.

A broken formula or miskeyed number doesn't announce itself. It can affect dilution calculations and fundraising projections silently.Steep learning curve required.

SAFEs and convertible notes

Issue, track, and model SAFE conversions in the platform. Accurate pre-money and post-money calculations.

Manual. Conversion math is error-prone, especially across multiple SAFEs with different caps and discounts.

Option and vesting tracking

Full option pool management with automated vesting schedules, cliff tracking, and exercise windows.

Manual. Tracking vesting across multiple grants and employees in a spreadsheet is complex, time-consuming, and fragile.

Fundraising and scenario modeling

Model dilution, pro-formas, and round scenarios in real time. Export for legal and VC teams. Supports pro-rata and YC participation rights.

Require rebuilding models from scratch for every scenario. Formulas break under input changes. No export format VCs and lawyers can rely on.

409A integration

Dedicated specialists conduct 409A valuations with a 100% audit pass rate. Included in your Growth Plan, so your cap table and valuations live in the same platform.

Not supported. 409A valuations require a separate provider, with no connection to the cap table data.

Audit trail

Complete, timestamped record of every action. Ready for diligence or audit.

None. No record of who changed what or when. Reconstructing history during diligence is manual, incomplete, and slow.

Investor and employee access

Dedicated portals give stakeholders secure, real-time access to their equity.

No native access. Sharing requires sending files, which creates version control problems and exposes sensitive data.

Support

Average response time under five minutes. Phone, email, and chat support for founders, stakeholders, and third parties.

None.

Most teams turn to lawyers or accountants when something breaks, at legal billing rates.

Pulley vs. Spreadsheets in detail

Pulley logs every change with timestamps and user information. That audit trail holds up in investor reviews and due diligence.

Pricing

Pulley

Transparent, scalable pricing with startup-friendly options.

  • Startup Plan is $1200 per year for up to 25 stakeholders.

  • Growth plan is $3500 for your first year for a team of up to 40.

Spreadsheets

Appear free upfront. Real costs include legal fees to maintain accuracy, manual reconciliation time, and error cleanup, often exceeding the cost of dedicated software.

Version control

Pulley

Every change is logged automatically. Full audit trail with timestamps and user records.

Spreadsheets

No version history. Changes overwrite the record. Most teams end up with multiple "FINAL" copies and no reliable way to reconcile them.

Error protection

Pulley

Automated calculations with built-in error checks. Alerts flag issues before they compound.

Spreadsheets

No error protection. A broken formula or miskeyed number doesn't announce itself. It can affect dilution calculations and fundraising projections silently.

SAFEs and convertible notes

Pulley

Issue, track, and model SAFE conversions in the platform. Accurate pre-money and post-money calculations.

Spreadsheets

Manual. Conversion math is error-prone, especially across multiple SAFEs with different caps and discounts.

Option and vesting tracking

Pulley

Full option pool management with automated vesting schedules, cliff tracking, and exercise windows.

Spreadsheets

Manual. Tracking vesting across multiple grants and employees in a spreadsheet is complex, time-consuming, and fragile.

Fundraising and scenario modeling

Pulley

Model dilution, pro-formas, and round scenarios in real time. Export for legal and VC teams. Supports pro-rata and YC participation rights.

Spreadsheets

Require rebuilding models from scratch for every scenario. Formulas break under input changes. No export format VCs and lawyers can rely on.

409A integration

Pulley

Dedicated specialists conduct 409A valuations with a 100% audit pass rate. Included in your Growth Plan, so your cap table and valuations live in the same platform.

Spreadsheets

Not supported. 409A valuations require a separate provider, with no connection to the cap table data.

Audit trail

Pulley

Complete, timestamped record of every action. Ready for diligence or audit.

Spreadsheets

None. No record of who changed what or when. Reconstructing history during diligence is manual, incomplete, and slow.

Investor and employee access

Pulley

Dedicated portals give stakeholders secure, real-time access to their equity.

Spreadsheets

No native access. Sharing requires sending files, which creates version control problems and exposes sensitive data.

Support

Pulley

Average response time under five minutes. Phone, email, and chat support for founders, stakeholders, and third parties.

Spreadsheets

None. Most teams turn to lawyers or accountants when something breaks, at legal billing rates.

We are an 20+ year old company that has kept our cap table on a spreadsheet. We tried another leading cap table software provider and had to abandon them after 6 months of trying to set things up. The Pulley team was able to work with our spreadsheet and our management team to set things up in a fraction of the time it was taking the other leading company.

We are thrilled with the product and the service we have received.

Larry B

Larry B

DataOceans

PRICING

Spreadsheets aren't free. They're just hiding the cost.

Every founder knows spreadsheets are free to open. Fewer realize what it actually costs to keep one accurate.
‍
The real price is hidden in lawyer hours, manual reconciliation work before every fundraise, every board meeting, and every audit. It takes up valuable time that goes toward fixing a broken model instead of building the company.
‍
Many teams that try to maintain accurate spreadsheet cap tables end up spending more on legal fees alone than they would have paid for dedicated software. And they still have a spreadsheet at the end of it.
‍
Pulley's Startup Plan starts at $1,200 per year. There are no hidden costs, and pricing stays predictable as you grow. You know what you're paying, and what you're getting.

View pricing

EXPERIENCE

You don't need to be a cap table expert. You do need a good one on your side.

Most founders don't come to equity with a background in securities law or financial modeling. They come to it because they started a company, and the company is growing.

Pulley is built for that reality. Individual issuance flows include step-by-step guidance, helpful tips, and automated alerts so you're not navigating cap table mechanics alone. Stakeholders get their own portals. Nothing gets emailed around as an attachment. You get a single source of truth that updates in real time and holds up when a VC or auditor asks to see it.
‍
The goal is to give you a cap table expert on your side and a platform you can trust to keep up as your company grows.

I can confirm our onboarding was simple, fast, and really smooth. Our rep is friendly and walked me through the process.

Pulley has every feature we need.

Balázs Scheidler

CEO at Axoflow

Carta offered me a free year, yet I chose to pay for Pulley. At the end of the day, it's the human element that really matters.

Brittani McCall

CEO and Co-Founder at FlowEQ

FUNDRAISING

Model your fundraise without rebuilding your spreadsheet

Every fundraise, you rebuild the model. Add a new investor, change a valuation, account for an outstanding SAFE. The spreadsheet breaks. You fix one formula, two more stop working. By the time you send it to your lawyers, you're not sure if it's right.
‍
Pulley's scenario modeling tools let you run dilution calculations, model pro-formas, and prepare for priced rounds without starting from scratch. Change an input and the model updates accurately and immediately. When you're ready, export directly to Excel for your legal and VC teams.
‍
Your cap table should help you move faster before a fundraise, not slow you down.

How long does it take to move off your spreadsheet?

Your Pulley cap table can be ready to approve and launch within 10 business days. You'll get guided onboarding from a cap table expert, even if your spreadsheet is messy.

1

Access

Share your spreadsheet and key documents with Pulley.

2

Done-for-you onboarding

Pulley reviews your data and builds an accurate cap table.

3

Approval

Approve your cap table. Tell your stakeholders. Done.

Pulley’s team can also help you connect your HRIS integrations and prepare for your next audit or funding round.

READY TO MOVE OFF YOUR SPREADSHEET?

Pulley will migrate your data and build your cap table for you.