Pulley, a Carta rival, is shutting down

Pulley, a startup that built software for managing cap tables, announced on its website that it will stop operating on December 8, 2026. The company said it has arranged a partnership with competitor Carta to move its existing customers and is sending new prospective clients to Carta as well. The notice was posted publicly on September 16, 2026.

The company was started in 2020 by Yin Wu and attracted more than $50 million in venture backing from notable investors including General Catalyst, Stripe, and Founders Fund. Pulley did not give a reason for the closure in its announcement, and requests for comment from the founder were not immediately answered.

A former employee shared an online view that Pulley’s primary competition may have been startups’ continued use of spreadsheets rather than direct rivals, and noted that recent advances in AI make preserving and enhancing spreadsheet workflows simpler for small companies. On LinkedIn, Wu thanked Pulley’s team and investors, saying the company’s closure closes one chapter but that she and many team members plan to continue working on important problems.

Pulley’s winding down and the transfer of its customer base to Carta underline a shift in the cap table management space, where consolidation and changing user habits around tools for equity administration are reshaping the market.