Cap table startup Pulley to cease operations, partners with Carta for customer transition

Pulley, a cap table management platform that raised over $50 million from investors including General Catalyst and Stripe, announced it will shut down on December 8. The company has partnered with rival Carta to offload its customers and is redirecting prospective clients to Carta. Founder Yin Wu did not provide a reason for the closure, though a former employee speculated that AI-powered spreadsheets reduced the need for dedicated cap table software.

Pulley’s shutdown follows a rapid rise in the cap table software niche, where it competed directly with Carta after launching in 2020. The company attracted backing from General Catalyst, Stripe, and Founders Fund, totaling over $50 million. Its founder, Yin Wu, previously worked at Microsoft and has a history of founding startups. The transition plan routes existing customers to Carta, and new inquiries are also being directed there, effectively consolidating market share under the larger rival.

A former employee suggested that the core threat was not Carta but basic spreadsheet tools, now enhanced by AI capabilities that let startups manage ownership records without dedicated software. Pulley’s final operating day is December 8, and Wu’s public statement hinted at future ventures, though no specific reason for the closure was provided. The move underscores how AI-driven productivity tools can disrupt specialized SaaS offerings.