Carta vs Pulley vs FounderMath: Which Startup Equity Tool Is Right for You?
You need to understand your startup equity — dilution, vesting, SAFE notes, cap tables. But which tool should you use? Here's an honest comparison of the three most popular options.
Quick Overview
Carta
Enterprise cap table management platform. Built for companies that need 409A valuations, compliance reporting, and investor management. Used by 40,000+ companies. Pricing starts at ~$100/month for basic cap table management.
Pulley
Modern cap table management tool. Offers scenario modeling, fundraising tools, and cap table tracking. Simpler than Carta, focused on early-stage startups. Pricing starts at ~$100/month.
FounderMath (Free)
Interactive equity calculator suite for individual founders and employees. Visualize dilution, convert SAFE notes, compare job offers, calculate runway — all free, no signup required. Pro plan at $19/month for saving and exporting.
Feature Comparison
| Feature | Carta | Pulley | FounderMath |
|---|---|---|---|
| Starting Price | ~$100/mo | ~$100/mo | $0 (free) |
| Equity Dilution Calculator | With paid plan | With paid plan | Free, unlimited |
| SAFE Note Calculator | No | Basic | Free, with waterfall |
| Runway Calculator | No | With paid plan | Free |
| Vesting Schedule Visualizer | With paid plan | With paid plan | Free |
| Cap Table Builder | Full management | Full management | Interactive calculator |
| Stock Option Calculator | For companies | For companies | Free, for individuals |
| Compare Job Offers | No | No | Free |
| Equity vs Salary Analysis | No | No | Free |
| Startup Valuation Calculator | No (409A only) | Basic | 3 methods, free |
| Unit Economics (CAC/LTV) | No | No | Free |
| Equity Glossary | No | No | 50+ terms, free |
| 409A Valuations | Yes ($1,000+) | Yes | Free Estimator |
| Compliance & Reporting | Full | Yes | No |
| Signup Required | Yes | Yes | No |
| Setup Time | Days to weeks | Hours to days | Instant (<30 seconds) |
Pricing Breakdown
One of the biggest differences is pricing. Carta and Pulley are designed for companies with budgets, while FounderMath is designed for individual founders and employees who need answers now.
Carta Pricing
~$100-500+/month depending on company stage and features. 409A valuations are $1,000+. Enterprise pricing for larger companies. Free tier limited to basic cap table viewing.
Pulley Pricing
~$100-300+/month for cap table management. Launch plan at $100/month for early-stage startups. Scenario modeling and fundraising tools included in higher tiers.
FounderMath Pricing
$0/month for all 19 tools, interactive charts, and glossary. Pro: $9.50/month (Founding 50) for saving scenarios, exporting PDFs, and side-by-side comparison.
Best for Founders
FounderMath wins for understanding "what happens to MY equity"
If you're a founder trying to understand how your 33% ownership changes after a seed round, a Series A, and an option pool creation — FounderMath is the fastest way to find out. Open the Dilution Calculator, enter your numbers, and see the results instantly. No signup, no setup, no cost.
Carta and Pulley are better if you need to formally manage your cap table for investors and board meetings. But for understanding equity math and modeling scenarios, FounderMath is purpose-built for individual founders.
Best for Startup Employees
FounderMath is the only tool built for individual employees
Carta and Pulley are designed for companies, not employees. If you received a startup job offer and want to understand what the equity is worth, FounderMath has tools specifically for you:
- Stock Option Calculator — What are your options worth at different exit scenarios?
- Compare Offers — Side-by-side comparison of two startup job offers
- Equity vs Salary — Is a lower salary + equity worth it?
- Equity Quiz — Is your equity offer above or below market?
- Vesting Calculator — When do you actually earn your shares?
None of these tools exist in Carta or Pulley — they're built for company administrators, not individual employees.
Best for Companies
Carta or Pulley for formal cap table management
If you're a company that needs to issue stock options, manage 409A valuations, produce investor reports, and maintain an official cap table — Carta or Pulley is the right choice. These are full cap table management platforms with compliance features.
But many founders use both: FounderMath for quick scenario modeling ("what if we raise at $10M vs $20M?") and Carta/Pulley for formal cap table management. FounderMath is free, so there's no reason not to use it alongside your existing tools.
The Verdict
The right tool depends on what you need:
| You need... | Best choice |
|---|---|
| To understand equity dilution | FounderMath (free) |
| To calculate SAFE note conversion | FounderMath (free) |
| To evaluate a job offer's equity | FounderMath (free) |
| To compare two startup job offers | FounderMath (free) |
| To calculate startup runway | FounderMath (free) |
| To estimate startup valuation | FounderMath (free) |
| To formally manage a cap table | Carta or Pulley |
| 409A valuations | Carta/Pulley (formal) / FounderMath (free estimator) |
| Investor reporting & compliance | Carta or Pulley |
Bottom line: FounderMath is the best free tool for understanding startup equity as an individual founder or employee. Carta and Pulley are the right choice for companies that need formal cap table management. They serve different needs — and many founders use FounderMath alongside Carta or Pulley.
Try FounderMath free — no signup required
14 interactive calculators for startup equity math — including a free 409A valuation estimator. Open any tool and start calculating in under 30 seconds.
Try the Dilution Calculator