Cap-Table Tool Rule for Founders With a SAFE or Two
A pre-seed founder with a small equity stack should pick the cheapest tool that models the current stack, shows a clean table, and leaves room to move.
You are choosing a cap-table tool for a SAFE-only company before the first institutional raise. AngelList Stack ended intake for new cap-table customers during 2026. For a pre-seed founder with a small SAFE stack, pick the cheapest tool that models the current stack, shows a clean table, and leaves room to move. The tool needs to survive early raise paperwork.
The three-question rule is the whole decision
Before comparing vendors, write down the stakeholder count, the SAFE holder count, and the expected employee count. Then ask whether your lead investor will accept a tool they have not used before. Yes: keep the cost low. No: the tool choice becomes part of the deal.
- Count stakeholders, including founders, SAFE holders, and any employees who will get equity.
- Model the SAFE stack, not just the converted shares, so you can see what each holder owns after conversion.
- Check investor expectations, because some funds expect a specific tool before they sign.
The list answers the questions that matter in diligence: who owns what, what happens when the SAFE converts, and who will look at the table. Keep the list short enough to run in a few minutes. A vendor demo that does not answer those three questions is a stop.
The cheaper tool is the default for a small table
Pulley's cap-table product is free up to 25 stakeholders and then costs $10 per stakeholder each month. For a small SAFE stack, that pricing usually covers the current table and keeps the monthly cost visible. You can count the people on the table and know what the next month will cost.
The tradeoff is that the cheaper option may be a smaller name in some investor rooms. No preference from the lead investor is fine. A request for a familiar tool may force a later move, so keep the data clean early. A later move is cheaper when the table is still small and the export is clean.
The pricier tool earns its price only when investors ask for it
Carta has no free tier and its entry price is $280 per month. That is a real number for a pre-seed company, especially when the bank account is still thin. The pricier option makes sense when investors expect it, not because it is better for every small table. A cap table in the expected tool can make early raise paperwork smoother.
The Pulley vs Carta choice comes down to stakeholder count and investor pressure. Under the free threshold with no investor requirement, the cheaper tool is the easier yes. An investor requirement for the pricier tool turns the monthly fee into a cost of doing business, not a preference.
If you are already on Stack, plan the move early
For an existing Stack customer, the change does not affect its fundraising tools or Roll Up Vehicles. Stack supports a customer's move to any cap-table provider. Stack named official partners for migrating customers.
Do not wait until the raise is in motion to test the migration. Ask for a sample export, check that SAFE holders appear as expected, and confirm that the new tool can show the same converted view. A clean move is boring. Do it before the data room goes out.
Under Pulley's free threshold, with no investor requirement, start with Pulley. When cost is the priority and the table is very small, ask whether investors will accept a lower-cost tool before you sign. An investor requirement for Carta means budget for it. On Stack, use the named migration partners now.