Carta vs Pulley

Agent access

1. ai-native userPoint an agent at llms.txt or agent-oriented docs

   weight 2 · round to Pulley
   Carta—none0/10

   Direct probes show no llms.txt file (404) and no machine-readable docs or OpenAPI spec discoverable at expected paths, meaning there's no agent-oriented docs entrypoint for an AI agent to point at; the MCP setup guide is a separate integration path, not an llms.txt/agent-docs format.

   • [probe] “PROBE llms.txt: HTTP 404 at https://docs.carta.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://docs.carta.com/api-platform/.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://docs.carta.com/openapi.json, https://docs.carta.com/swagger.json, https://docs.carta.com/api…”

   proof ↗⚑ flag

   Pulley~partialprobed6/10

   There's confirmed evidence Pulley serves a working llms.txt at help.pulley.com with structured links to help docs, directly supporting agent-oriented discovery of documentation. However, other agent-doc formats (per-page .md endpoints, OpenAPI spec) return 404s, showing the agentic documentation support is limited to this single file rather than a comprehensive agent-native docs setup. Missing for 10: per-page markdown/API-accessible docs, broader agent-oriented API surface beyond the single llms.txt file.

   • [probe] “PROBE llms.txt: HTTP 200 at https://help.pulley.com/llms.txt # Pulley Help Center > Help center for Pulley ## Onboarding - [Initial Setup…”
   • [probe] “PROBE docs-md: HTTP 404 at https://help.pulley.com/en/.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

2. ai-native userConnect an agent via an official MCP server

   weight 3 · round to Carta
   Carta✓fullprobed7/10

   Carta documents an official Claude MCP setup with pre-built plugins for cap table, investors, and fund data, enabling agent connection via natural-language queries (carta-docs-9, carta-docs-10, carta-docs-11, carta-probe-4). Missing for 10: independent/hands-on third-party corroboration of the MCP server working in practice, and details on broader MCP client support beyond Claude.

   • [claimed-docs] “Connect to your Carta account using pre-built plugins and access fund performance, cap tables, portfolio financials, partner data, and more.”
   • [claimed-docs] “Access ownership, stakeholder lists, SAFEs, convertible notes, option grants, 409A valuations, financing history, compensation benchmarks, a…”
   • [claimed-docs] “The Carta Investors plugin gives LLMs access to your fund's data and allows you to generate tear sheets, budgets, and financial statements.”
   • [claimed-docs] “Query ownership, SAFEs, convertibles, grants, valuations, financing history, and compensation benchmarks.”
   • [claimed-docs] “Access NAV, fund performance, partner data, journal entries, portfolio company financials, build Excel budgets and consolidating P&L / balan…”
   • [probe] “official MCP server documented at https://docs.carta.com/api-platform/guides/guides/claude-mcp-setup/”

   proof ↗⚑ flag

   Pulley—none0/10

   Pulley is a cap table/equity management SaaS product, so an official MCP server is a plausible axis, but no evidence pack item mentions MCP, an agent integration, or an API for agent connectivity; probes even show no OpenAPI spec available. Missing for 10: any mention of an MCP server, agent integration, or public API supporting agentic access.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

3. ai-native userDrive the product through a documented public API

   weight 3 · round to Carta
   Carta✓fullprobed8/10

   Carta has a documented public REST API platform with OAuth 2.0 authorization, developer portal, playground/sandbox, extensive reference docs covering cap tables, stakeholders, option grants, valuations, and even Postman guides, clearly enabling programmatic/AI-native access. Missing for 10: no discoverable OpenAPI/swagger spec or llms.txt was found (probes returned 404s), which would strengthen machine-readability claims.

   • [claimed-docs] “Learn how to quickly and easily embed Carta data into your app.”
   • [claimed-docs] “Register for our developer portal and create your playground app to start building.”
   • [claimed-docs] “Carta's API uses the OAuth 2.0 open specification to authorize your access to our data, and supports AUTHORIZATION_CODE and CLIENT_CREDENTIA…”
   • [claimed-docs] “This guide explains how to access Carta's APIs using Postman.”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “This document explains how to create issuers using Carta’s Draft Issuer API.”
   • [probe] “PROBE llms.txt: HTTP 404 at https://docs.carta.com/llms.txt”
   • [probe] “PROBE openapi: all candidate paths 404 (https://docs.carta.com/openapi.json, https://docs.carta.com/swagger.json, https://docs.carta.com/api…”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of a documented public API; the openapi probe returned 404s on all candidate paths and no API docs are referenced anywhere in the evidence pack.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

4. ai-native userBuild against official SDKs

   weight 2 · round to Carta
   Carta~partialprobed6/10

   Carta has an extensive REST API with developer portal, OAuth, playground/production environments, and detailed reference docs, satisfying the general SDK-building story; it also documents a Claude MCP setup for AI agent access to cap table/investor data. However, evidence probes show no discoverable OpenAPI spec, llms.txt, or official language-specific SDKs (only raw API + Postman), suggesting 'SDK' support is really API/reference docs rather than packaged SDKs. missing for 10: official language SDKs (Python/JS/etc.), publicly discoverable OpenAPI/machine-readable spec, independent third-party confirmation of SDK usability.

   • [claimed-docs] “Learn how to quickly and easily embed Carta data into your app.”
   • [claimed-docs] “Register for our developer portal and create your playground app to start building.”
   • [claimed-docs] “Carta's API uses the OAuth 2.0 open specification to authorize your access to our data, and supports AUTHORIZATION_CODE and CLIENT_CREDENTIA…”
   • [claimed-docs] “Connect to your Carta account using pre-built plugins and access fund performance, cap tables, portfolio financials, partner data, and more.”
   • [claimed-docs] “This guide explains how to access Carta's APIs using Postman.”
   • [probe] “PROBE llms.txt: HTTP 404 at https://docs.carta.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://docs.carta.com/api-platform/.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://docs.carta.com/openapi.json, https://docs.carta.com/swagger.json, https://docs.carta.com/api…”
   • [probe] “official MCP server documented at https://docs.carta.com/api-platform/guides/guides/claude-mcp-setup/”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of any official SDK; the openapi probe returned 404s across all candidate paths, and no docs mention SDKs or client libraries. Missing for 10: any official SDK, client library, or API documentation.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

5. ai-native userSubscribe to events via webhooks

   weight 2 · round drawn
   Carta—none0/10

   No evidence in the pack mentions webhooks, event subscriptions, or push notifications anywhere in Carta's API platform docs; the documented capabilities are REST endpoints, OAuth flows, MCP/Claude plugins, and a data warehouse, none of which describe webhook subscription support.

   ⚑ flag

   Pulley—none0/10

   No evidence of any webhook or event subscription capability in Pulley's documentation; the evidence pack covers cap table management, fundraising, and compliance features only, with no API/webhook mentions and probes confirming no OpenAPI spec found. missing for 10: webhook documentation, event subscription API, any mention of push-based notifications.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

Agentic features

1. ai-native userGet AI-generated insights and suggestions from my data inside the product

   weight 2 · round to Carta
   Carta~partialprobed6/10

   Carta documents an official Claude/MCP integration that lets users ask natural-language questions over cap table, fund, and portfolio data and generate tear sheets, budgets, and financial statements — a form of AI-generated insight from Carta data. However this is delivered via an external LLM (Claude) through MCP rather than a native in-product AI feature, and there is no independent/hands-on evidence corroborating quality or reliability of the insights. Missing for 10: native in-app AI insight generation (not requiring a separate Claude client), independent user validation of insight accuracy, and broader coverage beyond the MCP-specific plugins.

   • [claimed-docs] “Connect to your Carta account using pre-built plugins and access fund performance, cap tables, portfolio financials, partner data, and more.”
   • [claimed-docs] “Access ownership, stakeholder lists, SAFEs, convertible notes, option grants, 409A valuations, financing history, compensation benchmarks, a…”
   • [claimed-docs] “The Carta Investors plugin gives LLMs access to your fund's data and allows you to generate tear sheets, budgets, and financial statements.”
   • [claimed-docs] “Query ownership, SAFEs, convertibles, grants, valuations, financing history, and compensation benchmarks.”
   • [claimed-docs] “Access NAV, fund performance, partner data, journal entries, portfolio company financials, build Excel budgets and consolidating P&L / balan…”
   • [probe] “official MCP server documented at https://docs.carta.com/api-platform/guides/guides/claude-mcp-setup/”

   proof ↗⚑ flag

   Pulley—none0/10

   The evidence pack shows Pulley as a cap table/equity management tool with templates, modeling, and compliance features, but there is no mention of AI-generated insights, suggestions, or any AI/ML-driven analysis surfaced from user data. Missing for 10: any AI feature, insight-generation capability, or agentic suggestion mechanism.

   ⚑ flag

2. ai-native userOperate the product with natural-language commands

   weight 2 · round to Carta
   Carta~partialprobed6/10

   Carta documents an official Claude MCP integration allowing natural-language queries over cap tables, fund performance, and financial data (e.g., 'all with natural language questions'), which directly supports AI-native NL interaction. However, this is scoped to specific plugins (cap table, investors) via Claude/MCP rather than a native NL command interface across the whole product, and there's no independent/hands-on corroboration of quality or reliability. Missing for 10: broader natural-language coverage beyond Claude MCP plugins, independent hands-on verification, and evidence of NL support outside the MCP integration.

   • [claimed-docs] “Connect to your Carta account using pre-built plugins and access fund performance, cap tables, portfolio financials, partner data, and more.”
   • [claimed-docs] “Access ownership, stakeholder lists, SAFEs, convertible notes, option grants, 409A valuations, financing history, compensation benchmarks, a…”
   • [claimed-docs] “The Carta Investors plugin gives LLMs access to your fund's data and allows you to generate tear sheets, budgets, and financial statements.”
   • [claimed-docs] “Query ownership, SAFEs, convertibles, grants, valuations, financing history, and compensation benchmarks.”
   • [claimed-docs] “Access NAV, fund performance, partner data, journal entries, portfolio company financials, build Excel budgets and consolidating P&L / balan…”
   • [probe] “official MCP server documented at https://docs.carta.com/api-platform/guides/guides/claude-mcp-setup/”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of any natural-language command interface, chatbot, or AI assistant for operating Pulley—only standard cap-table management UI features and docs are described. Missing for 10: any NL command interface, chat/assistant feature, or documented natural-language operation capability.

   ⚑ flag

Api quality

1. ai-native userExplore an interactive API reference with runnable examples

   weight 2 · round to Carta
   Carta~partialprobed4/10

   Carta has extensive API reference docs and a sandbox/playground environment with static valid responses for testing, which supports exploration without real credentials, but there's no evidence of an interactive 'try it now' console with runnable examples embedded in the docs, and OpenAPI/llms.txt probes all returned 404s. missing for 10: interactive in-browser API console with live runnable requests, OpenAPI spec availability, llms.txt for AI consumption.

   • [claimed-docs] “It doesn't require genuine credentials and always returns static but valid responses to your requests.”
   • [claimed-docs] “Our playground environment provides a similar experience to our production environment.”
   • [claimed-docs] “This guide explains how to access Carta's APIs using Postman.”
   • [probe] “PROBE llms.txt: HTTP 404 at https://docs.carta.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://docs.carta.com/api-platform/.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://docs.carta.com/openapi.json, https://docs.carta.com/swagger.json, https://docs.carta.com/api…”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of any API reference, runnable examples, or developer API docs; probes for OpenAPI/swagger endpoints all returned 404, indicating no public API documentation exists.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

2. ai-native userDownload a machine-readable API spec (OpenAPI or equivalent)

   weight 2 · round drawn
   Carta—none0/10

   Carta has an extensive API reference but there is no evidence of a downloadable OpenAPI/Swagger spec; probes for llms.txt, docs markdown, and common OpenAPI paths all returned 404, indicating no machine-readable spec is exposed.

   • [probe] “PROBE llms.txt: HTTP 404 at https://docs.carta.com/llms.txt”
   • [probe] “PROBE docs-md: HTTP 404 at https://docs.carta.com/api-platform/.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://docs.carta.com/openapi.json, https://docs.carta.com/swagger.json, https://docs.carta.com/api…”

   proof ↗⚑ flag

   Pulley—none0/10

   The evidence pack explicitly shows a probe for OpenAPI/Swagger specs at all standard candidate paths returning 404, with no machine-readable API spec found anywhere else in the docs.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

3. ai-native userRely on versioned APIs with a documented deprecation policy

   weight 2 · round drawn
   Carta—none0/10

   The evidence pack shows API guides, OAuth authorization, and versioned endpoint paths (e.g. 'v-1-alpha-1') but no documented deprecation policy, versioning strategy, or changelog is mentioned anywhere; probes also failed to find an OpenAPI spec that would clarify versioning. Missing for 10: explicit API versioning scheme documentation, deprecation policy/timeline, changelog or migration guides for breaking changes.

   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [probe] “PROBE openapi: all candidate paths 404 (https://docs.carta.com/openapi.json, https://docs.carta.com/swagger.json, https://docs.carta.com/api…”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of a public API at all, let alone versioning or a deprecation policy; probes for OpenAPI/swagger specs all returned 404s. missing for 10: any public API documentation, versioning scheme, deprecation policy, changelog.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

1. ai-native userPerform bulk operations across many items at once

   weight 2 · round to Carta
   Carta~partialclaimed4/10

   Carta's API exposes list/read endpoints (stakeholders, option grants, convertible notes, fair market values) and a data warehouse enabling multi-faceted SQL queries across large datasets, which supports bulk retrieval/analysis. However, there is no evidence of bulk write/update/create operations (only single draft option grant / draft issuer creation endpoints), nor any explicit batch-processing or multi-item mutation API for AI-native workflows. Missing for 10: documented bulk create/update/delete endpoints, batch processing limits or examples, and independent/hands-on confirmation of large-scale bulk automation via the API or MCP integration.

   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”
   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “It unifies your firm's most critical data—from fund performance and portfolio financials to partner capital accounts—into a single, queryabl…”
   • [claimed-docs] “Analysts are free to perform sophisticated, multi-faceted SQL queries and analyses without the friction of integrating disparate data source…”

   proof ↗⚑ flag

   Pulley—none0/10

   The evidence pack shows cap table management, stakeholder merging, and template-based document creation, but no documented bulk operations feature (e.g., bulk grants, bulk stakeholder edits, batch import/export beyond one-time Excel/Carta migration) that would let an AI-native user act across many items programmatically or in bulk. No API or automation surface is evidenced (openapi probes return 404s), so this applicable axis has no supporting evidence.

   • [claimed-docs] “How to merge duplicate stakeholders in Pulley”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

Certificates

1. founderIssue electronic share certificates that are legally signed in-platform and permanently linked to the cap table entry they represent

   weight 2 · round to Pulley
   Carta—none0/10

   The evidence pack is entirely about Carta's API platform (developer portal, OAuth, MCP integrations, data endpoints for cap tables, stakeholders, options, etc.) and community complaints about sales/cancellation practices; nothing describes electronic share certificate issuance, in-platform legal e-signature workflows, or certificate-to-cap-table linkage. Missing for 10: any documentation of certificate generation/e-signing feature, evidence of legal validity/compliance, and confirmation of permanent linkage to cap table records.

   ⚑ flag

   Pulley~partialclaimed5/10

   Pulley documents e-signature collection for agreements like SAFEs (board/investor signatures) and confirms it acts as transfer agent, implying stock issuance is tracked in-platform, but no evidence directly describes issuing electronic share certificates with in-platform legal signing permanently linked to the cap table entry. missing for 10: explicit documentation of share certificate generation/e-signing workflow, evidence of permanent linkage between a signed certificate and its cap table record, and confirmation this applies beyond SAFEs to common stock/RSAs.

   • [claimed-docs] “Collect both board member and investor signatures through Pulley, without needing a third-party e-signature tool.”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”
   • [claimed-docs] “Contract-specific tabs: Such as Shares, SAFEs, RSAs, RSUs, Convertible Notes, etc.”
   • [claimed-docs] “Pulley is a transfer agent as of Q4 of 2021, you would not need anything provided from Pulley as the transfer agent.”

   proof ↗⚑ flag

Migration

1. ops userMigrate an existing cap table — from a spreadsheet or another platform — with guided import, validation, and reconciliation against source documents

   weight 2 · round to Pulley
   Carta—none0/10

   The evidence pack contains no documentation of a guided cap-table import, data validation, or reconciliation workflow for migrating from spreadsheets or other platforms into Carta; all docs relate to the developer API platform (retrieving data, OAuth, MCP plugins) rather than onboarding. The only related community evidence describes onboarding as an 'involved process' with many help articles and fees, and other threads describe difficulty migrating data OUT of Carta — neither confirms an actual guided import/reconciliation feature.

   • [community] “A founder asked whether switching from a free cap table tool to Carta would be painful, noting Carta onboarding 'has an involved process and…”
   • [community] “I'm the founder of Eqvista, a Carta competitor; we've seen significant migrations from Carta due to cost, lengthy 409A valuation timelines, …”

   proof ↗⚑ flag

   Pulley~partialclaimed6/10

   Pulley documents a guided migration flow (Excel template as source of truth, direct Carta report import) and attaches source documents to specific securities for reconciliation, but there's no detailed description of a validation/error-checking step or explicit reconciliation workflow beyond document linking. missing for 10: explicit validation rules/error reports during import, described reconciliation process against source documents, independent user corroboration of migration accuracy.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [claimed-docs] “Pulley provides a cap table template.”

   proof ↗⚑ flag

Source of truth

1. founderMaintain my full cap table — share classes, certificates, SAFEs, and option grants — as a live single source of truth that investors and auditors rely on

   weight 3 · round to Pulley
   Carta✓fullclaimed7/10

   Carta's own API docs confirm the core cap-table entities (issuers, share classes, stakeholders, option grants, convertible notes, SAFEs, 409A/FMV data) are all live, queryable objects in a single system, and describe partners, law firms, and auditors accessing this data programmatically — matching the 'single source of truth' story. Community evidence (billing/support complaints, PG's spam remark) is about sales practices and cancellation friction, not about the accuracy or reliability of the cap table data itself, so it doesn't contradict this axis. Missing for 10: independent/hands-on confirmation that investors and auditors actually rely on Carta as source of truth (only vendor docs), and no product UI evidence beyond API references.

   • [claimed-docs] “Access ownership, stakeholder lists, SAFEs, convertible notes, option grants, 409A valuations, financing history, compensation benchmarks, a…”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”
   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “Allows law firms and technology partners to fetch cap table information on behalf of the company”
   • [claimed-docs] “This document explains how to create issuers using Carta’s Draft Issuer API.”

   proof ↗⚑ flag

   Pulley✓fullclaimed8/10

   Pulley's docs describe core cap table management covering share classes, SAFEs, options, RSAs, convertible notes, stakeholder profiles, contract-specific tabs, and migration/import from Excel or Carta as a source of truth, plus downloadable cap tables and equity plan capacity tracking — directly matching the founder's need for a live, comprehensive single source of truth. Missing for 10: explicit evidence of investor/auditor-facing access controls or reporting portals, and independent third-party corroboration of accuracy/reliability as an audit-grade source of truth.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “The cap table defaults to a stakeholder ownership view, providing a comprehensive overview of equity distribution across all stakeholders.”
   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”
   • [claimed-docs] “Contract-specific tabs: Such as Shares, SAFEs, RSAs, RSUs, Convertible Notes, etc.”
   • [claimed-docs] “Equity plan capacity determines how many shares or options your company can grant at any given time.”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”

   proof ↗⚑ flag

Stock comp

1. ops userProduce ASC 718 stock-based compensation expense reports my accountants can hand to auditors

   weight 2 · round to Pulley
   Carta—none0/10

   The evidence pack covers Carta's API platform, cap tables, 409A valuations, option grants, and MCP data access, but contains no mention of ASC 718 stock-based compensation expense reports or auditor-ready compliance reporting output. Missing for 10: any documentation of an ASC 718 report, audit trail, or accountant-facing expense reporting feature.

   • [claimed-docs] “This API can be used to calculate the tax implications of a user exercising their equity.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “Retrieve option grants.”

   proof ↗⚑ flag

   Pulley~partialclaimed6/10

   Pulley explicitly markets ASC 718 reporting as part of its compliance product, alongside tax filings and board management, indicating built-in stock-based compensation expense reporting. However, there is no evidence detailing report format, auditor-readiness specifics, or independent/hands-on confirmation that accountants can directly hand these reports to auditors. Missing for 10: sample ASC 718 report output, auditor/accountant corroboration, detail on methodology (e.g., valuation inputs, expense recognition schedules).

   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

Us filings

1. ops userUS equity compliance — Rule 701 disclosure thresholds, Form 3921 filings, 83(b) elections — is tracked and generated from the cap table automatically

   weight 2 · round to Pulley
   Carta—none0/10

   The evidence pack covers Carta's API platform, OAuth, MCP integrations, and cap table data endpoints, but contains no mention of Rule 701 disclosure threshold tracking, Form 3921 filing generation, or 83(b) election tracking/automation. The closest item (carta-docs-13, FMV/tax implications API) is generic tax calculation, not these specific compliance filings.

   ⚑ flag

   Pulley~partialclaimed5/10

   Pulley explicitly ships an 83(b) Election status tracker and a compliance product that generically covers 'tax filings' and ASC 718 reporting from the cap table, but there is no specific mention of Rule 701 disclosure threshold tracking or Form 3921 filing generation. Missing for 10: explicit Rule 701 threshold monitoring/alerts, explicit Form 3921 filing generation, and any independent corroboration that these filings are auto-generated rather than manually prepared.

   • [claimed-docs] “Using the 83(b) Election status tracker”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

Agent access

1. ai-native userAn agent can draft securities (e.g. option grants) via the platform's programmatic surface and leave them queued for human board approval

   weight 2 · round to Carta
   Carta~partialclaimed6/10

   Carta's API explicitly supports creating draft option grants that remain unapproved until board consent (carta-docs-22), and the programmatic surface (REST API plus OAuth) allows an agent to call this endpoint directly; the MCP/Claude integration also exposes option grant data for natural-language agent use (carta-docs-9, carta-docs-10, carta-docs-30). However, evidence doesn't show an end-to-end documented workflow specifically for an agent drafting a grant via MCP/Claude and it landing in a board approval queue, nor confirmation that the MCP plugin exposes write/draft-creation actions (it seems read/query-oriented). missing for 10: explicit documentation that the MCP-agent surface (not just direct REST API) can create draft securities, and confirmation of the human board-approval queue/workflow tied to that draft creation.

   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”
   • [claimed-docs] “Connect to your Carta account using pre-built plugins and access fund performance, cap tables, portfolio financials, partner data, and more.”
   • [claimed-docs] “Access ownership, stakeholder lists, SAFEs, convertible notes, option grants, 409A valuations, financing history, compensation benchmarks, a…”
   • [claimed-docs] “Query ownership, SAFEs, convertibles, grants, valuations, financing history, and compensation benchmarks.”
   • [claimed-docs] “Carta's API uses the OAuth 2.0 open specification to authorize your access to our data, and supports AUTHORIZATION_CODE and CLIENT_CREDENTIA…”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of any programmatic/API surface for drafting securities like option grants, nor any agent-queue-for-approval workflow; the OpenAPI probe returned 404s across all candidate paths, indicating no public API is documented. This is an applicable axis for an equity platform, but there is no evidence it is supported.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”

   proof ↗⚑ flag

2. ai-native userHave an agent pull my current cap table programmatically and reconcile it against my data room before a financing

   weight 3 · round to Carta
   Carta~partialprobed6/10

   Carta ships a documented REST API (capitalization table, stakeholders, option grants, convertible notes, FMV endpoints) plus an official Claude MCP server that lets an agent query cap table data via natural language, directly enabling programmatic cap-table pulls. However, there is no evidence of any data-room integration or reconciliation feature/endpoint tying cap table data to data-room documents for financing diligence. Missing for 10: data-room reconciliation capability, evidence of cross-referencing cap table vs data room documents, independent/hands-on validation of the MCP or API for this workflow.

   • [claimed-docs] “Connect to your Carta account using pre-built plugins and access fund performance, cap tables, portfolio financials, partner data, and more.”
   • [claimed-docs] “Access ownership, stakeholder lists, SAFEs, convertible notes, option grants, 409A valuations, financing history, compensation benchmarks, a…”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”
   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [probe] “official MCP server documented at https://docs.carta.com/api-platform/guides/guides/claude-mcp-setup/”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of any API, programmatic export, or agent-accessible data access — probes explicitly found no OpenAPI/API spec, and only manual Excel downloads and UI workflows are documented; nothing about reconciling against a data room.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [probe] “PROBE docs-md: HTTP 404 at https://help.pulley.com/en/.md”

   proof ↗⚑ flag

Api access

1. developerPull the full capitalization table — stakeholders, share classes, securities, and vesting states — through a documented programmatic API

   weight 3 · round to Carta
   Carta✓fullclaimed9/10

   Carta's docs show a documented REST API with specific endpoints to retrieve capitalization tables by share class, stakeholders, option grants, convertible notes, draft securities, and fair market values, plus OAuth2-based authentication and a sandbox/playground for testing before production. Community evidence does not contradict the API's data-access functionality. Missing for 10: no independent third-party developer testimonial confirming real-world completeness/accuracy of the API responses, and no public OpenAPI spec discoverable (probe shows 404s).

   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”
   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “Carta's API uses the OAuth 2.0 open specification to authorize your access to our data, and supports AUTHORIZATION_CODE and CLIENT_CREDENTIA…”
   • [claimed-docs] “The formulas below show how to calculate the following outstanding and fully diluted percentages using our Capitalization Table endpoint”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of a documented API for programmatic cap table access; probes for OpenAPI/Swagger specs all returned 404, and all documentation covers manual UI/download workflows (Excel export, dashboard views) rather than an API.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [claimed-docs] “This is your command center for monitoring equity, managing tasks, and tracking cap table activity across your company.”

   proof ↗⚑ flag

Partner access

1. developerThird parties my company authorizes — law firms, HRIS vendors, wealth managers — can access scoped slices of equity data on our behalf without full admin credentials

   weight 2 · round to Carta
   Carta✓fullclaimed8/10

   Carta's docs explicitly describe OAuth 2.0 authorization with scoped access (AUTHORIZATION_CODE/CLIENT_CREDENTIALS grants, custom OAuth scopes) and name exactly the third-party use cases in the story — law firms fetching cap table data on behalf of companies, personal finance/wealth partners aggregating equity holdings, and incorporation partners programmatically onboarding customers — all without requiring full admin credentials. Missing for 10: independent/hands-on corroboration that scope restrictions work as intended in production, and explicit documentation of an HRIS-specific integration scope (only 'personal finance' and 'law firm' partner types are named directly).

   • [claimed-docs] “Carta's API uses the OAuth 2.0 open specification to authorize your access to our data, and supports AUTHORIZATION_CODE and CLIENT_CREDENTIA…”
   • [claimed-docs] “Adding new OAuth scopes to your OAuth application allows you to enhance the capabilities of your integration with the Carta API platform.”
   • [claimed-docs] “Allows incorporation partners and law firms to programmatically send new customers to Carta”
   • [claimed-docs] “Allows fund operators to retrieve summary cap table insights for their portfolio holdings”
   • [claimed-docs] “Allows law firms and technology partners to fetch cap table information on behalf of the company”
   • [claimed-docs] “Allows personal finance management partners to aggregate holdings inclusive of equity data”
   • [claimed-docs] “Allows funds to manage their deal and fundraising relationships across the investment process”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence describes scoped, permissioned access for external third parties (law firms, HRIS vendors, wealth managers) to limited slices of cap table data; documentation covers admin dashboards, cap table management, fundraising, and transfer agent functions but not third-party scoped access controls. Missing for 10: any mention of role-based/scoped external access, third-party integration permissions, or delegated credential-free access for outside parties.

   ⚑ flag

Bulk issuance

1. ops userUpload or issue securities in bulk — a batch of grants or historical transactions — instead of entering them one at a time

   weight 2 · round to Pulley
   Carta~partialclaimed3/10

   Carta's API exposes endpoints to create individual draft option grants and draft issuers programmatically (carta-docs-22, carta-docs-33), which could be scripted to issue many grants, but there is no documented bulk/batch upload endpoint, CSV import tool, or explicit 'bulk issuance' feature for historical transactions. Missing for 10: a dedicated batch/bulk-create endpoint or CSV import UI, documentation describing bulk historical transaction import, and any independent confirmation that ops teams actually use this for bulk issuance.

   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”
   • [claimed-docs] “This document explains how to create issuers using Carta’s Draft Issuer API.”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”

   proof ↗⚑ flag

   Pulley~partialclaimed6/10

   Pulley's docs show bulk cap-table migration via Excel/Carta import, treating the spreadsheet as the source of truth for populating many securities/stakeholders at once (pulley-docs-1, pulley-docs-14, pulley-docs-15, pulley-docs-2), which covers bulk-loading historical transactions. However, there's no explicit documentation of a dedicated bulk-grant issuance workflow (e.g., uploading a batch of new option grants post-migration) distinct from the one-time cap table import. Missing for 10: evidence of an ongoing bulk-grant-issuance tool (not just initial migration), and any independent/hands-on confirmation of the bulk upload process working smoothly.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”
   • [claimed-docs] “Migrating from Carta? Stop here. You don't need to complete this process... we'll work with you to directly import this information from you…”
   • [claimed-docs] “Pulley provides a cap table template.”

   proof ↗⚑ flag

Option grants

1. founderIssue options to a new hire with a board approval flow and a 409A-compliant strike price in one end-to-end workflow

   weight 3 · round to Carta
   Carta~partialclaimed6/10

   Carta's API docs confirm the underlying data model for this workflow: draft option grants require 'board consent and approval' before finalization (carta-docs-22), and FMV/409A valuation data is available to price grants compliantly (carta-docs-23, carta-docs-13, carta-docs-20). This implies the platform supports issuing 409A-priced options with board approval, but the evidence is API-reference level rather than a documented end-to-end founder-facing workflow, and there is no independent/hands-on confirmation that a founder can complete this in one seamless flow. missing for 10: first-party product walkthrough of the founder-facing grant-issuance UI (not just API), independent user confirmation the board-approval-to-409A-strike flow works smoothly end-to-end.

   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “This API can be used to calculate the tax implications of a user exercising their equity.”
   • [claimed-docs] “Retrieve option grants.”

   proof ↗⚑ flag

   Pulley~partialclaimed5/10

   Pulley documents the individual components — standard option templates (pulley-docs-21), fast 409A valuations to set strike price (pulley-docs-10, pulley-docs-17), equity plan capacity tracking (pulley-docs-23), and compliance/board management support (pulley-docs-19) — but no evidence shows these are stitched into a single guided board-approval-to-grant workflow for issuing options to a new hire. Missing for 10: explicit documentation of a board consent/approval step integrated with grant creation, and confirmation that the 409A strike price auto-populates into the option issuance flow.

   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”
   • [claimed-docs] “Pulley’s turnaround time for 409A valuations is just three days—not weeks.”
   • [claimed-docs] “Get audit-defensible 409A valuations from our team of experts”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”
   • [claimed-docs] “Equity plan capacity determines how many shares or options your company can grant at any given time.”

   proof ↗⚑ flag

Vesting

1. ops userDefine custom vesting schedules — cliffs, milestones, acceleration on exit — and the platform tracks vested vs unvested automatically

   weight 2 · round drawn
   Carta—none0/10

   The evidence pack covers Carta's API platform, OAuth, MCP integrations, and cap table/option-grant retrieval endpoints, but contains no mention of defining custom vesting schedules, cliffs, milestone-based vesting, or acceleration-on-exit logic, nor of automatic vested/unvested tracking. Since Carta is an equity management platform, this is a core applicable axis, but no supporting evidence exists in the pack.

   ⚑ flag

   Pulley—none0/10

   The evidence pack covers cap table basics, fundraising modeling, SAFEs, 409A valuations, and compliance, but contains no mention of custom vesting schedule configuration (cliffs, milestones, acceleration on exit) or automatic vested/unvested tracking. This is a plausible and expected capability for a cap table/equity management platform, so absence of evidence yields 'none' rather than 'na'.

   ⚑ flag

Investor relations

1. founderMy investors get their own portal view of their holdings and can receive structured updates without emailing me for the cap table

   weight 1 · round drawn
   Carta—none0/10

   The evidence pack only covers Carta's developer API/MCP platform and negative community reports about cancellation and cold-calling practices; none of it documents a dedicated investor portal or structured update/reporting feature that would let investors self-serve cap table data without contacting the founder. The one tangential remark (Paul Graham noting Carta 'will spam all your investors') describes unsolicited outreach, not a structured self-serve portal, so it does not establish this capability.

   • [community] “Paul Graham (2021): 'If you use Carta to manage your cap table, they will spam all your investors.'”

   proof ↗⚑ flag

   Pulley—none0/10

   The evidence pack covers cap table management, fundraising modeling, SAFEs, 409A valuations, and compliance, but contains no mention of an investor-facing portal or structured update/reporting feature that would let investors self-serve their holdings without contacting the founder. Stakeholder profile views (pulley-docs-4) appear to be an admin-side feature, not an investor portal. missing for 10: dedicated investor portal login, structured update/reporting tool for investors, evidence investors can self-serve holdings data.

   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”

   proof ↗⚑ flag

Safes

1. founderCreate, send, and e-sign SAFEs or convertible notes in-platform, and they land on the cap table with their conversion terms modeled

   weight 3 · round to Pulley
   Carta~partialclaimed4/10

   Evidence confirms convertible notes/SAFEs exist as objects on Carta's cap table and can be queried via API (carta-docs-21, carta-docs-30, carta-docs-10), implying they are modeled once created, but there is no documentation in this pack of an in-platform workflow to draft, send, or e-sign a SAFE/convertible note (only a 'Draft Issuer API' and 'draft option grant' creation flow are mentioned, not draft convertible notes or e-signature). Missing for 10: evidence of SAFE/convertible note creation and e-signature workflow, evidence that terms auto-model conversion scenarios upon signing.

   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “Query ownership, SAFEs, convertibles, grants, valuations, financing history, and compensation benchmarks.”
   • [claimed-docs] “Access ownership, stakeholder lists, SAFEs, convertible notes, option grants, 409A valuations, financing history, compensation benchmarks, a…”
   • [claimed-docs] “This document explains how to create issuers using Carta’s Draft Issuer API.”
   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”

   proof ↗⚑ flag

   Pulley✓fullclaimed8/10

   Pulley docs show SAFE creation using standard YC templates, e-signature collection in-platform without third-party tools, convertible notes/SAFEs as first-class contract tabs on the cap table, and pro-forma modeling for SAFEs/priced rounds. This covers create, send, e-sign, and cap table modeling for SAFEs and convertible notes. Missing for 10: independent/hands-on corroboration of the end-to-end e-sign-to-cap-table flow and explicit confirmation that conversion terms auto-populate without manual entry.

   • [claimed-docs] “Create your agreements using standard Y-combinator SAFE templates instead of starting from scratch.”
   • [claimed-docs] “Collect both board member and investor signatures through Pulley, without needing a third-party e-signature tool.”
   • [claimed-docs] “Draft and execute rock-solid SAFEs in record time”
   • [claimed-docs] “Get a pro-forma for your next priced round or SAFE.”
   • [claimed-docs] “Contract-specific tabs: Such as Shares, SAFEs, RSAs, RSUs, Convertible Notes, etc.”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”

   proof ↗⚑ flag

Scenario modeling

1. ops userRun exit waterfall analyses showing proceeds per share class and stakeholder under different exit values, honoring preferences and participation

   weight 2 · round to Pulley
   Carta—none0/10

   Evidence covers cap table data retrieval (share classes, stakeholders, option grants, FMV, convertibles) via API, but nothing documents exit waterfall modeling, proceeds-per-share-class calculations under different exit values, or handling of liquidation preferences/participation rights.

   ⚑ flag

   Pulley~partialclaimed5/10

   Pulley's fundraising-modeling docs mention running models for 'complex pre-financing, post-financing, or exit scenarios' and pro-formas for priced rounds/SAFEs, implying some exit modeling capability, but there is no specific evidence of a waterfall analysis showing per-share-class/stakeholder proceeds honoring liquidation preferences and participation rights. missing for 10: explicit documentation of a waterfall model breaking down proceeds by share class/stakeholder, preference stacking, participation rights handling, and any independent/hands-on validation.

   • [claimed-docs] “Run models for complex pre-financing, post-financing, or exit scenarios.”
   • [claimed-docs] “Get a pro-forma for your next priced round or SAFE.”

   proof ↗⚑ flag

2. founderModel a priced round — dilution, option pool top-up, SAFE conversion, pro-forma ownership — and share the scenario with counsel and investors

   weight 3 · round to Pulley
   Carta—none0/10

   The evidence pack covers Carta's developer/API platform (cap table data retrieval, OAuth, MCP plugins, data warehouse) but contains no documentation of a scenario-modeling tool for priced rounds, dilution, option pool top-ups, SAFE conversion modeling, or pro-forma ownership sharing with counsel/investors. Only tangential API endpoints exist (cap table percentage calculation, convertible note listing, draft option grants) but none describe an interactive round-modeling workflow.

   • [claimed-docs] “The formulas below show how to calculate the following outstanding and fully diluted percentages using our Capitalization Table endpoint”
   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”

   proof ↗⚑ flag

   Pulley~partialclaimed6/10

   Pulley explicitly offers pro-forma modeling for priced rounds and SAFEs, complex pre/post-financing scenarios, and term sheet analysis, directly matching the core modeling need. However, there's no explicit evidence of option pool top-up modeling, SAFE conversion mechanics being detailed, or a sharing/collaboration workflow with counsel and investors on scenarios. missing for 10: explicit option pool top-up handling, SAFE conversion mechanics detail, and scenario-sharing/collaboration features with external counsel/investors.

   • [claimed-docs] “Get a pro-forma for your next priced round or SAFE.”
   • [claimed-docs] “Run models for complex pre-financing, post-financing, or exit scenarios.”
   • [claimed-docs] “Upload a term sheet and get a summary of potential problems in seconds.”
   • [claimed-docs] “Create your agreements using standard Y-combinator SAFE templates instead of starting from scratch.”

   proof ↗⚑ flag

Board approvals

1. founderBoard consents and stockholder approvals are drafted, routed for e-signature, and archived against the transactions they authorize

   weight 2 · round to Pulley
   Carta—none0/10

   The evidence only shows API references to option grants requiring 'board consent and approval' as a status flag (carta-docs-22), but there is no documentation of a workflow for drafting board consents/stockholder approvals, routing them for e-signature, or archiving them against the transactions they authorize. Governance workflows are a plausible axis for a cap table platform, but no evidence substantiates this specific capability.

   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”

   proof ↗⚑ flag

   Pulley~partialclaimed5/10

   Pulley documents e-signature collection for board members and investors on SAFEs (pulley-docs-9) and lists 'board management' under its compliance product (pulley-docs-19), plus standard equity document templates (pulley-docs-21), suggesting some support for routing approvals for signature. However, there is no explicit documentation of drafting board consents or stockholder approvals specifically, nor evidence they are archived and linked against the transactions they authorize. Missing for 10: explicit board consent/stockholder approval drafting workflow, archival linkage to specific transactions, and independent confirmation of this governance workflow.

   • [claimed-docs] “Collect both board member and investor signatures through Pulley, without needing a third-party e-signature tool.”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”
   • [claimed-docs] “Pulley provides standard templates out of the box for Stock Options, RSAs, and SAFEs”

   proof ↗⚑ flag

Counsel access

1. ops userMy outside counsel can work directly in the platform with law-firm roles — preparing documents and updating records without emailing spreadsheets

   weight 2 · round to Carta
   Carta~partialclaimed3/10

   Docs mention law firms and technology partners can be granted API access to 'fetch cap table information on behalf of the company' and 'programmatically send new customers to Carta,' implying some counsel-facing integration exists, but there is no evidence of an actual in-platform law-firm role for preparing documents or updating cap-table records directly in the UI. missing for 10: documentation of a dedicated law-firm/outside-counsel platform role, UI workflows for document preparation, and evidence of record-updating permissions rather than just read-only API access.

   • [claimed-docs] “Allows incorporation partners and law firms to programmatically send new customers to Carta”
   • [claimed-docs] “Allows law firms and technology partners to fetch cap table information on behalf of the company”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of a specific outside-counsel/law-firm role or permission tier, or of external counsel editing documents/records directly in Pulley; evidence only covers cap table management, fundraising docs, and e-signature features for internal/board/investor use. Missing for 10: named law-firm/counsel role type, counsel-specific document preparation workflow, evidence of external counsel access controls.

   ⚑ flag

Data room

1. ops userShare a permissioned, diligence-ready data room — cap table views plus underlying documents — with counsel and investors

   weight 2 · round drawn
   Carta—none0/10

   The evidence pack covers Carta's developer API platform, OAuth scopes, and an MCP/Claude plugin for querying cap table data — none of it describes a permissioned data-room product for sharing cap table views plus underlying documents with counsel/investors for diligence purposes. Community evidence only discusses pricing, cancellation friction, and sales-practice complaints, which are off-topic for this story.

   ⚑ flag

   Pulley—none0/10

   Evidence shows document attachment to securities, stakeholder profiles, and cap table downloads, but there is no mention of a permissioned data room, investor/counsel access portal, or diligence-sharing feature. Missing for 10: dedicated data room, granular external permissioning for investors/counsel, and document bundling for diligence.

   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”
   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

Hris sync

1. ops userStakeholders sync from my HRIS/payroll system (e.g. Gusto, Rippling) so new hires and terminations flow into equity records automatically

   weight 2 · round drawn
   Carta—none0/10

   The evidence pack shows Carta's API/MCP platform covers cap tables, stakeholders, option grants, valuations, and OAuth access, but there is no mention of any HRIS/payroll integration (Gusto, Rippling, etc.) or automated sync of new hires/terminations into equity records. Absence of evidence for this specific applicable integration means it does not deliver the story.

   • [claimed-docs] “Learn how to quickly and easily embed Carta data into your app.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence pack item mentions HRIS/payroll integrations (Gusto, Rippling, or similar) or any automated sync of new hires/terminations into equity records; Pulley's evidence only covers cap table setup, fundraising modeling, SAFEs, 409A valuations, and stakeholder management. missing for 10: any mention of HRIS/payroll connectors, automated new-hire/termination sync, or an integrations marketplace.

   ⚑ flag

1. ai-native userDo everything through the API that I can do in the UI

   weight 2 · round to Carta
   Carta~partialprobed5/10

   Carta exposes a broad read/write REST API (cap tables, stakeholders, option grants, convertible notes, 409A/FMV, draft issuer/option-grant creation) plus an MCP integration for natural-language querying, showing meaningful API-UI overlap for core equity data. However, there's no evidence of a machine-readable OpenAPI spec (all probes 404) or of API parity for many UI workflows (e.g., exercising options, secondary transactions, cancellations, full administrative actions), so full UI-API parity is unproven. Missing for 10: comprehensive OpenAPI/spec coverage, evidence of write-parity for transactional workflows (exercises, financings, secondary sales), and independent confirmation that all UI actions are API-accessible.

   • [claimed-docs] “Carta's API uses the OAuth 2.0 open specification to authorize your access to our data, and supports AUTHORIZATION_CODE and CLIENT_CREDENTIA…”
   • [claimed-docs] “Connect to your Carta account using pre-built plugins and access fund performance, cap tables, portfolio financials, partner data, and more.”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”
   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “A draft option grant is an option grant that is either still being finalized or that has not yet received board consent and approval.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “This document explains how to create issuers using Carta’s Draft Issuer API.”
   • [probe] “PROBE openapi: all candidate paths 404 (https://docs.carta.com/openapi.json, https://docs.carta.com/swagger.json, https://docs.carta.com/api…”
   • [probe] “official MCP server documented at https://docs.carta.com/api-platform/guides/guides/claude-mcp-setup/”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence of any public API at all—probes for OpenAPI/Swagger endpoints all returned 404, and no documentation references an API for cap table management, fundraising, or compliance actions. All evidence pack items describe UI-based workflows only. Missing for 10: any public API documentation, API reference, endpoint list, or evidence that any UI action can be performed programmatically.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.pulley.com/openapi.json, https://help.pulley.com/swagger.json, https://help.pulley.com/…”
   • [probe] “PROBE docs-md: HTTP 404 at https://help.pulley.com/en/.md”

   proof ↗⚑ flag

2. ai-native userExport all of my data in open formats and leave

   weight 3 · round to Pulley
   Carta!disputedcontradicted3/10

   Carta's API platform does expose structured data (cap tables, stakeholders, grants, valuations) via REST endpoints, which offers some data access/portability, but there is no documented bulk 'export all data' feature in open formats, and independent reports directly contradict the 'leave' part of the story — founders describe deliberately obstructed cancellation, migration difficulty, and being 'trapped' when trying to move to a competitor. Missing for 10: evidence of a full open-format data export/download feature, and any confirmation that customers can smoothly migrate their full cap table data elsewhere.

   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”
   • [claimed-docs] “Retrieve convertible notes.”
   • [community] “Carta's cancellation process requires a meeting with a customer success rep before you can cancel, and founders report being unable to sched…”
   • [community] “I'm the founder of Eqvista, a Carta competitor; we've seen significant migrations from Carta due to cost, lengthy 409A valuation timelines, …”
   • [community] “Carta was charging me $8,000 per year. I found an alternative (Cake Equity) with all the features for 10% of the price. It took multiple cal…”

   proof ↗⚑ flag

   Pulley~partialclaimed4/10

   Pulley allows exporting the cap table as an Excel file for a specific date or all-time, which is an open format export of core data, but there's no evidence of full data export (all documents, stakeholder details, transaction history, agreements) in open formats or documented account-closure/data-portability workflow. missing for 10: comprehensive full-account data export, open-format export of all documents/agreements/records, explicit data portability policy.

   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”

   proof ↗⚑ flag

1. ai-native userChoose where my data is stored (region/residency)

   weight 2 · round drawn
   Carta—none0/10

   No evidence in the pack mentions data residency, regional storage options, or data location controls for Carta's platform or API. missing for 10: any mention of region selection, data residency policy, or storage location controls.

   ⚑ flag

   Pulley—none0/10

   No evidence in the pack addresses data residency, region selection, or storage location options for Pulley's cap table platform; the axis is applicable to any SaaS handling company data but no support is documented. Missing for 10: any mention of data center regions, residency controls, or storage location choice.

   ⚑ flag

2. ai-native userControl data retention and deletion

   weight 2 · round drawn
   Carta—none0/10

   No evidence in the pack addresses data retention or deletion controls, privacy policies, or data lifecycle management for AI/MCP integrations; community evidence instead raises concerns about data misuse (e.g., cap table data used for solicitation) without any deletion/retention control mechanism documented. missing for 10: any data retention policy, deletion/export controls, or privacy settings applicable to AI-connected data access.

   • [community] “Carta sales rep reached out unsolicited to a family member/angel investor whose investment was never publicized, at exactly the company's Se…”
   • [community] “Carta announced it would exit its secondary trading business after backlash, but commenters noted this didn't address deeper questions about…”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence pack items address data retention policies, data deletion controls, or export/delete workflows for AI-native or general privacy purposes; Pulley is a cap table management product and this axis, while plausible for a SaaS handling sensitive equity data, has no supporting documentation.

   ⚑ flag

Audit trail

1. ops userEvery change to the cap table is captured in an audit log — who changed what, when, and under what authorization

   weight 1 · round drawn
   Carta—none0/10

   The evidence pack covers API/platform access, OAuth scopes, MCP integrations, and data retrieval endpoints, but nowhere documents an audit log capturing who changed the cap table, when, and under what authorization. No evidence of change-tracking, audit trail, or authorization logging features exists in the pack.

   ⚑ flag

   Pulley—none0/10

   Evidence mentions a dashboard for 'tracking cap table activity' (docs-24) but there is no documentation of a structured audit log capturing who changed what, when, and under what authorization. Missing for 10: explicit audit-log/change-history feature, user attribution, timestamped authorization trail.

   • [claimed-docs] “This is your command center for monitoring equity, managing tasks, and tracking cap table activity across your company.”

   proof ↗⚑ flag

Exports

1. ops userExport my complete cap table and full transaction history to open formats (Excel/CSV) at any time — my ownership data is never held hostage

   weight 2 · round to Pulley
   Carta!disputedcontradicted4/10

   Carta's API exposes cap table, stakeholder, option grant, convertible note, and FMV data programmatically (carta-docs-18–23) and its data warehouse supports SQL export/queries (carta-docs-17, carta-docs-29), suggesting technical export capability exists. However, this is not the same as an easy self-serve Excel/CSV export — no docs mention a native CSV/Excel export button, and a competitor (Eqvista) and multiple founders report that Carta makes cap table data specifically hard to transfer out and cancellation practically impossible without lengthy rep interactions (carta-comm-5, carta-comm-7), directly contradicting the 'never held hostage' claim. Missing for 10: explicit self-serve CSV/Excel export documentation, independent confirmation that full transaction history (not just current cap table) can be exported, and evidence refuting the migration-friction complaints.

   • [claimed-docs] “It unifies your firm's most critical data—from fund performance and portfolio financials to partner capital accounts—into a single, queryabl…”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”
   • [claimed-docs] “Retrieve stakeholders. A stakeholder is a person or entity that has been issued a security by an issuer and is, therefore, on the issuer's c…”
   • [claimed-docs] “Retrieve option grants.”
   • [claimed-docs] “Retrieve convertible notes.”
   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “Analysts are free to perform sophisticated, multi-faceted SQL queries and analyses without the friction of integrating disparate data source…”
   • [community] “Carta's cancellation process requires a meeting with a customer success rep before you can cancel, and founders report being unable to sched…”
   • [community] “I'm the founder of Eqvista, a Carta competitor; we've seen significant migrations from Carta due to cost, lengthy 409A valuation timelines, …”

   proof ↗⚑ flag

   Pulley~partialclaimed5/10

   Pulley docs confirm cap tables can be downloaded as Excel 'as of a specific date or for all time' (pulley-docs-18), and Excel is treated as the source of truth during migration (pulley-docs-1/14), supporting open-format export of the cap table. However, there is no explicit evidence of exporting full transaction history or CSV format, nor independent confirmation that data is never held hostage. Missing for 10: explicit transaction-history export documentation, CSV format support, and third-party/independent verification of unrestricted export access.

   • [claimed-docs] “Cap Tables can be downloaded as of a specific date or for all time.”
   • [claimed-docs] “Pulley treats the Excel file as your company's source of truth and only attaches uploaded documents to specific securities where there is a …”
   • [claimed-docs] “When migrating your cap table, Pulley treats the Excel file as your company's source of truth”

   proof ↗⚑ flag

Education

1. employeeThe platform explains my equity in plain language — tax treatment, exercise windows, dilution — not just numbers

   weight 1 · round drawn
   Carta—none0/10

   Evidence is entirely API/developer-platform documentation (cap tables, FMV calculations, OAuth, MCP plugins) aimed at engineers and integrators, not employee-facing plain-language explanations of tax treatment, exercise windows, or dilution. There is no evidence of an employee-facing UI or educational content that translates equity data into plain language for stakeholders. Missing for 10: employee-facing plain-language equity education content, UI walkthroughs explaining tax treatment/exercise windows/dilution, any hands-on or user testimony about clarity of employee communications.

   • [claimed-docs] “This API can be used to calculate the tax implications of a user exercising their equity.”
   • [claimed-docs] “The formulas below show how to calculate the following outstanding and fully diluted percentages using our Capitalization Table endpoint”
   • [claimed-docs] “Retrieve an issuer's capitalization table by share class.”

   proof ↗⚑ flag

   Pulley—none0/10

   Evidence pack only covers admin/founder-facing cap table management, fundraising, 409A valuations, and compliance tooling — none of it describes employee-facing plain-language guidance on tax treatment, exercise windows, or dilution. The 83(b) tracker (pulley-docs-13) is a status tool, not an explanatory feature. Missing for 10: employee-facing educational content, tax treatment explainers, exercise window guidance, dilution explanations in plain language.

   • [claimed-docs] “Using the 83(b) Election status tracker”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag

Exercising

1. employeeExercise my vested options online — including payment and the resulting share issuance — without paper forms

   weight 2 · round to Carta
   Carta!disputedcontradicted4/10

   Carta's docs only cover API/tax-calculation aspects of exercising equity (e.g., FMV/tax implications endpoint) rather than documenting an employee-facing online exercise-and-payment workflow, but a first-hand community report confirms the feature exists in practice — an employee exercised ~$20k of vested options online — and also documents a concrete failure: a single automated bank transfer failed, overdrafted the user, and Carta then permanently canceled the exercise rights with no retry or warning. This directly contradicts a smooth 'exercise, pay, and receive shares without paper forms' experience. Missing for 10: first-party documentation of the employee exercise portal/workflow itself, evidence of reliable payment handling, and confirmation of automatic share issuance without manual intervention.

   • [community] “After leaving my company I exercised options for ~$20k; six months later Carta attempted a single bank transfer, it failed and overdrafted m…”
   • [claimed-docs] “This API can be used to calculate the tax implications of a user exercising their equity.”

   proof ↗⚑ flag

   Pulley—none0/10

   No evidence describes an employee-facing option exercise workflow (selecting shares, payment, and resulting issuance) — the pack covers cap table management, fundraising, 409A, and admin-side tools, but nothing about employees exercising vested options online. Missing for 10: employee exercise portal, payment collection, automated share issuance upon exercise, paperless exercise agreement signing.

   ⚑ flag

Portal

1. employeeI get my own portal showing my grants, vesting progress, strike price, and what my equity could be worth under different outcomes

   weight 3 · round drawn
   Carta—none0/10

   The evidence pack only covers Carta's developer/API platform (OAuth, MCP, cap-table endpoints) and community complaints about sales/cancellation practices; there is no evidence describing an employee-facing portal showing grants, vesting progress, strike price, or scenario-based equity valuation. Missing for 10: any documentation or screenshots of the employee equity dashboard/portal UI, vesting visualization, or outcome-based valuation tool.

   ⚑ flag

   Pulley—none0/10

   The evidence pack covers admin-side cap table management, fundraising modeling, 409A valuations, and compliance, but contains no mention of an employee-facing portal showing personal grants, vesting progress, strike price, or scenario-based equity value. Docs-4 mentions clicking a stakeholder's name for a profile, but this is from the admin/cap-table-manager view, not a dedicated employee self-service experience. Missing for 10: employee login/portal documentation, vesting progress display, strike price disclosure, and outcome/scenario modeling tailored to individual employees.

   • [claimed-docs] “Click any name in the Stakeholder column to view that person or entity's complete profile within Pulley”
   • [claimed-docs] “The cap table defaults to a stakeholder ownership view, providing a comprehensive overview of equity distribution across all stakeholders.”

   proof ↗⚑ flag

International

1. ops userNon-US valuations and schemes — UK HMRC/EMI valuations, country-specific option plans — are supported for my international entities

   weight 1 · round drawn
   Carta—none0/10

   The evidence pack covers Carta's API platform, MCP integration, and 409A/FMV endpoints generically, but contains no mention of UK HMRC/EMI valuations, non-US option schemes, or any country-specific plan support for international entities. Missing for 10: any documentation of HMRC/EMI valuation support, non-US equity scheme handling, or international entity-specific compliance features.

   ⚑ flag

   Pulley—none0/10

   No evidence in the pack mentions UK HMRC/EMI valuations, non-US option schemes, or any international entity support—all documentation focuses on US-style SAFEs, 409A valuations, and cap table management. Missing for 10: any mention of HMRC/EMI valuations, non-US equity plan types, or international entity/compliance support.

   ⚑ flag

Us 409a

1. founderOrder an audit-ready 409A valuation in-platform, generated from my live cap table data, and get refreshed valuations on schedule

   weight 3 · round to Pulley
   Carta~partialclaimed3/10

   Docs confirm Carta's platform associates FMV/409A valuation data with the cap table and exposes it via an API endpoint (carta-docs-23, carta-docs-13), implying 409A valuations are a native, cap-table-linked feature, but there is no evidence describing an in-platform ordering flow, audit-ready deliverable, or scheduled refresh cadence. Missing for 10: documentation of the valuation ordering/request workflow, audit-readiness/compliance packaging, and automatic scheduled refresh mechanics.

   • [claimed-docs] “Retrieve the fair market values of an issuer, which are the values of the issuer's securities as determined by the issuer's 409a valuations.”
   • [claimed-docs] “This API can be used to calculate the tax implications of a user exercising their equity.”

   proof ↗⚑ flag

   Pulley~partialclaimed6/10

   Pulley explicitly offers in-platform 409A valuations with a fast 3-day turnaround and describes them as 'audit-defensible,' produced by their expert team, implying integration with the company's live cap table data. However, there is no explicit evidence of automatic 'on schedule' refresh/renewal scheduling or direct confirmation that valuations are generated programmatically from live cap table data versus a service workflow layered on top. Missing for 10: documented automatic refresh/renewal scheduling cadence, explicit description of live cap-table-driven generation (vs. analyst-assisted service), and independent/third-party corroboration of audit-readiness.

   • [claimed-docs] “Pulley’s turnaround time for 409A valuations is just three days—not weeks.”
   • [claimed-docs] “Get audit-defensible 409A valuations from our team of experts”
   • [claimed-docs] “Pulley's equity compliance software handles the compliance work your finance team owns as you grow, from ASC 718 reporting and tax filings t…”

   proof ↗⚑ flag