Cake Equity vs Vestd

Agent access

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

   weight 2 · round to Cake Equity
   Cake Equity✓fullprobed9/10

   A probe confirms a live, working llms.txt at help.cakeequity.com listing agent-oriented documentation structure, and Cake also provides dedicated MCP-related help articles describing how to connect AI agents to query cap table data in plain English. Missing for 10: no explicit first-party announcement/dedicated 'for AI agents' landing page beyond the llms.txt file itself.

   • [probe] “PROBE llms.txt: HTTP 200 at https://help.cakeequity.com/llms.txt # Cake Help Centre Get help and support on all things Cake. ## Getting St…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd✓fullprobed7/10

   vestd-probe-1 confirms a live llms.txt file at the expected path returning HTTP 200 with structured agent-oriented content describing Vestd, directly satisfying the story. Missing for 10: broader agent-oriented docs (e.g. docs-md, openapi) return 404, so coverage is limited to the single llms.txt file rather than a fuller agent-native documentation surface.

   • [probe] “PROBE llms.txt: HTTP 200 at https://www.vestd.com/llms.txt # Vestd > Vestd Ltd is a UK-based sharetech platform that helps companies launch…”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.vestd.com/help.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”

   proof ↗⚑ flag

2. ai-native userPlug MCP servers into this product so it can use their tools

   weight 3 · round drawn
   Cake Equity—none0/10

   Cake Equity's MCP integration goes the opposite direction: it exposes its own cap table data as an MCP server for external AI clients like Claude, Cursor, or Codex to query (docs-11, docs-12), rather than Cake itself consuming external MCP servers' tools. There is no evidence that Cake Equity acts as an MCP client plugging in outside tool servers.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd is an equity/cap-table management SaaS with no evidence of MCP server support; probes for API/OpenAPI endpoints returned 404s and no MCP-related documentation exists. This axis applies since SaaS platforms could plausibly ship an MCP integration, but no evidence shows it does.

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

   proof ↗⚑ flag

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

   weight 3 · round to Cake Equity
   Cake Equity✓fullclaimed8/10

   Cake Equity documents an official MCP server ('Cake MCP') that lets Claude, Codex, Cursor, or any MCP client connect and query live cap table data (shareholders, vesting, SAFEs, option pool headroom). This is a first-party, explicit MCP server offering, not just client integration. Missing for 10: independent/hands-on corroboration beyond vendor docs, and technical details on server setup/auth scope.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd is an equity/cap-table management SaaS; no evidence of an official MCP server or agent connectivity exists—probes for API/openapi specs all return 404. Missing for 10: any MCP server documentation, API spec, or agent integration endpoint.

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

   proof ↗⚑ flag

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

   weight 3 · round drawn
   Cake Equity—none0/10

   Evidence shows an MCP server for AI assistants to query cap table data (docs-11, docs-12), but this is a narrow, purpose-built integration, not a documented general-purpose public API. Explicit probes for OpenAPI/Swagger documentation all returned 404, indicating no public API is documented. Missing for 10: any documented REST/GraphQL API, API reference docs, authentication/rate-limit details, or SDKs that would let an AI-native user drive the product generally.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of a public API; OpenAPI/swagger probes all returned 404, and there's no documentation of REST/API endpoints for programmatic access—only an llms.txt marketing summary exists.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.vestd.com/help.md”
   • [probe] “PROBE llms.txt: HTTP 200 at https://www.vestd.com/llms.txt # Vestd > Vestd Ltd is a UK-based sharetech platform that helps companies launch…”

   proof ↗⚑ flag

5. ai-native userBuild against official SDKs

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence of an official SDK (Python/JS/etc.) for developers to build against; the only AI-related integration found is an MCP connector for chat assistants (docs-11, docs-12), and probes show no OpenAPI/Swagger spec exists (probe-2 all 404s), indicating no developer SDK is published.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd is an equity management platform with no evidence of an official SDK; probes for OpenAPI/API specs all returned 404, and only an llms.txt file exists.

   • [probe] “PROBE docs-md: HTTP 404 at https://www.vestd.com/help.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”
   • [probe] “PROBE llms.txt: HTTP 200 at https://www.vestd.com/llms.txt # Vestd > Vestd Ltd is a UK-based sharetech platform that helps companies launch…”

   proof ↗⚑ flag

6. ai-native userSubscribe to events via webhooks

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence of any webhook subscription capability; Cake offers an MCP server for AI assistants to query cap table data, but nothing about outbound event notifications via webhooks, and OpenAPI probe returned 404s.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any webhook subscription mechanism or event API; probes for OpenAPI/API specs all returned 404, and no docs mention webhooks or events.

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

   proof ↗⚑ flag

Agentic features

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

   weight 2 · round to Cake Equity
   Cake Equity~partialclaimed6/10

   Cake exposes an MCP server so external AI assistants (Claude, Codex, Cursor) can query live cap table data (shareholders, option pool, vesting, SAFEs) in plain English, effectively delivering AI-generated insights from the user's data. However this relies on connecting an external AI client rather than a native in-product AI feature, and there's no evidence of proactive suggestions or recommendations, only Q&A-style answers. Missing for 10: native in-app AI assistant/insights UI, proactive suggestion generation, independent corroboration of MCP usage quality.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any AI-generated insights, analytics, or suggestions feature within Vestd; the product is an equity/cap-table management platform with no mention of AI capabilities.

   ⚑ flag

2. ai-native userSet up automations that run autonomously in the background

   weight 2 · round drawn
   Cake Equity—none0/10

   Cake Equity offers an MCP integration for read-only Q&A about the cap table (docs-11, docs-12) and built-in business-process automation (vesting schedules, board approvals), but there is no evidence of user-configurable autonomous background automations or agent workflows that run independently — missing for 10: any trigger/scheduler/agent-orchestration capability, evidence of autonomous multi-step tasks, or automation setup UI beyond static vesting rules.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd is an equity management platform with some automatic features (e.g., Companies House auto-updates, automated filing), but there is no evidence of user-configurable autonomous background automations akin to AI-native agentic workflows. No API/webhook/automation-builder evidence exists, and no OpenAPI or automation endpoints were found.

   ⚑ flag

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

   weight 2 · round to Cake Equity
   Cake Equity~partialclaimed6/10

   Cake documents an MCP integration letting users connect Claude, Codex, Cursor or other MCP clients to ask natural-language questions about their cap table (shareholders, vesting, option pool headroom, etc.), which directly enables natural-language operation of read/query functionality. However, this appears limited to querying/reporting rather than performing actions (e.g., issuing grants, modeling raises) via natural language. Missing for 10: evidence of write/action capabilities via natural language, independent hands-on validation of the MCP integration, and broader in-app conversational command support beyond the MCP query use case.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd is an equity management platform with a standard web UI; nothing in the evidence pack indicates any natural-language command interface, chatbot, or AI-driven control surface. missing for 10: any documented natural-language/chat command feature, AI assistant, or evidence users can operate the platform via NL input.

   ⚑ flag

Api quality

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

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence of an interactive API reference or runnable examples; the openapi probe returned 404s across all candidate paths, and the only developer-facing surface documented is an MCP connector for chat assistants, not an API reference.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any API reference, interactive docs, or runnable examples; probes for OpenAPI/swagger endpoints all returned 404s, and Vestd's docs are entirely product/feature help content, not developer API docs.

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

   proof ↗⚑ flag

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

   weight 2 · round drawn
   Cake Equity—none0/10

   A direct probe for OpenAPI/Swagger spec files returned 404 on all candidate paths, and no evidence pack item mentions a downloadable machine-readable API spec; the only related capability is an MCP server for AI assistants, not a REST API spec.

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

   proof ↗⚑ flag

   Vestd—none0/10

   The probe explicitly checked for OpenAPI/Swagger specs at all standard locations and found only 404s, and no docs mention a public API spec. No evidence Vestd offers a machine-readable API spec.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”

   proof ↗⚑ flag

3. ai-native userTest against a sandbox environment without touching production data

   weight 1 · round drawn
   Cake Equity—none0/10

   No evidence of a sandbox or test environment separate from production data; the MCP integration explicitly connects to the 'live Cap Table' with no mention of a test mode, and OpenAPI/sandbox endpoints return 404.

   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any sandbox, test/staging environment, or non-production testing mode; the evidence pack covers cap table, share issuance, and comms features only, with no API/sandbox docs (openapi/docs probes returned 404). Missing for 10: sandbox environment docs, test data separation, API test mode, any mention of non-production testing.

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

   proof ↗⚑ flag

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

   weight 2 · round drawn
   Cake Equity—none0/10

   There is no evidence of a versioned public API or any documented deprecation policy; the only API-adjacent evidence is an MCP connector for chat assistants, and a probe explicitly found no OpenAPI/spec endpoints. Missing for 10: versioned API docs, API changelog/versioning scheme, deprecation policy documentation.

   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any public API at all, let alone versioning or a deprecation policy; probes for OpenAPI/swagger specs all returned 404 and there's no mention of an API in docs.

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

   proof ↗⚑ flag

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

   weight 2 · round drawn
   Cake Equity~partialprobed3/10

   The only evidence of bulk handling is a spreadsheet/Carta migration bulk-upload tool for initial cap table setup, not a general bulk-operations capability across ongoing items like grants, certificates, or approvals. Missing for 10: bulk editing/updating of existing stakeholders or grants, bulk e-signature or certificate issuance, bulk API operations (no OpenAPI/API found), and any AI-native bulk automation beyond one-time import.

   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Vestd~partialprobed3/10

   The only evidence of multi-item action is issuing/distributing shares to 'one or more recipients' at once (vestd-docs-8), which is a narrow bulk-ish operation in one feature area. There's no evidence of broader bulk operations (bulk import, bulk edit, batch API calls) and no API/OpenAPI surface exists (vestd-probe-3 shows 404s), undermining AI-native automation at scale. missing for 10: bulk CRUD across multiple entity types, CSV/batch import tooling, API or webhook support for programmatic bulk actions, independent confirmation of multi-recipient distribution working at scale.

   • [claimed-docs] “Authorise a share pool and choose a share class, then instantly distribute the equity to one or more recipients.”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”

   proof ↗⚑ flag

2. ai-native userDefine rules that trigger actions automatically on events

   weight 3 · round drawn
   Cake Equity—none0/10

   Cake ships several fixed, built-in automations (vesting cliffs/schedules, e-signing approval flows, registered-agent notifications on share events) but there is no evidence of a user-configurable rules/trigger engine where an AI-native user can define arbitrary conditions and actions. Missing for 10: evidence of a rules/workflow builder, webhooks, or event-trigger API that users can customize themselves.

   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “Cake can automatically notify your registered agent whenever you make share issuances, transfers, or conversions.”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd is an equity/cap-table management platform with automated updates (e.g., Companies House filing, HRIS sync) but there is no evidence of user-defined conditional rules or event-trigger automation configurable by users; no API/webhook or rules-engine is documented (openapi/docs probes return 404).

   • [claimed-docs] “Companies House is automatically updated once shares have been distributed. You don't need to do a thing.”
   • [claimed-docs] “Automate filing with Vestd”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”

   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 Cake Equity
   Cake Equity~partialclaimed6/10

   Cake explicitly supports 'Issue and manage share certificates digitally' and certificates carry company branding, and the platform separately advertises e-signing/board sign-off automation for equity events, implying signed certificates tied to the cap table. However, no evidence explicitly confirms certificates are 'legally signed in-platform' (e.g., binding e-signature workflow specifically for certificates) or describes the permanent technical linkage between a certificate and its cap table entry. missing for 10: explicit description of legal e-signature process for certificates, explicit statement of permanent record-linking between certificate and cap table entry, independent/hands-on corroboration.

   • [claimed-docs] “Certificate management - Issue and manage share certificates digitally”
   • [claimed-docs] “Company logo: appears on share certificates and documents”
   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”

   proof ↗⚑ flag

   Vestd~partialclaimed5/10

   Vestd's site references "Share certificates" and digital share issuance that automatically updates Companies House and the cap table, plus "deed / witness signatures" for governance documents, implying electronic signing tied to shareholding records. However, there is no explicit description of the certificate e-signing workflow or how a certificate is permanently linked to the specific cap table entry it represents. Missing for 10: detailed docs on the e-signature/legal execution process for certificates, explicit description of the permanent link between certificate and cap table record, and independent/hands-on corroboration.

   • [claimed-docs] “Share certificates”
   • [claimed-docs] “Authorise and issue new shares digitally, and update Companies House in the click of a button. No paperwork involved!”
   • [claimed-docs] “Companies House is automatically updated once shares have been distributed. You don't need to do a thing.”
   • [claimed-docs] “Board-ready equity governance and reporting, with deed / witness signatures and custom document templates.”
   • [claimed-docs] “Digital cap table management No more messy spreadsheets scattered across your team. One source of truth, reconciled.”

   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 Cake Equity
   Cake Equity~partialclaimed7/10

   Cake documents concrete migration paths from Carta, Pulley, and spreadsheets, including bulk upload tools, human data-matching review, and a 'see your cap table before you pay' verification step before go-live (docs-1,2,15,16,17). This covers guided import and validation, but the process appears largely concierge-driven (Cake staff build the table from exported data) rather than a self-serve ops workflow with explicit reconciliation against source legal documents. Missing for 10: explicit reconciliation/audit workflow comparing imported data against source cap docs, and self-service validation tooling for ops users rather than vendor-run migration.

   • [claimed-docs] “Same powerful cap table features. Better, transparent pricing. Free and full migration in 48 hours.”
   • [claimed-docs] “Upload your cap table. Accurate data matching. A human reviews it. Optional free call. See your cap table in Cake. Before you pay.”
   • [claimed-docs] “You export your data from Carta, send it to us, and we build your cap table in Cake within 48 hours.”
   • [claimed-docs] “Cake credits the months you've already paid Pulley off your first annual payment, on top of the 20% Pulley migration discount”
   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”

   proof ↗⚑ flag

   Vestd~partialclaimed4/10

   Vestd markets a 'Migrate to Vestd' offering to digitise or move an existing scheme, and positions itself as replacing 'messy spreadsheets scattered across your team' with 'one source of truth, reconciled,' implying migration support. However there is no evidence of a guided import workflow, validation steps, or reconciliation against source documents — these are just marketing taglines, not documented process detail. Missing for 10: guided import UI/steps, data validation rules, reconciliation process against source spreadsheets/documents, any case study or hands-on account of a migration.

   • [claimed-docs] “Migrate to Vestd - Digitise or move your existing scheme”
   • [claimed-docs] “Migrate to Vestd Digitise or move your existing scheme”
   • [claimed-docs] “Migrate to Vestd | Upgrade today”
   • [claimed-docs] “Digital cap table management No more messy spreadsheets scattered across your team. One source of truth, reconciled.”

   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 drawn
   Cake Equity✓fullclaimed8/10

   Cake explicitly covers cap table core elements: share classes, SAFEs, option grants, certificates, and vesting, positioned as a live single source of truth investors/auditors can use (migration tools, 409A valuations, certificate issuance, contract editor for SAFEs/Convertibles/Options/RSUs). Multiple docs corroborate breadth across share classes, options, SAFEs, and certificate management as an integrated live system rather than disparate tools. Missing for 10: independent/third-party validation (e.g., investor or auditor testimonials) confirming reliance on Cake as source of truth, and no evidence of audit-log/versioning features that concretely prove 'live single source of truth' guarantees.

   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”
   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Certificate management - Issue and manage share certificates digitally”
   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “NSO & ISO support Manage both option types with the right rules and workflows for each.”

   proof ↗⚑ flag

   Vestd✓fullclaimed8/10

   Vestd's docs strongly support a live cap table as single source of truth: digital cap table management with 'one source of truth, reconciled' (vestd-docs-7), share issuance with Companies House auto-updates (vestd-docs-2, vestd-docs-11), share certificates (vestd-docs-31), SAFEs/growth shares (vestd-docs-17, vestd-docs-32), EMI/CSOP/unapproved option grants (vestd-docs-6, vestd-docs-14, vestd-docs-33, vestd-docs-34), and data rooms for investors/auditors to access cap tables and documents (vestd-docs-21). Missing for 10: independent/third-party corroboration (e.g. reviews or case studies) confirming investors/auditors actually rely on it as source of truth, and no direct evidence of multi-user real-time sync guarantees.

   • [claimed-docs] “Digital cap table management No more messy spreadsheets scattered across your team. One source of truth, reconciled.”
   • [claimed-docs] “Companies House is automatically updated once shares have been distributed. You don't need to do a thing.”
   • [claimed-docs] “Authorise and issue new shares digitally, and update Companies House in the click of a button. No paperwork involved!”
   • [claimed-docs] “Share certificates”
   • [claimed-docs] “In this guide, we cover everything there is to know about growth shares, how to use them and who can have them.”
   • [claimed-docs] “Build growth share schemes with Vestd”
   • [claimed-docs] “you will need to create the actual EMI scheme so you can grant share options”
   • [claimed-docs] “How your SME can create a qualifying EMI options scheme”
   • [claimed-docs] “Build unapproved option schemes with Vestd”
   • [claimed-docs] “Company Share Option Plans (CSOPs) on Vestd”
   • [claimed-docs] “From agreements and financials to cap tables and shareholder documents, you decide what to include and **who gets access**.”

   proof ↗⚑ flag

Stock comp

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

   weight 2 · round drawn
   Cake Equity—none0/10

   The evidence pack covers cap table management, vesting engines, 409A valuations, and capital raises, but nowhere mentions ASC 718 expense reporting or auditor-ready stock-based compensation expense outputs. This is a plausible axis for an equity management platform, but no evidence shows Cake delivers it.

   ⚑ flag

   Vestd—none0/10

   No evidence pack item mentions ASC 718, expense reporting, amortization schedules, or auditor-ready compliance reports; the closest items (409A valuations, share valuations, Companies House filings) address different compliance needs, not GAAP stock-based compensation expensing.

   ⚑ 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 drawn
   Cake Equity—none0/10

   No evidence of Rule 701 threshold tracking, Form 3921 filing generation, or 83(b) election tracking anywhere in the docs; the pack covers 409A, cap table management, migrations, and MCP integration but no US equity compliance filing automation.

   ⚑ flag

   Vestd—none0/10

   Vestd's evidence pack is UK-centric (Companies House filings, EMI/CSOP schemes, UK valuations) and only briefly touches US exposure via 409A valuations for UK companies issuing to US taxpayers; there is no mention of Rule 701 thresholds, Form 3921 filings, or 83(b) election tracking/generation anywhere in the docs or probes.

   • [claimed-docs] “If you're a UK company issuing options to US taxpayers, you need 409A valuations. Get your 409A valuation from Vestd for a small fee.”
   • [claimed-docs] “Automate filing with Vestd”
   • [claimed-docs] “Share valuation | Vestd”

   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 drawn
   Cake Equity—none0/10

   Cake's MCP/AI integration is explicitly read-only—querying cap table data (shareholders, vesting, option pool headroom) in plain English—with no evidence of drafting securities, creating option grants programmatically, or queuing them for board approval via an agent. The OpenAPI/API probe also returned 404s, and board approval features (docs-10) are described as human-driven UI flows, not agent-initiated.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any programmatic/API surface for drafting option grants or other securities—OpenAPI/swagger probes all return 404, and all cited docs describe human UI workflows (admin authorizes share pools, recipients submit exercise requests via the platform) rather than an agent-accessible API queue. missing for 10: any API/SDK endpoint for creating draft grants, evidence of an approval-queue object model, developer documentation referencing programmatic access.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”
   • [claimed-docs] “Authorise a share pool and choose a share class, then instantly distribute the equity to one or more recipients.”
   • [claimed-docs] “When a recipient is ready to exercise their options, they submit a request through Vestd. The company's admin user then revi”
   • [probe] “PROBE llms.txt: HTTP 200 at https://www.vestd.com/llms.txt # Vestd > Vestd Ltd is a UK-based sharetech platform that helps companies launch…”

   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 Cake Equity
   Cake Equity~partialprobed5/10

   Cake offers an MCP server allowing AI assistants like Claude/Cursor/Codex to query live cap table data (shareholders, option pools, vesting, SAFEs) in plain English, which supports programmatic cap table pulls. However, there's no evidence of reconciliation against an external data room, no documented API/OpenAPI spec for structured programmatic access (openapi probe returned 404s), and no mention of data-room integration or comparison workflows. missing for 10: documented API/OpenAPI for structured data pulls, data room integration or reconciliation feature, evidence of comparing cap table against external documents.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any API, export, or programmatic access to cap table data — the openapi probe returned 404s on all candidate paths and there's no mention of an API for agents to pull cap table data. Data rooms and cap table features are UI-based document storage, not programmatic reconciliation tools.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”
   • [claimed-docs] “Digital cap table management No more messy spreadsheets scattered across your team. One source of truth, reconciled.”
   • [claimed-docs] “From agreements and financials to cap tables and shareholder documents, you decide what to include and **who gets access**.”

   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 Cake Equity
   Cake Equity~partialprobed4/10

   Cake documents an MCP server that lets AI assistants query shareholders, share classes, SAFEs, notes and vesting from the live cap table (docs-11, docs-12), which is a documented, programmatic interface to the same data domains the story asks about. However, this is a conversational/agent-oriented interface rather than a structured REST/GraphQL API for bulk data pulls, and an explicit probe found no OpenAPI/swagger documentation (cake-equity-probe-2), so a traditional developer-facing API is unconfirmed. Missing for 10: a documented REST/GraphQL API spec, evidence of bulk/structured export via API, and confirmation the MCP server returns full raw cap table records rather than natural-language answers.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Vestd—none0/10

   There is no evidence of any documented API for pulling cap table data — probes for OpenAPI/Swagger specs all returned 404, and no docs mention an API at all; the HRIS integration mention is inbound data sync, not an outbound programmatic cap table export. Evidence only covers UI-based features like issuing shares, data rooms, and shareholder comms.

   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.vestd.com/help.md”
   • [claimed-docs] “Connect your HR platform to Vestd and end the manual data shuffle.”
   • [claimed-docs] “Digital cap table management No more messy spreadsheets scattered across your team. One source of truth, reconciled.”

   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 drawn
   Cake Equity~partialclaimed4/10

   Cake documents a general permissions feature where 'admin controls exactly what they can see' outside the full cap table (docs-14), suggesting some scoped-access capability exists, but there is no evidence of dedicated third-party professional access (law firm, HRIS vendor, wealth manager) roles, API keys, or scoped credential systems built for this specific use case. Missing for 10: named integrations or role types for external professionals, API/token-based scoped access, and documentation of granular permission levels beyond the generic stakeholder portal distinction.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Cake lets you manage multiple companies under a single login.”

   proof ↗⚑ flag

   Vestd~partialprobed4/10

   Vestd's data rooms let admins choose 'who gets access' to specific documents/cap table data, and HRIS integrations exist, which suggest some scoped sharing is possible, but there's no evidence of a distinct third-party/advisor role with limited permissions (vs. full admin) or an API/portal built for law firms or wealth managers. No OpenAPI/API surface was found (probe-3 404), so scoped programmatic access can't be confirmed. Missing for 10: explicit third-party role-based permissions, documented advisor/accountant access tier, API or portal scoped for external professionals.

   • [claimed-docs] “From agreements and financials to cap tables and shareholder documents, you decide what to include and **who gets access**.”
   • [claimed-docs] “Connect your HR platform to Vestd and end the manual data shuffle.”
   • [claimed-docs] “HRIS Integration | Vestd”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”

   proof ↗⚑ 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 Cake Equity
   Cake Equity~partialclaimed6/10

   Cake explicitly advertises 'bulk upload tools' that import cap table data directly, with most spreadsheet-managed cap tables migrated in under two hours, and a human-assisted upload/reconciliation flow for Carta migrations — covering the core ask of loading historical transactions/grants in bulk rather than one at a time. However, the evidence frames this mainly as a one-time migration/onboarding feature rather than an ongoing bulk-issuance workflow for new grants, with no detail on file formats, validation, or in-app bulk-grant creation tools. Missing for 10: documentation of a repeatable bulk grant-issuance workflow (not just migration), supported file formats/templates, and independent/hands-on confirmation of the process.

   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”
   • [claimed-docs] “Upload your cap table. Accurate data matching. A human reviews it. Optional free call. See your cap table in Cake. Before you pay.”
   • [claimed-docs] “You export your data from Carta, send it to us, and we build your cap table in Cake within 48 hours.”

   proof ↗⚑ flag

   Vestd~partialclaimed4/10

   Vestd's issue-shares flow lets an admin 'distribute equity to one or more recipients' in one action (vestd-docs-8), and its migration/HRIS-integration pages talk about digitising or moving an 'existing scheme' and connecting HR systems to avoid manual data entry (vestd-docs-1, vestd-docs-9, vestd-docs-10, vestd-docs-22, vestd-docs-35), implying some batch/historical-data ingestion. However, there is no explicit documentation of a bulk CSV upload, spreadsheet import, or dedicated batch-grant tool, and no independent/hands-on confirmation of how many recipients or historical transactions can be processed at once. Missing for 10: explicit bulk upload/import tool documentation, evidence of batch historical-transaction entry, and independent corroboration of scale.

   • [claimed-docs] “Authorise a share pool and choose a share class, then instantly distribute the equity to one or more recipients.”
   • [claimed-docs] “Migrate to Vestd - Digitise or move your existing scheme”
   • [claimed-docs] “Migrate to Vestd Digitise or move your existing scheme”
   • [claimed-docs] “Connect your HR platform to Vestd and end the manual data shuffle.”
   • [claimed-docs] “HRIS Integration | Vestd”
   • [claimed-docs] “Migrate to Vestd | Upgrade today”

   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 drawn
   Cake Equity~partialclaimed6/10

   Cake documents board approvals/e-signing ('Fast approvals... board sign-offs and e-signing in minutes'), NSO/ISO option issuance, vesting automation, and integrated 409A valuations within the cap table plan, which together cover the major pieces of the story. However, no evidence explicitly ties the 409A valuation as the compliance-checked strike price input within the same automated grant-issuance workflow, nor shows an end-to-end single flow from new-hire grant creation through board approval to 409A-priced options. missing for 10: explicit end-to-end workflow showing 409A strike price auto-populating into the option grant before board approval, and independent/hands-on confirmation of this integrated flow.

   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “NSO & ISO support Manage both option types with the right rules and workflows for each.”
   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”

   proof ↗⚑ flag

   Vestd~partialclaimed6/10

   Vestd provides EMI option scheme setup and granting (vestd-docs-6, vestd-docs-15, vestd-docs-25), board-ready governance/reporting with signatures (vestd-docs-18), and a dedicated 409A valuation service for issuing to US taxpayers (vestd-docs-16, vestd-docs-28), which together cover the major pieces of the story. However, no evidence shows these steps are chained into one single end-to-end workflow (board approval → 409A strike price lookup → grant issuance) triggered from a new-hire event; the docs describe separate features/pages rather than an integrated flow. Missing for 10: a documented single workflow linking board approval, 409A valuation retrieval, and option grant issuance in one pass, and independent/hands-on confirmation that this sequence works seamlessly end-to-end.

   • [claimed-docs] “you will need to create the actual EMI scheme so you can grant share options”
   • [claimed-docs] “How to grant EMI share options”
   • [claimed-docs] “Board-ready equity governance and reporting, with deed / witness signatures and custom document templates.”
   • [claimed-docs] “If you're a UK company issuing options to US taxpayers, you need 409A valuations. Get your 409A valuation from Vestd for a small fee.”
   • [claimed-docs] “Share valuation | Vestd”
   • [claimed-docs] “Granting EMI Share Options Scheme | Vestd”

   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 to Cake Equity
   Cake Equity~partialclaimed6/10

   Cake's docs describe a 'flexible vesting engine' that automates cliffs, schedules, milestones, and pauses, plus a vesting event counter on the home dashboard indicating automatic tracking of upcoming vesting events. However, there is no explicit mention of acceleration-on-exit provisions or clear confirmation of automatic vested-vs-unvested breakdown reporting. Missing for 10: explicit acceleration-on-exit handling, detailed vested/unvested reporting UI, and independent/hands-on verification beyond vendor claims.

   • [claimed-docs] “Flexible vesting engine Automate cliffs, schedules, milestones, and pauses without manual work.”
   • [claimed-docs] “A count at the top tells you how many vesting events fall within the next 7 days.”
   • [claimed-docs] “Actions lists what's waiting on you, with the stakeholder each item relates to.”

   proof ↗⚑ flag

   Vestd—none0/10

   The evidence pack covers share issuance, EMI/growth/unapproved scheme setup, exercising options, cap tables, and communications, but nowhere describes defining custom vesting schedules with cliffs, milestones, or exit-acceleration, nor automatic vested/unvested tracking. Missing for 10: any documentation of vesting schedule configuration, cliff/milestone logic, acceleration-on-exit handling, or automated vested-vs-unvested calculation.

   • [claimed-docs] “you will need to create the actual EMI scheme so you can grant share options”
   • [claimed-docs] “How your SME can create a qualifying EMI options scheme”
   • [claimed-docs] “How to grant EMI share options”
   • [claimed-docs] “In this guide, we cover everything there is to know about growth shares, how to use them and who can have them.”
   • [claimed-docs] “When a recipient is ready to exercise their options, they submit a request through Vestd. The company's admin user then revi”

   proof ↗⚑ 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 to Vestd
   Cake Equity~partialclaimed6/10

   Cake documents a distinct 'My Cake' investor portal where admins control exactly what stakeholders can see, separate from the full cap table (cake-equity-docs-14), and the free plan explicitly includes 'stakeholder portals' (cake-equity-docs-18). Capital-raise features also mention the ability to 'communicate with your investors' within the platform (cake-equity-docs-7). However, there is no concrete evidence of a structured, scheduled investor-update/reporting feature (e.g. automated periodic updates, update templates) that would fully eliminate ad hoc emailing. Missing for 10: dedicated investor-update/reporting tool documentation, evidence of scheduled or templated update distribution, and independent confirmation investors actually use the portal instead of emailing founders.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”
   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”

   proof ↗⚑ flag

   Vestd~partialclaimed7/10

   Vestd offers shareholder dashboards (vestd-docs-37, vestd-probe via shareholder-dashboards page) and dedicated shareholder communication tools including targeted updates and mailing lists (vestd-docs-3, vestd-docs-13, vestd-docs-24), which directly supports investors having self-service visibility and structured updates rather than emailing the founder. However, evidence is all first-party marketing copy with no independent/hands-on confirmation of the investor-side experience or what 'structured updates' concretely look like (e.g. automated reports vs manual email blasts). Missing for 10: independent/hands-on validation of the investor portal UX, detail on automated/structured update formats, and confirmation that portal access is self-serve without founder intervention.

   • [claimed-docs] “Invite your team.”
   • [claimed-docs] “Keep your shareholders in the loop with regular updates, directly from the Vestd platform.”
   • [claimed-docs] “Create bespoke mailing lists to segment stakeholders, to send targeted updates to specific groups.”
   • [claimed-docs] “Shareholder Communication Solutions | Vestd”
   • [claimed-docs] “Digital cap table management No more messy spreadsheets scattered across your team. One source of truth, reconciled.”

   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 Cake Equity
   Cake Equity✓fullclaimed8/10

   Cake explicitly supports modeling and raising SAFEs and Convertible Notes with digital signing and investor communication in one workflow (docs-7, docs-19), plus a full contract editor for SAFEs and Convertibles (docs-6) and dilution/round modeling tied to the cap table. Missing for 10: independent/hands-on confirmation that conversion terms auto-populate cap table conversion modeling post-signing, and no third-party review corroborating the e-sign-to-cap-table flow.

   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Model your raise and see how it affects dilution.”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd's evidence covers cap table management, share issuance, EMI/CSOP/growth share schemes, valuations, and Companies House filing, but nothing mentions SAFEs, convertible notes, e-signing of fundraising instruments, or conversion-term modeling. This appears to be an equity/options management platform, not a SAFE/convertible-note fundraising tool.

   ⚑ 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 drawn
   Cake Equity—none0/10

   Cake Equity's evidence covers cap table management, dilution/raise modeling, vesting, and 409A valuations, but there is no mention of exit waterfall analysis, proceeds-per-share-class modeling under different exit values, or handling of liquidation preferences and participation rights. This is a fair capability to expect from a cap table platform, so it applies, but no evidence supports it.

   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Model your raise and see how it affects dilution.”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd's evidence covers cap table management, share issuance, EMI schemes, valuations, and shareholder comms, but nowhere mentions exit waterfall modeling, liquidation preferences, participation rights, or proceeds distribution scenarios under different exit values.

   ⚑ 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 Cake Equity
   Cake Equity~partialclaimed6/10

   Cake explicitly supports raise modeling, dilution visualization, SAFE/Convertible workflows, digital signing, and investor communication (docs-7, docs-19), plus attorney-customizable contract templates (docs-6). However, there is no explicit evidence of option-pool top-up modeling or pro-forma ownership tables, and no dedicated 'share scenario with counsel' feature beyond general document/contract editing. Missing for 10: explicit option pool top-up simulation, pro-forma ownership output, and a named scenario-sharing workflow with counsel/investors.

   • [claimed-docs] “Model your raise and see how it affects dilution. Raise SAFEs and Convertible Notes on a seamless workflow, manage digital signing, and comm…”
   • [claimed-docs] “Model your raise and see how it affects dilution.”
   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”

   proof ↗⚑ flag

   Vestd—none0/10

   Vestd's evidence covers cap table management, share issuance, EMI/CSOP option schemes, valuations, and data rooms, but nothing describes scenario modeling for a priced funding round — no mention of dilution modeling, option pool top-up simulation, SAFE conversion, or pro-forma ownership scenarios shareable with counsel/investors.

   ⚑ 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 Cake Equity
   Cake Equity~partialclaimed5/10

   Cake shows 'fast board sign-offs and e-signing in minutes with automated flows' for stock option approvals, implying board consent routing via e-signature, but there's no evidence of drafting stockholder approval documents beyond options, no mention of archiving signed consents against specific transactions, and no dedicated board-consent/governance module documented. missing for 10: evidence of stockholder approval drafting (not just board sign-off for options), archival/linking of executed consents to the specific transaction record, template library for consent types, and independent/hands-on confirmation of the e-sign workflow.

   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “Actions lists what's waiting on you, with the stakeholder each item relates to.”

   proof ↗⚑ flag

   Vestd~partialclaimed4/10

   Vestd advertises 'board-ready equity governance and reporting, with deed/witness signatures and custom document templates' and data rooms that store agreements and shareholder documents tied to transactions, suggesting some document generation, e-signature, and archiving capability. However there is no explicit evidence of board consent or stockholder approval drafting/routing as a distinct governance workflow (e.g., resolution templates, approval routing tied to specific transactions like grants or share issuances). Missing for 10: explicit board consent/resolution drafting workflow, dedicated e-signature routing for approvals, and evidence that approvals are archived and linked to the specific transactions they authorize.

   • [claimed-docs] “Board-ready equity governance and reporting, with deed / witness signatures and custom document templates.”
   • [claimed-docs] “Document templates for startups | Vestd”
   • [claimed-docs] “our Data rooms let you store and share important files in one secure, central place”
   • [claimed-docs] “From agreements and financials to cap tables and shareholder documents, you decide what to include and **who gets access**.”

   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 drawn
   Cake Equity—none0/10

   Evidence shows a general contract editor that can be 'customised with your attorney' and admin-controlled stakeholder portal views, but there is no evidence of a dedicated law-firm/outside-counsel role, permissions tier, or workflow letting counsel directly prepare documents and update records in-platform.

   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”

   proof ↗⚑ flag

   Vestd—none0/10

   Evidence shows data rooms with configurable access ([vestd-docs-21]) and generic 'invite your team' ([vestd-docs-37]), but nothing indicates a dedicated law-firm/counsel role, permissions tier, or workflow for external counsel to prepare documents or update records directly. Missing for 10: evidence of a counsel-specific role/permission set, document-drafting workflow for external lawyers, or any mention of law firm collaboration.

   • [claimed-docs] “From agreements and financials to cap tables and shareholder documents, you decide what to include and **who gets access**.”
   • [claimed-docs] “Invite your team.”
   • [claimed-docs] “Board-ready equity governance and reporting, with deed / witness signatures and custom document templates.”

   proof ↗⚑ 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 to Vestd
   Cake Equity~partialclaimed4/10

   Cake documents permissioned stakeholder portals where admins control exactly what external parties (investors) can see (doc-14) and supports underlying documents like contracts and share certificates (docs-6, docs-22, docs-23), which are building blocks for a diligence packet. However, there's no evidence of a purpose-built 'data room' feature that bundles cap table views with documents for counsel/investor diligence sharing specifically. Missing for 10: explicit data-room/document-repository feature, counsel-specific access role, and any diligence workflow evidence beyond generic stakeholder portal permissions.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Full contract editor (SAFEs, Convertibles, Options, RSUs & RSAs - customise with your attorney)”
   • [claimed-docs] “Certificate management - Issue and manage share certificates digitally”
   • [claimed-docs] “Company logo: appears on share certificates and documents”

   proof ↗⚑ flag

   Vestd✓fullclaimed7/10

   Vestd's Data Rooms feature explicitly lets ops users store cap tables and documents (agreements, financials, shareholder docs) in one secure place and control "who gets access," directly matching the permissioned diligence-ready sharing story, supplemented by board-ready governance/reporting docs. Missing for 10: independent/hands-on corroboration of the permissioning granularity (e.g., counsel vs investor role-based access), and no evidence of audit logs or expiry controls typical of enterprise data rooms.

   • [claimed-docs] “our Data rooms let you store and share important files in one secure, central place”
   • [claimed-docs] “our Data rooms let you store and share important files in one secure, central place.”
   • [claimed-docs] “our **Data rooms** let you store and share important files in one secure, central place.”
   • [claimed-docs] “From agreements and financials to cap tables and shareholder documents, you decide what to include and **who gets access**.”
   • [claimed-docs] “Board-ready equity governance and reporting, with deed / witness signatures and custom document templates.”

   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 to Vestd
   Cake Equity—none0/10

   No evidence of any HRIS/payroll integration (e.g., Gusto, Rippling) or automated syncing of new hires/terminations into equity records; the evidence only covers cap table management, migrations, MCP/AI assistant, and stock option features.

   ⚑ flag

   Vestd~partialclaimed5/10

   Vestd has a dedicated HRIS integration page claiming to 'connect your HR platform to Vestd and end the manual data shuffle,' indicating some sync capability exists, but there's no detail on which HRIS systems (Gusto, Rippling, etc.) are supported, what data syncs (new hires/terminations specifically), or how automated equity record updates are. Missing for 10: named integration partners, specifics on new-hire/termination triggers flowing into equity records, technical/API documentation, and independent or hands-on confirmation the sync works as described.

   • [claimed-docs] “Connect your HR platform to Vestd and end the manual data shuffle.”
   • [claimed-docs] “HRIS Integration | Vestd”

   proof ↗⚑ flag

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

   weight 2 · round drawn
   Cake Equity—none0/10

   Evidence shows only a read-only MCP integration for querying cap table data in plain English (docs-11, docs-12), not a full API enabling all UI actions (writes, approvals, e-signing, migrations, etc.). A direct probe for an OpenAPI/API spec returned 404 on all candidate paths, indicating no public API exists for parity with UI functionality.

   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”
   • [claimed-docs] “Ask your AI assistant about shareholders, option pool headroom, vesting, share classes, SAFEs and notes - answered from your live Cap Table …”
   • [probe] “PROBE openapi: all candidate paths 404 (https://help.cakeequity.com/openapi.json, https://help.cakeequity.com/swagger.json, https://help.cak…”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any public API at all (openapi/swagger probes all 404), so there is no basis to claim API-UI parity; all evidence is marketing/UI feature docs.

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

   proof ↗⚑ flag

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

   weight 3 · round drawn
   Cake Equity—none0/10

   Evidence covers importing/migrating data INTO Cake (from Carta, Pulley, spreadsheets) but there is no mention of exporting a user's own data out of Cake in open formats, nor any data-portability/export policy for leaving the platform. missing for 10: any documented export feature, open-format data dump, or account closure/data-portability policy.

   • [claimed-docs] “You export your data from Carta, send it to us, and we build your cap table in Cake within 48 hours.”
   • [claimed-docs] “Cake credits the months you've already paid Pulley off your first annual payment, on top of the 20% Pulley migration discount”
   • [claimed-docs] “Cake's bulk upload tools can import your data directly. Most spreadsheet-managed cap tables can be migrated in under two hours.”

   proof ↗⚑ flag

   Vestd—none0/10

   No evidence of any data export feature, open-format export (CSV/JSON/API), or data-portability tooling; the only migration references are for importing existing schemes INTO Vestd, and API probes for OpenAPI/docs endpoints all returned 404. missing for 10: any export functionality, open-format data dumps, or API/CSV export documentation.

   • [claimed-docs] “Migrate to Vestd - Digitise or move your existing scheme”
   • [claimed-docs] “Migrate to Vestd Digitise or move your existing scheme”
   • [claimed-docs] “Migrate to Vestd | Upgrade today”
   • [probe] “PROBE docs-md: HTTP 404 at https://www.vestd.com/help.md”
   • [probe] “PROBE openapi: all candidate paths 404 (https://www.vestd.com/openapi.json, https://www.vestd.com/swagger.json, https://www.vestd.com/api/op…”

   proof ↗⚑ flag

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

   weight 2 · round drawn
   Cake Equity—none0/10

   No evidence in the pack mentions data residency, regional storage options, or any control over where data is stored; the security page only references 2FA. Missing for 10: any mention of data region selection, residency guarantees, or hosting location options.

   ⚑ flag

   Vestd—none0/10

   No evidence anywhere in the pack discusses data residency, region selection, or data storage location controls; Vestd is described only as a UK-based platform with no mention of configurable data hosting regions.

   ⚑ flag

2. ai-native userControl data retention and deletion

   weight 2 · round drawn
   Cake Equity—none0/10

   Evidence covers cap table management, MCP AI assistant connectivity, and general security (2FA), but there is no mention of data retention policies, deletion controls, or data lifecycle management that an AI-native user could configure.

   ⚑ flag

   Vestd—none0/10

   No evidence in the pack addresses data retention policies, export, or deletion controls for users; Vestd's docs focus on cap tables, share issuance, and data rooms but never mention retention/deletion controls.

   ⚑ 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
   Cake Equity—none0/10

   No evidence in the pack describes an audit log or change-tracking feature capturing who changed what, when, and under what authorization; the closest items are approval workflows (board sign-offs) and admin permissions, but no audit trail/history feature is documented. missing for 10: dedicated audit log documentation, change history records, user/timestamp/authorization tracking, exportable audit reports.

   • [claimed-docs] “Fast approvals Complete board sign-offs and e-signing in minutes with automated flows.”
   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”

   proof ↗⚑ flag

   Vestd—none0/10

   Evidence shows cap table management, data rooms, Companies House filing automation, and board-ready governance/reporting, but nowhere describes an audit log recording who changed what, when, and under what authorization. No mention of change history, versioning, or audit trail features.

   ⚑ 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 drawn
   Cake Equity—none0/10

   The evidence pack covers migration, pricing, features, MCP assistant access, and security, but contains no mention of exporting the cap table or transaction history to Excel/CSV formats, nor any data-portability guarantee. No documentation confirms export capability exists.

   ⚑ flag

   Vestd—none0/10

   No evidence pack items mention exporting cap table or transaction history to Excel/CSV, or any data export/portability capability; docs focus on digital cap table management, data rooms, and Companies House filing but never describe self-service export. No API/openapi found either (probes 404), reinforcing lack of open-format export evidence.

   ⚑ flag

Education

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

   weight 1 · round to Vestd
   Cake Equity—none0/10

   Evidence shows Cake has a stakeholder portal, NSO/ISO support, vesting engine, and dilution modeling for raises, plus an AI/MCP assistant for querying cap table data, but nothing indicates these are packaged as plain-language, employee-facing explanations of tax treatment, exercise windows, or personal dilution impact. missing for 10: employee-facing tax treatment explanations, exercise window guidance, personalized dilution narratives, any UI/doc evidence of 'plain language' equity education for stakeholders (not just admins).

   • [claimed-docs] “NSO & ISO support Manage both option types with the right rules and workflows for each.”
   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Model your raise and see how it affects dilution.”
   • [claimed-docs] “Connect Claude, Codex, Cursor or any MCP client and ask about your Cap Table in plain English.”

   proof ↗⚑ flag

   Vestd~partialclaimed5/10

   Vestd's help docs cover topics like exercising options (mentioning valuation/tax considerations), growth shares explained, and EMI scheme guides, suggesting some educational content exists around equity concepts. However, there's no direct evidence of an employee-facing dashboard or interface that translates an individual's own equity numbers into plain-language tax treatment, exercise window countdowns, or dilution explanations personalized to them — the cited pages are general marketing/help articles, not demonstrated employee UI features. Missing for 10: employee-specific dashboard screenshots/copy showing personalized tax/exercise/dilution explanations, evidence of plain-language framing tailored to non-expert employees, and independent user corroboration.

   • [claimed-docs] “The company's admin user then reviews and processes it, confirming the company valuation and any relevant tax or legal considerations.”
   • [claimed-docs] “In this guide, we cover everything there is to know about growth shares, how to use them and who can have them.”
   • [claimed-docs] “When a recipient is ready to exercise their options, they submit a request through Vestd. The company's admin user then revi”
   • [claimed-docs] “Invite your team.”
   • [claimed-docs] “If you're a UK company issuing options to US taxpayers, you need 409A valuations. Get your 409A valuation from Vestd for a small fee.”

   proof ↗⚑ flag

Exercising

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

   weight 2 · round to Vestd
   Cake Equity—none0/10

   Evidence covers cap table management, vesting automation, e-signing for board approvals, and digital certificate issuance, but nothing describes an employee-facing option exercise workflow that includes payment processing and resulting share issuance. No mention of exercise price payment, exercise request flow, or completing exercise digitally end-to-end for employees.

   ⚑ flag

   Vestd~partialclaimed6/10

   Vestd documents an online exercise workflow: the recipient submits an exercise request through the platform, and the admin reviews/processes it, confirming valuation and tax considerations, after which shares can be issued digitally with Companies House auto-updated (no paperwork for issuance). However, the evidence never explicitly describes an online payment mechanism as part of the exercise flow, and the process still requires manual admin review rather than a fully automated end-to-end flow. Missing for 10: explicit description of in-platform payment collection during exercise, and confirmation that share issuance is automatic/instant post-payment rather than admin-mediated.

   • [claimed-docs] “When a recipient is ready to exercise their options, they submit a request through Vestd. The company's admin user then revi”
   • [claimed-docs] “The company's admin user then reviews and processes it, confirming the company valuation and any relevant tax or legal considerations.”
   • [claimed-docs] “Authorise and issue new shares digitally, and update Companies House in the click of a button. No paperwork involved!”
   • [claimed-docs] “Companies House is automatically updated once shares have been distributed. You don't need to do a thing.”
   • [claimed-docs] “Authorise a share pool and choose a share class, then instantly distribute the equity to one or more recipients.”

   proof ↗⚑ 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 to Cake Equity
   Cake Equity~partialclaimed5/10

   Cake confirms a distinct 'My Cake Portal' for stakeholders separate from the admin cap-table view, and free-plan docs list 'stakeholder portals' as included, implying employees see their own equity info. However, there is no explicit evidence describing what the portal shows (grant details, vesting progress bars, strike price) or any 'what-if' scenario/outcome value modeling for individual stakeholders. missing for 10: documentation of vesting progress visualization, strike price display, and equity outcome/scenario modeling shown to employees.

   • [claimed-docs] “As an admin, you control exactly what they can see, they do not have access to your full cap table.”
   • [claimed-docs] “Cake's free plan covers up to five stakeholders, and for those five you get the whole product: share classes, SAFEs, option grants, stakehol…”

   proof ↗⚑ flag

   Vestd~partialclaimed4/10

   Vestd advertises a shareholder/employee dashboard ('Invite your team' via shareholder-dashboards page) and an options-exercise workflow where recipients submit requests, implying some self-service portal exists, but there is no evidence describing vesting-progress visualization, strike price display, or scenario/what-if valuation modeling for employees. missing for 10: explicit portal screenshots or docs showing vesting progress bars, strike price display, and outcome/scenario modeling for equity value.

   • [claimed-docs] “Invite your team.”
   • [claimed-docs] “When a recipient is ready to exercise their options, they submit a request through Vestd. The company's admin user then revi”
   • [claimed-docs] “The company's admin user then reviews and processes it, confirming the company valuation and any relevant tax or legal considerations.”
   • [claimed-docs] “In this guide, we cover everything there is to know about growth shares, how to use them and who can have them.”

   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 to Vestd
   Cake Equity—none0/10

   Evidence only shows US-style 409A valuations and general cap table/option management features; there is no mention of UK HMRC/EMI valuations or country-specific option plans for international entities.

   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”

   proof ↗⚑ flag

   Vestd~partialclaimed5/10

   Vestd is UK-based and clearly supports UK-specific schemes like EMI (scheme setup and granting), CSOPs, growth shares, unapproved options, and SEIS/EIS advance assurance, which are the core 'non-US' UK HMRC-approved plan types. However, evidence is UK-centric only — there's no mention of other countries' option plans or valuations for international entities beyond the UK/US (409A) pairing, and no detail on how HMRC valuations are actually calculated/certified vs just scheme setup. missing for 10: evidence of valuation methodology/certification for HMRC-approved schemes, support for non-UK/non-US jurisdictions' option plans, and any documentation of multi-country entity handling.

   • [claimed-docs] “How your SME can create a qualifying EMI options scheme”
   • [claimed-docs] “How to grant EMI share options”
   • [claimed-docs] “How your SME can create a qualifying EMI options scheme | Vestd”
   • [claimed-docs] “Build growth share schemes with Vestd”
   • [claimed-docs] “Build unapproved option schemes with Vestd”
   • [claimed-docs] “Company Share Option Plans (CSOPs) on Vestd”
   • [claimed-docs] “SEIS/EIS Advance Assurance Application | Vestd”
   • [claimed-docs] “Share valuation | Vestd”

   proof ↗⚑ 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 Cake Equity
   Cake Equity~partialclaimed6/10

   Cake documents 409A valuations as a built-in feature, done by expert appraisers and delivered within 3 business days, bundled into the cap table plan (cake-equity-docs-20, cake-equity-docs-8), implying it draws on the live cap table data already in the platform. However, there is no explicit mention of 'audit-ready' certification or a defined refresh/renewal schedule for keeping valuations current. Missing for 10: explicit audit-ready/compliance language, and evidence of scheduled/automatic re-valuation cadence tied to cap table changes.

   • [claimed-docs] “409A included in your cap table plan, done by expert startup appraisers, delivered within 3 business days.”
   • [claimed-docs] “Time saver for complex cap tables 100 Stakeholders included 409A Valuation ESS reporting”

   proof ↗⚑ flag

   Vestd~partialclaimed5/10

   Vestd offers a 409A valuation product tied to its cap table platform (vestd-docs-16, vestd-docs-28), but evidence does not confirm it's auto-generated from live cap table data, audit-ready certification, or scheduled/refreshed on a recurring basis. missing for 10: evidence of automated generation from live cap table data, audit-ready/compliance certification details, and scheduled refresh cadence.

   • [claimed-docs] “If you're a UK company issuing options to US taxpayers, you need 409A valuations. Get your 409A valuation from Vestd for a small fee.”
   • [claimed-docs] “Share valuation | Vestd”
   • [claimed-docs] “Digital cap table management No more messy spreadsheets scattered across your team. One source of truth, reconciled.”

   proof ↗⚑ flag