Carta vs Cake Equity

Agent access

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

   weight 2 · round to Cake Equity
   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

   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

2. ai-native userRun the product headlessly / in CI for automation

   weight 2 · round to Carta
   Carta~partialprobed4/10

   Carta exposes a REST API with OAuth2 CLIENT_CREDENTIALS grant (machine-to-machine, no user interaction), which supports scripted/automated access suitable for CI-like use, and offers Postman guides for programmatic access. However, there is no evidence of a CLI, SDK, headless runner, or explicit CI/automation tooling/documentation, and openapi/llms.txt probes 404 indicating limited machine-readable API surface. missing for 10: dedicated CLI or SDK for automation, explicit CI/CD integration guides, documented headless execution mode, independent evidence of automation use.

   • [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 client credentials flow provides access to data about your company and does not require explicit permission from a Carta user prior to a…”
   • [claimed-docs] “This guide explains how to access Carta's APIs using Postman.”
   • [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

   Cake Equity—none0/10

   No evidence of a CLI, API, or headless/automation mode for Cake Equity; the openapi probe explicitly returned 404 across all candidate endpoints, and MCP support (docs-11/12) is scoped to conversational querying via chat clients, not CI-style automation.

   • [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

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

   weight 3 · round to Cake Equity
   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

   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

4. 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

   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

5. ai-native userIssue scoped/least-privilege API credentials for an agent

   weight 2 · round to Carta
   Carta~partialclaimed6/10

   Carta's API platform documents OAuth 2.0 with AUTHORIZATION_CODE and CLIENT_CREDENTIALS grant types, adjustable OAuth scopes, and dedicated service accounts for programmatic/investor API access, all of which support issuing scoped, non-interactive credentials suitable for automated/agent use (carta-docs-6, carta-docs-7, carta-docs-8, carta-docs-15). However, this is generic OAuth/service-account tooling not explicitly framed around AI agents, and there's no documentation of agent-specific credential issuance, fine-grained least-privilege enforcement, or credential lifecycle/audit controls. Missing for 10: explicit agent-oriented credential provisioning workflow, granular least-privilege scope examples, and independent verification that scopes are enforced as least-privilege in practice.

   • [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 client credentials flow provides access to data about your company and does not require explicit permission from a Carta user prior to a…”
   • [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] “The application is now added to your Investment Firm and can be used to access its data via the Investor API”

   proof ↗⚑ flag

   Cake Equity—none0/10

   Cake Equity documents an MCP connector for AI assistants (Claude, Codex, Cursor) to query cap table data, but there is no evidence of scoped or least-privilege API credentials/tokens that can be issued specifically for an agent's use — no API key management, permission scoping, or OpenAPI surface (probe shows no OpenAPI endpoint found). Missing for 10: any documentation of credential scoping, token permissions, or per-agent API key issuance.

   • [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

6. 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

   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

7. 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

   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

Agentic features

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

   weight 2 · round drawn
   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

   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

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

   weight 2 · round drawn
   Carta—none0/10

   Carta's docs describe API/OAuth access and an MCP integration for querying cap table and fund data via natural language (carta-docs-9, carta-docs-30, carta-docs-31), but there is no evidence of scheduling, triggers, webhooks, or any mechanism for autonomous background-running automations built on the platform. This axis is fair for an API/data platform, but the evidence pack shows only synchronous query/integration capabilities, not autonomous background automation.

   • [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] “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…”
   • [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

   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

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

   weight 2 · round drawn
   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

   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

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

   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

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

   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

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

   weight 1 · round to Carta
   Carta✓fullclaimed8/10

   Carta provides an explicit playground/sandbox environment with static but valid mock responses that mimics production, plus a documented path to promote apps from playground to production, directly matching the story. Missing for 10: independent/hands-on developer confirmation that the sandbox fully isolates from production data in practice.

   • [claimed-docs] “It doesn't require genuine credentials and always returns static but valid responses to your requests.”
   • [claimed-docs] “Register for our developer portal and create your playground app to start building.”
   • [claimed-docs] “Our playground environment provides a similar experience to our production environment.”
   • [claimed-docs] “Promote your playground app to production in the Developer Portal.”

   proof ↗⚑ flag

   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

4. 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

   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

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

   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

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

   weight 3 · round drawn
   Carta—none0/10

   Carta's evidence covers API access, OAuth, data retrieval endpoints, and an MCP/Claude integration for querying data via natural language, but there is no mention of user-defined rules, triggers, webhooks, or event-based automation that fires actions automatically. Missing for 10: rule/trigger definition mechanism, event subscription or webhook system, evidence of automated actions firing on events.

   • [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.”

   proof ↗⚑ flag

   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

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
   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

   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

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
   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

   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

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 Cake Equity
   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

   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

Stock comp

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

   weight 2 · round drawn
   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

   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

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
   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

   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

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

   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

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

   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

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

   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

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

   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

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
   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

   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

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
   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

   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

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
   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

   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

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 Cake Equity
   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

   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

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
   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

   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

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
   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

   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

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
   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

   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

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
   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

   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

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

   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

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 Cake Equity
   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

   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

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

   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

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

   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

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

   weight 3 · round to Carta
   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

   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

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

   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

2. ai-native userPrevent my data from being used to train AI models

   weight 3 · round drawn
   Carta—none0/10

   No evidence in the pack addresses AI training data opt-out or privacy controls related to AI model training; the docs focus on API/MCP integration and community items concern unrelated sales/support complaints. Missing for 10: any AI-training data usage policy, opt-out settings, or privacy documentation addressing this concern.

   ⚑ flag

   Cake Equity—none0/10

   No evidence pack item mentions AI-training data opt-out, data usage policies for model training, or any privacy controls specific to preventing AI training use; the only AI-related evidence concerns MCP connectivity for querying cap table data, not data-training opt-outs.

   ⚑ flag

3. 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

   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

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

   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

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 Carta
   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

   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

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

   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

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

   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

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
   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

   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

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

   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

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
   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

   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