Pulley vs Cake Equity

Agent access

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

   weight 2 · round to Cake Equity
   Pulley~partialprobed6/10

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

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

   proof ↗⚑ flag

   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 userConnect an agent via an official MCP server

   weight 3 · round to Cake Equity
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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

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

   weight 3 · round drawn
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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

4. ai-native userBuild against official SDKs

   weight 2 · round drawn
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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

5. ai-native userSubscribe to events via webhooks

   weight 2 · round drawn
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 to Cake Equity
   Pulley—none0/10

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

   ⚑ flag

   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 userOperate the product with natural-language commands

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

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

   ⚑ flag

   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 drawn
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 userRely on versioned APIs with a documented deprecation policy

   weight 2 · round drawn
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 Cake Equity
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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

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
   Pulley~partialclaimed5/10

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

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

   proof ↗⚑ flag

   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
   Pulley~partialclaimed6/10

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

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

   proof ↗⚑ flag

   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 drawn
   Pulley✓fullclaimed8/10

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

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

   proof ↗⚑ flag

   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 to Pulley
   Pulley~partialclaimed6/10

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

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

   proof ↗⚑ flag

   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 to Pulley
   Pulley~partialclaimed5/10

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

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

   proof ↗⚑ flag

   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 drawn
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 Cake Equity
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 Cake Equity
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 Cake Equity
   Pulley—none0/10

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

   ⚑ flag

   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 drawn
   Pulley~partialclaimed6/10

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

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

   proof ↗⚑ flag

   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 to Cake Equity
   Pulley~partialclaimed5/10

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

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

   proof ↗⚑ flag

   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
   Pulley—none0/10

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

   ⚑ flag

   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
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 drawn
   Pulley✓fullclaimed8/10

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

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

   proof ↗⚑ flag

   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 to Pulley
   Pulley~partialclaimed5/10

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

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

   proof ↗⚑ flag

   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 drawn
   Pulley~partialclaimed6/10

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

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

   proof ↗⚑ flag

   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 drawn
   Pulley~partialclaimed5/10

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

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

   proof ↗⚑ flag

   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 drawn
   Pulley—none0/10

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

   ⚑ flag

   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
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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
   Pulley—none0/10

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

   ⚑ flag

   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 drawn
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 Pulley
   Pulley~partialclaimed4/10

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

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

   proof ↗⚑ flag

   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
   Pulley—none0/10

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

   ⚑ flag

   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 userControl data retention and deletion

   weight 2 · round drawn
   Pulley—none0/10

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

   ⚑ flag

   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
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 Pulley
   Pulley~partialclaimed5/10

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

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

   proof ↗⚑ flag

   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
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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 drawn
   Pulley—none0/10

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

   ⚑ flag

   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
   Pulley—none0/10

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

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

   proof ↗⚑ flag

   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
   Pulley—none0/10

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

   ⚑ flag

   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 drawn
   Pulley~partialclaimed6/10

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

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

   proof ↗⚑ flag

   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