Pulley, a cap table management platform and competitor to Carta, has announced it will shut down its operations on December 8, 2026. Founded in 2020 by serial entrepreneur Yin Wu, formerly of Microsoft, Pulley raised over $50 million from prominent investors including General Catalyst, Stripe, and Founders Fund. As part of its wind-down plan, Pulley is partnering with Carta to transition its existing customers and is directing future prospects to Carta’s platform.

Despite the significant funding and ambitious launch, Pulley has not publicly explained the specific reasons behind its closure. A former employee suggested the company's main competition was not Carta but rather the widespread use of spreadsheets among startups for managing equity. Additionally, the rise of AI tools that enhance spreadsheet functionality may have diminished the demand for specialized cap table software like Pulley.

Yin Wu expressed gratitude toward her team and investors in a LinkedIn statement, marking this closure as the end of an entrepreneurial chapter rather than a full stop. She emphasized the ongoing commitment of herself and key team members to tackle new challenges and problems in the tech ecosystem, highlighting the positive outlook despite Pulley’s discontinuation.

The shutdown highlights the challenges in the competitive cap table management market, especially as startups increasingly adopt cost-effective AI-driven alternatives. Pulley’s decision to collaborate with Carta signals both a consolidation trend in the sector and the difficulty newer entrants face when competing against well-established incumbents backed by substantial resources.