Five years after launching as a challenger to Carta, cap table software maker Pulley has told customers it is winding down. Its last day of operations and services is December 8.
In an unusual ending, the company said it has partnered with its rival, Carta, to move customers over and is redirecting prospective clients there.
The company never explained the decision publicly, and founder Yin Wu did not immediately respond to a request for comment. Backed by General Catalyst, Stripe and Founders Fund, Pulley had collected more than $50M since Wu, a serial entrepreneur and former Microsoft engineer, began building it in 2020.
A former employee speculated online that Pulley was competing less with Carta than with spreadsheets, which startups can now maintain and improve easily with AI.
Wu later posted to LinkedIn thanking her team and investors, writing that she and many of the company’s strongest staff “have no intention of riding off quietly into the night.” She added that “there has never been a better time to solve big problems.”
The shutdown removes one of the few independent challengers in a market Carta has long dominated, and it lands as the capital management software category rethinks what startups actually need.
