Best Ledgy Alternatives in 2026: 13 Equity Platforms for European and Global Teams

Updated August 2026

Finance teams evaluating a move off Ledgy are usually reacting to one of three things: the jump from a free 50-stakeholder Launch plan straight to a Scale quote that starts at EUR 5,000 a year, a financial reporting add-on that stacks another EUR 3,000 to 5,000 a year on top of whichever core tier is already being paid for, or a search for a platform with a bigger global network than a Zurich-founded challenger can offer. The short list depends on which of those is actually driving the search: Carta for the largest global cap table footprint, now that Carta Europe (formerly Capdesk) sits inside the same product, Vestd or Capboard if the real requirement is staying inside Europe, Astrella if a stakeholder-banded price you can see before a sales call matters most, or Pulley if a US-built, founder-first interface outweighs Ledgy's European roots.

This guide covers 13 alternatives for CFOs, finance directors, controllers, founders, and startup counsel at European and globally distributed companies weighing what comes after Ledgy. Every price below comes from the vendor's own pricing page as of August 2026, quoted in whatever currency the vendor itself uses; where nothing is published, this guide says so instead of guessing. Read it alongside our Carta alternatives guide if Carta, not Ledgy, is the incumbent you're actually shopping away from.

Key Facts

• The number of UK companies running an Enterprise Management Incentive (EMI) scheme grew 12.8% over three years, from 16,460 to 18,570, and EMI now accounts for 90% of all UK companies running a tax-advantaged share scheme, per HMRC's official Employee Share Schemes statistics (GOV.UK, Employee Share Schemes statistics commentary).
• European employees at late-stage startups own roughly 10% of their company on average, about half the 20% typical at a comparable US company, a gap Index Ventures ties directly to how conservatively option pools get administered (Index Ventures, Rewarding Talent).
• In Europe, two-thirds of stock options are allocated to executives and just a third go to employees below that level, the reverse of the split typical in the US, based on cap table analysis across dozens of European startups (Index Ventures, Rewarding Talent).
• More than 6,411 US companies now run an employee stock ownership plan, covering 15.1 million participants and holding upward of $2 trillion in combined assets, a scale of equity administration that keeps growing on both sides of the Atlantic (NCEO, Employee Ownership by the Numbers).
• 85% of companies with fewer than 750 employees have just one dedicated staff member, or none at all, handling stock plan administration, which is exactly the staffing gap cap table software is built to close (NASPP/Deloitte, 2025 Equity Administration Survey).

Quick Comparison Table

Ledgy appears first as the baseline you're evaluating against, not as one of the 13 numbered picks below.

Jurisdiction Is the Real Reason Europeans Shop

Before the tool-by-tool breakdown, it's worth naming the question underneath most Ledgy evaluations: does the alternative actually understand the jurisdiction you operate in, or does it treat the UK and continental Europe as an afterthought bolted onto a US-first product? Ledgy earned its position with European finance teams precisely because it was built for multiple share classes, multiple jurisdictions, and multiple currencies from day one, not retrofitted later. Not every alternative on this list matches that.

If Companies House filing and EMI support are the whole complaint, Vestd and Carta Europe are the only two names on this list that answer it natively. If the complaint is broader than the UK, that a Ledgy-sized platform needs to keep working across several EU jurisdictions at once, Capboard and Carta's wider European footprint are the more relevant comparisons, and every US-focused name below is a real tradeoff, not just a smaller vendor.

European Challengers: Direct Rivals on Ledgy's Home Turf

These three compete with Ledgy on the ground it was built for: UK and continental European companies juggling multiple jurisdictions, currencies, and, in some cases, national option scheme rules that a US-built product doesn't replicate out of the box.

1. Carta: Now Absorbing Ledgy's Old European Rival

Carta remains the market's largest name by cap table count, and as of 2026 that footprint includes something it didn't have a few years ago: Capdesk, Ledgy's longtime European rival, which Carta acquired in 2022 and folded fully into Carta Europe in January 2025. Capdesk built its reputation on HMRC and Companies House filing plus EMI, CSOP, and EIS scheme support for UK companies, and Carta has committed to full feature parity on that UK EMI functionality as the migration of former Capdesk customers completes. For a Ledgy evaluator, that means Carta is no longer just the big US platform. It's also, through Carta Europe, a genuine UK-compliance option with an actual filing history behind it.

The catch is the same one that sends people looking at alternatives to Carta itself: pricing. Launch is free up to 25 stakeholders and $1M raised, but Build, Grow, and Scale are all priced per stakeholder against a minimum annual fee that Carta does not publish anywhere. Every paid tier routes to a sales call, the opposite of Ledgy's own quote for Scale, which at least states a EUR 5,000 starting figure up front.

Target audience. Companies that want the largest global network and are willing to trade Ledgy's published EUR starting price for Carta's unpublished per-stakeholder model, especially former Capdesk customers already mid-migration.

Sizing fit. Free Launch fits the earliest stage; paid tiers scale from growth-stage through late-stage private companies.

Stage fit. A fit at almost any stage, though the unpublished pricing makes early budgeting harder than staying with Ledgy's stated Scale figure.

Pricing: Launch: free, up to 25 stakeholders and $1M raised. Build, Grow, and Scale: no published dollar figures, priced per stakeholder against a minimum annual fee, quote only.

Best for: A Ledgy evaluator who wants the biggest global network available and is comfortable trading a published EUR starting price for a sales-led, unpublished one.

If Carta itself, not Ledgy, is the platform you're shopping away from, the full Carta alternatives guide covers that field from the other direction, with 13 alternatives of its own.

2. Vestd: Built Natively for UK EMI Schemes

Vestd is the cleanest UK-only answer on this list. It was built specifically around EMI option scheme administration and two-way electronic filing with Companies House, functionality that neither Ledgy nor most of the US-built names further down this page replicate. For a UK-incorporated company whose entire complaint about Ledgy is that it's a Swiss and EU-built product without dedicated UK filing infrastructure, Vestd is a more direct answer than switching to another multi-jurisdiction platform.

Vestd publishes its plan prices, which makes it easier to budget against than Ledgy's quote-based Scale tier. Self-Serve starts at GBP 2,200 a year, or GBP 220 a month. Guided, the plan Vestd marks as most popular, starts at GBP 4,200 a year, or GBP 420 a month. Full Service is the only tier that routes to an enquiry. VAT is charged on top of all of them, and every plan carries a minimum 12-month term. Add-ons are published too: InVestd Raise at GBP 150 a month, additional valuations from GBP 1,000, 409A valuations from GBP 700, a nominee structure from GBP 50 a month, live HMRC submission support at GBP 25 a month, and company incorporation at GBP 100.

Target audience. UK-incorporated companies running EMI option schemes that want native Companies House filing without routing it through a European or US-built platform.

Sizing fit. Best from UK company formation onward, given the bundled formation add-on.

Stage fit. A fit at almost any UK company stage, though the EMI-specific tooling matters most once options are actually being granted regularly.

Pricing: Plan pricing not published or readable on the vendor's site. Verified add-ons: funding rounds GBP 150/month, valuations from GBP 1,000, US tax support from GBP 700, nominee structure from GBP 50/month, company formation from GBP 250.

Best for: A UK-only company running an EMI scheme that wants native Companies House filing without a Swiss, European, or US-built platform's workarounds.

3. Capboard: A Lighter European Alternative, Priced Closer to the Ground

Capboard is the most direct positioning play against Ledgy on this entire list: a European cap table and investor tooling product explicitly pitched as lighter and less expensive than Ledgy's own tier structure, without abandoning the multi-jurisdiction focus that makes Ledgy appealing in the first place. For a company that likes what Ledgy does but not what it costs once Scale kicks in at EUR 5,000 a year, Capboard is the closest like-for-like comparison here.

Pricing carries the same caveat as Vestd's: Capboard's plan prices are rendered from template variables that don't resolve to a visible dollar or euro figure on the page, so this guide can't print a plan price. What's confirmed is narrower but real: premium support runs $50 a month, and a partner-sourced 409A valuation is available at a flat $1,800. Budget time for a direct sales conversation to get an actual plan number, since the page itself won't hand you one.

Target audience. European startups that want Ledgy's multi-jurisdiction positioning at a lower price point, without losing investor-facing cap table tooling.

Sizing fit. Best at early to mid-growth stage, sized more like a startup tool than an enterprise platform.

Stage fit. A fit once a European startup wants investor-grade reporting without committing to Ledgy's Scale-tier pricing.

Pricing: Plan pricing not readable on the vendor's site. Verified fixed figures: premium support $50/month, partner 409A valuation $1,800.

Best for: A European startup that wants Ledgy's multi-jurisdiction approach at a lighter price point and is willing to get an actual plan number directly from sales.

The Modern US-Built Alternative

The next pick trades Ledgy's European roots for a different value proposition entirely: a founder-first interface built in the US, worth considering if your company's real center of gravity is shifting there.

4. Pulley: The Founder-First Platform, Built Stateside

Pulley built its reputation as the clean, modern alternative to legacy cap table software, with transparent SAFE and priced-round modeling and support material written like it comes from operators who've actually raised rounds themselves. For a Ledgy customer whose company is expanding into or relocating toward the US, or who simply wants a more founder-facing interface than Ledgy's finance-and-reporting orientation, Pulley is the most direct comparison on this list.

The tradeoff is pricing structure, not just currency. Pulley has no free plan at any stakeholder count, unlike Ledgy's free 50-stakeholder Launch tier. Startup, the entry tier, runs $1,200 a year for the first 25 stakeholders. Growth steps up to $3,500 a year for the first 40 stakeholders and adds 409A valuations, option exercises, Rule 701 compliance, Form 3921 filing, board approval workflows, and HRIS integrations, the operational layer that starts to matter once a company is granting options on a regular cadence. Enterprise is quote-only. Pulley also runs a separate crypto product line: Token Cap Table and Token Distributions each run $4,500 a year for 25 stakeholders, with token valuations starting at $10,000, worth knowing if token issuance is anywhere on the roadmap. Pair that HRIS integration with your actual payroll platform if you haven't settled on one yet; our payroll software roundup covers that decision separately.

Target audience. Companies shifting their center of gravity toward the US, or founders who simply want a cleaner, more founder-facing interface than Ledgy's reporting-first design.

Sizing fit. Best from first priced round through roughly 50 employees, where Growth's compliance features start paying for themselves.

Stage fit. A strong fit once a startup starts granting options on a regular cadence, not just at incorporation.

Pricing: Startup $1,200/year (first 25 stakeholders). Growth $3,500/year (first 40 stakeholders, adds 409A valuations, option exercises, Rule 701, Form 3921, board approvals, HRIS integrations). Enterprise: contact us. Token Cap Table and Token Distributions: $4,500/year each (25 stakeholders); token valuations from $10,000.

Best for: A company relocating its center of gravity toward the US, or a founder who wants a cleaner interface and is fine losing Ledgy's free tier and European currency billing.

For the direct side-by-side, see Carta vs. Pulley. If Pulley itself is the tool you're shopping away from rather than toward, the Pulley alternatives guide covers that angle in more depth.

Institutional and Bank-Backed Platforms

The next two aren't built for a founder pre-qualifying budget on a pricing page. Both are quote-only, sales-led products backed by major financial institutions, and both administer equity plans across many countries at once, worth a look once a company, or its board, wants an institutional name attached to its equity plan.

5. J.P. Morgan Workplace Solutions: Global Shares, Under a Bigger Bank

J.P. Morgan Workplace Solutions is the product formerly known as Global Shares, rebranded after J.P. Morgan's acquisition folded equity plan administration into the same institutional relationship a company might already have with the bank for treasury, banking, or private banking services. For a company already running global payroll and banking operations across multiple countries, that consolidation argument carries real weight against Ledgy's more focused cap table and reporting product.

There's no published pricing anywhere on the site. It's an enterprise, quote-only product, and the honest differentiator against the next entry on this list is less about features and more about which bank a company, or its executives, already has a relationship with.

Target audience. Enterprises and late-stage companies already banking with J.P. Morgan that want equity administration under the same institutional roof.

Sizing fit. Enterprise scale, typically several hundred employees and up, well past where Ledgy's Scale tier is aimed.

Stage fit. Best for late-stage or public companies with an existing J.P. Morgan relationship to consolidate around.

Pricing: No published pricing. Enterprise, quote only.

Best for: A late-stage or public company already banking with J.P. Morgan that wants one institutional relationship covering both banking and equity administration.

6. Shareworks (Morgan Stanley at Work): The Institutional Default for Public Companies

Shareworks carries the deepest institutional lineage on this list. It started as Solium Shareworks, became Shareworks by Morgan Stanley after Morgan Stanley's 2019 acquisition, and now sells under the broader Morgan Stanley at Work brand alongside the bank's other workplace financial benefits. That lineage matters for the buyer it's built for: a late-stage private company heading toward IPO, or an already-public company, that wants equity plan administration tied directly into Morgan Stanley's wealth management infrastructure, so employees can move vested shares into a brokerage relationship without a separate account-opening process.

There's no published pricing anywhere on the Shareworks or Morgan Stanley at Work sites. It's entirely sales-led, with no self-serve signup path at all, a sharp contrast with Ledgy's free Launch tier or any of the published-price challengers further down this list.

Target audience. Late-stage private companies on an IPO track and already-public companies wanting institutional-grade, multi-country equity plan administration.

Sizing fit. Built for enterprise scale, typically several hundred employees and up.

Stage fit. Strongest once a company is managing a public or soon-to-be-public equity plan, well past Ledgy's growth-stage sweet spot.

Pricing: No published pricing. Quote only, sales-led, no self-serve signup.

Best for: A late-stage or public company that wants its equity plan tied directly into an established wealth management platform for its employees.

For the direct comparison, see Carta vs. Shareworks. If Shareworks is the incumbent you're evaluating away from, the Shareworks alternatives guide covers that field in more depth.

Published-Price Challengers You Can Pre-Qualify

The next two put an actual number on the page, the opposite of Ledgy's own quote-only Scale and Enterprise tiers. Both let a buyer estimate cost before a sales call rather than after one.

7. Astrella by EQ: Clean Published Bands, No Sales Call Required

Astrella is run by EQ Private Company Solutions, whose lineage runs through American Stock Transfer and Equiniti, two long-established transfer agent and shareholder services businesses, giving it a stability argument newer, VC-backed cap table startups can't match. It's also where LTSE Equity, formerly Captable.io, sent its customers when it completed its own cap table exit, so a former LTSE Equity user weighing this list has a direct landing spot rather than a cold search.

Pricing is the most straightforwardly published on this entire list, more so even than Ledgy's own Scale figure: Early Stage covers 0-25 stakeholders at $1,200 a year, Emerging covers 26-100 stakeholders at $3,200 a year, and Accelerate covers 101-300 stakeholders at $8,200 a year. Past 300 stakeholders, pricing moves to a custom quote. That's three clean, stakeholder-banded tiers with real dollar figures at every step, though note it's dollars, not the euros Ledgy quotes.

Target audience. Companies that want to see their exact cost at every growth stage without a sales call, plus any former LTSE Equity customer choosing a permanent replacement.

Sizing fit. 0 to 300 stakeholders across three published bands; 300-plus moves to custom pricing.

Stage fit. A fit at almost any stage, since the banded pricing scales predictably alongside stakeholder growth rather than requiring a re-negotiation.

Pricing: Early Stage (0-25 stakeholders) $1,200/year. Emerging (26-100 stakeholders) $3,200/year. Accelerate (101-300 stakeholders) $8,200/year. 300-plus: contact us.

Best for: A company that wants to know its exact cost at every stakeholder band in advance, backed by an established enterprise fintech, and is fine trading Ledgy's EUR billing for USD.

8. Cake Equity: A Genuinely Free Tier Plus Built-In ESOP Tools for APAC Startups

Cake Equity is the clearest APAC-first name on this list, popular with startups across Australia and the broader region that want built-in ESOP administration rather than a bolt-on. Its free tier caps lower than most competitors, just 5 stakeholders, but it's genuinely free with no revenue or funding threshold attached, a simpler condition than Ledgy's own 50-stakeholder Launch cap.

Build runs $1,000 a year for 25 stakeholders. Team steps up to $2,750 a year for 40 stakeholders and bundles two audit-ready 409A valuations that Cake sells separately at $1,500 each, effectively covering more than the tier's own cost in included value. Pro is custom-priced for 100 stakeholders and up. The per-stakeholder overage climbs sharply by tier rather than sitting flat: $1 per additional stakeholder on Build, $5 on Team, and $60 on Pro. Worth modeling before committing if the cap table is growing fast. Paid tiers bill annually, and Build saves 10% against quarterly billing.

Target audience. Australian and broader APAC startups running active ESOP programs that want equity plan and cap table in one platform, distinct from Ledgy's European focus.

Sizing fit. 5 to 100-plus stakeholders across four tiers, from a genuinely free entry point through custom enterprise pricing.

Stage fit. A fit from incorporation through growth stage, since the tier ladder scales with stakeholder count rather than funding raised.

Pricing: Free ($0, 5 stakeholders). Build $1,000/year (25 stakeholders, $1 per additional stakeholder). Team $2,750/year (40 stakeholders, $5 per additional stakeholder, bundles two audit-ready 409A valuations Cake sells separately at $1,500 each). Pro: custom (100 stakeholders, $60 per additional stakeholder). Standalone 409A add-on: $1,500.

Best for: An Australian or APAC startup that wants ESOP administration and cap table management in one platform and doesn't need Ledgy's European jurisdiction depth.

US Free-Tier and Budget-Conscious Picks

The next two skip Ledgy's European focus entirely in favor of a straightforward US free tier or transparent, itemized US pricing.

9. Fidelity Private Shares: A Free Tier Backed by a Name You Already Trust

Fidelity Private Shares is the equity management platform built by the brokerage giant, targeting the earliest stage explicitly: Launch is free for up to 25 stakeholders and under $1M raised, half the stakeholder headroom of Ledgy's own free tier and with a funding condition attached on top. Startup and Growth are both published as feature lists rather than dollar figures. Startup adds premier support, investor updates, and Form 3921 filing. Growth adds 409A valuations, priority onboarding, ASC 718 compliance work, and HRIS and payroll integration.

The differentiator most competitors can't match is a bundled Delaware C-corp incorporation package: $400, covering filing fees, one year of registered agent service, and a free Launch tier subscription. For a founder who hasn't incorporated yet and is considering a US entity instead of a European one, that folds two early decisions into a single purchase. Pair that decision with your actual bookkeeping stack early too; our accounting software roundup is a natural next stop for a company this early.

Target audience. Pre-seed and first-time founders considering a US entity who want a name-brand backer instead of Ledgy's European focus.

Sizing fit. Incorporation through roughly Series A, where Launch's 25-stakeholder cap and $1M-raised threshold stop applying.

Stage fit. Strongest right at company formation, given the bundled Delaware incorporation package.

Pricing: Launch: free, up to 25 stakeholders and under $1M raised. Startup and Growth: no published dollar figures, feature-list tiers only. Delaware C-corp incorporation package: $400 (filing fees, one year of registered agent service, free Launch tier subscription included).

Best for: A first-time founder considering US incorporation who wants a trusted financial-services name behind their cap table rather than Ledgy's European positioning.

10. Eqvista: 409A Pricing Tied Directly to Your Funding Round

Eqvista leads with price transparency on the line item that trips up a lot of first-time founders: 409A valuations. Rather than bundling valuations into a tier the way Ledgy does with its reporting add-on, Eqvista prices them by funding round: Startup/Pre-Revenue at $990 a year, Friends and Family or Angel rounds at $1,290 a year, Seed at $1,990 a year, and Series A at $2,590 a year, with Series B and later moving to custom pricing. That round-based structure makes it unusually easy to budget a valuation cost months before it's actually needed. If 409A budgeting is part of a broader planning process at your company, our FP&A software roundup covers the tools that forecast around it.

The core cap table product is Freemium, free for companies under 20 stakeholders. Between 20 and 50 stakeholders, plans are paid, though Eqvista doesn't publish that tier's price; above 50 stakeholders, pricing moves to a fully custom quote. A handful of service add-ons round out the price list: expedited valuation processing from $490, QSBS attestation from $1,000, and ASC 718 compliance work from $500.

Target audience. Budget-conscious US startups, particularly ones that want to plan their 409A valuation cost by funding stage well in advance, rather than paying Ledgy's bundled add-on price.

Sizing fit. Free under 20 stakeholders; paid but unpublished from 20 to 50; custom above 50.

Stage fit. Strongest from pre-revenue through Series A, where the round-based 409A pricing maps directly onto a fundraising calendar.

Pricing: Freemium: free, under 20 stakeholders. Paid tiers (20-50 stakeholders): price not published. Above 50 stakeholders: custom. 409A valuations by round: Startup/Pre-Revenue $990/year, Friends & Family/Angel $1,290/year, Seed $1,990/year, Series A $2,590/year, Series B+ custom. Add-ons: expedited processing from $490, QSBS attestation from $1,000, ASC 718 from $500.

Best for: An early-stage US founder who wants to know the exact cost of their next 409A valuation before they need it, rather than folding it into a European reporting add-on.

Regional ESOP Specialist

The next name matches Cake Equity's ESOP-first approach, but for a different region entirely, worth a look for a company whose growth is centered on South and Southeast Asia rather than Europe or the US.

11. Qapita: ESOP Administration for India and Southeast Asia

Qapita is the name most often mentioned alongside Cake Equity when a startup in India or Southeast Asia is choosing cap table and ESOP software built for that region rather than adapted from a US or European product like Ledgy. Spark, the free tier, is tighter than Ledgy's: free for up to 25 stakeholders and under $1M raised, against Ledgy's 50 stakeholders with no funding condition.

Surge runs $1,600 a year for up to 40 stakeholders, plus $40 per additional stakeholder per year beyond that. Growth runs $3,000 a year for up to 50 stakeholders, plus $60 per additional stakeholder per year, and adds a 409A valuation report, board consent workflows, and 83(b) election support, the compliance layer a growth-stage company actually needs. Two service add-ons round things out: analyst support at $125 an hour and full-service administration at $500 an hour. ESOP administration touches HR as much as finance; our HR software roundup is worth a look if new-hire equity grants aren't yet synced with onboarding.

Target audience. Startups in India and Southeast Asia running active ESOP programs that want regional compliance support Ledgy doesn't offer.

Sizing fit. Free to 25 stakeholders, Surge to 40, Growth to 50, with clear per-stakeholder overage pricing past each cap.

Stage fit. A fit from incorporation through growth stage, particularly once ESOP grants and board consent workflows become a regular monthly task.

Pricing: Spark: free, up to 25 stakeholders and under $1M raised. Surge $1,600/year (up to 40 stakeholders, plus $40/stakeholder/year beyond that). Growth $3,000/year (up to 50 stakeholders, plus $60/stakeholder/year beyond that, adds 409A valuation report, board consents, 83(b) support). Add-ons: analyst support $125/hour, full-service administration $500/hour.

Best for: A startup in India or Southeast Asia that wants regional ESOP compliance support without hiring a dedicated equity administrator.

Flexible Billing and Platform-Adjacent Options

The final two solve for something narrower than a full jurisdiction fit: billing flexibility on one hand, and cap table management folded into a bigger investing stack on the other.

12. EquityList: A Published Price at Every Tier, Plus an AI Layer

EquityList repriced in 2026 around two things: a published figure at every named tier, and an AI credit allowance attached to each one. Where Ledgy quotes a single "starts at" annual figure for Scale, EquityList prints a monthly and an annual number side by side, states how many stakeholders each tier includes, and states what each additional stakeholder costs beyond that.

Free covers 10 stakeholders at $0, with a one-time allowance of 1,000 AI credits. Build runs $1,200 billed annually, or $125 a month billed monthly, and includes 35 stakeholders plus $35 per additional stakeholder per year. Growth runs $3,500 billed annually, includes 50 stakeholders plus $50 per additional stakeholder per year, and adds multi-entity support, a 409A valuation, and exercise workflows. Enterprise is custom. That is a full published rate card where Ledgy gives a starting figure and a sales call, though EquityList's free tier is far tighter at 10 stakeholders against Ledgy's 50.

Target audience. Seed-stage companies that want either a genuine annual discount or the flexibility of quarterly payments, not a one-size cadence.

Sizing fit. Free under $1M raised, Seed to 50 stakeholders, Rise to 100, Scale custom past that.

Stage fit. Strongest right at the seed stage, when a company is deciding how much runway to commit to a single annual software payment.

Pricing: Free ($0, 10 stakeholders, 1,000 lifetime AI credits). Build $1,200/year billed annually, or $125/month billed monthly (35 stakeholders, $35 per additional stakeholder per year). Growth $3,500/year billed annually (50 stakeholders, $50 per additional stakeholder per year, adds multi-entity support, a 409A valuation, and exercise workflows). Enterprise: custom.

Best for: A seed-stage company that wants a real choice between quarterly cash flow flexibility and a locked-in annual discount, spelled out clearly on the pricing page.

13. AngelList: Cap Table Management Inside a Bigger Investing Stack

AngelList doesn't compete with Ledgy as a standalone cap table product the way the other 12 names on this list do. It's worth including because a specific type of company already lives inside AngelList's ecosystem for other reasons: its core business is fund formation, SPVs, and angel investing infrastructure, and cap table management rides along as part of that broader stack rather than as a standalone product with its own pricing page. AngelList publishes pricing for fund administration; it doesn't publish a separate price for cap table management, so this guide prints no dollar figure for it.

There's a timing caveat worth knowing before you shortlist it. In an announcement dated 6 August 2025, AngelList said its rebuilt cap table, which integrates RUVs and Consolidation Vehicles, "will be the only option for new customers," and that it is no longer building new features on the older version. Existing customers who stay put keep the same software, support, and pricing, and AngelList points anyone who would rather move toward J.P. Morgan Workplace Solutions or Pulley.

The real case for AngelList is convenience for a specific company: one already raising through AngelList SPVs or rolling funds, or one whose earliest investors already manage their stakes through AngelList's investor tooling. For that company, keeping the cap table in the same place as the fundraising mechanism avoids reconciling two separate systems, a different value proposition than Ledgy's reporting-first approach entirely.

Target audience. Startups already using AngelList to raise via SPVs or rolling funds, or whose investors are already active on the platform.

Sizing fit. Best at the earliest stage, pre-seed and seed, where the fundraising mechanism and the cap table naturally overlap.

Stage fit. A fit only while AngelList itself is the fundraising vehicle; less relevant once a company moves to traditional VC rounds with no AngelList involvement.

Pricing: No published cap table pricing. AngelList publishes pricing for fund administration only.

Best for: A company already raising through AngelList SPVs or rolling funds that wants its cap table in the same place as the fundraising mechanism itself.

How to Choose: Decision Framework

Moving Off Ledgy: What Actually Changes

Whichever direction the switch goes, plan for what it costs beyond the invoice.

If the move is to another European or UK-native tool (Vestd or Capboard), the change is mostly about price and jurisdiction depth, not your underlying share classes or grant history. The multi-jurisdiction thinking stays the same; what changes is the price you pay for it and, in Vestd's case, a narrower UK-only focus instead of Ledgy's broader European scope.

If the move is to a US-built platform (Carta, Pulley, Astrella, Fidelity Private Shares, or Eqvista), the bigger question is currency and compliance, not features. Every one of those quotes in dollars, and none of them natively replicates the EMI scheme filing Vestd offers or Carta Europe inherited from Capdesk. A UK or EU company moving that direction needs a real answer for how EMI, CSOP, or equivalent national scheme obligations get handled once Ledgy's native multi-jurisdiction tooling is gone.

If the move is to an institutional, quote-only platform (J.P. Morgan Workplace Solutions or Shareworks), the real cost is process, not price. Both expect an existing enterprise relationship and a sales-led onboarding, a heavier lift than Ledgy's self-serve Launch tier for a company that isn't already at that scale.

The last cost is data migration itself, regardless of destination. Every option grant, every 409A history, and every jurisdiction-specific filing record built up inside Ledgy has to be exported and validated inside the new platform before go-live. Budget real calendar time for that reconciliation, not just a data import, and treat the first post-migration board update as the actual test of whether the move worked.

What to Do Next

Pull the exact number driving the search, whether that's the EUR 5,000 jump to Ledgy's Scale tier, the EUR 3,000-5,000 reporting add-on stacked on top, or a jurisdiction gap Ledgy simply doesn't cover, and match it against the decision framework above before talking to a single sales rep. That single number resolves most of the "which category of alternative" question before any demo call happens.

For a view of the same market ranked as a category rather than against Ledgy specifically, our best cap table software roundup covers the ownership-record side, and the equity management software roundup covers full plan administration including participant experience and multi-country tax.

Then run a real pilot with the top two candidates, not a sales demo. Export a real option grant history and a past 409A record from Ledgy and rebuild it inside each finalist. Watch how the platform handles the specific jurisdiction, currency, and filing requirements your company actually has, not a generic example scenario. That exercise will tell you within a week whether the move solves the real problem or just trades one set of tradeoffs for another.

Camellia writes about equity management and cap table software for B2B teams. Pricing verified against vendor pricing pages in September 2026.