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Pulley, Cap Table Platform Backed by Stripe and Founders Fund, to Shut Down December 8
Cap table management startup Pulley, which raised more than $50 million from investors including General Catalyst, Stripe and Founders Fund, will wind down operations on December 8 and hand its customers to rival Carta.
The company disclosed the closure on its website this week, setting December 8 as the final day of operations and services. As part of the wind-down, Pulley said it has partnered with competitor Carta to take on its customers and is also directing prospective clients to the rival platform.
Founder Yin Wu, a serial entrepreneur and former Microsoft employee, began building Pulley in 2020. The company went on to raise over $50 million from backers that also included General Catalyst and Stripe.
Pulley did not state a reason for the shutdown. A former employee speculated in an online post that the company's real competition was not Carta but spreadsheets, which startups can now maintain and improve more easily with AI tools.
In a statement on LinkedIn, Wu thanked her team and investors. "Though this is the closing of one chapter, I, along with many of our strongest team members, have no intention of riding off quietly into the night," she wrote, adding, "There has never been a better time to solve big problems."
The closure removes one of the better-funded challengers to Carta in the market for managing startup ownership records, and it means Carta will absorb a competitor's customer base rather than face continued pressure from it.