Pulley, a Carta rival, is shutting down

Pulley, a cap table management platform and Carta competitor, says it will close down in December. The company was backed by investors including General Catalyst, Stripe, and Founders Fund.

The shutdown underscores how difficult it is for startup infrastructure tools to compete in markets dominated by entrenched platforms. It may also signal tighter demand for equity management software as startup formation, funding rounds, and employee liquidity remain under pressure.