From Business Insider · Melia Robinson · · 1m 30s
Pulley, the Carta challenger, is shutting down
After seven years and $50 million raised, the cap table startup is handing its customers to the rival it set out to beat.
In brief
After seven years and $50 million raised, the cap table startup is handing its customers to the rival it set out to beat. Raising from top-tier investors does not make a category winnable, and Pulley's exit is a handoff to Carta, not a fight to the finish. Originally reported by Business Insider.
Pulley is closing
Pulley, the software startups used to track their funding, will cease operations after December 8. The company announced the wind-down in a statement on its website Tuesday.
Fifty million and famous backers
Pulley raised more than $50 million over seven years from Founders Fund, General Catalyst, Stripe, and 8VC. That war chest was not enough to hold the ground.
The fight was against Carta
Pulley went after cap table management, the software that tracks who owns shares and issues new equity as companies raise. Carta was already much larger.
The rival takes the customers
Carta agreed to help move Pulley customers over and is offering a limited-time promotion. Movers keep their Pulley pricing for the first year and get credit for unused subscription time.
A promise of no disruption
Founders posted screenshots of the shutdown email on Tuesday. Pulley said it built a transition plan so customers would not feel the handover.
“We have worked diligently to develop a transition plan that ensures you won't experience any disruptions as we cease operations.”
Yin Wu is not done
Wu started Pulley after selling her Android app Echo to Microsoft in 2015. She says she and her strongest team members are staying in the game once customers are settled.
“There has never been a better time to solve big problems.”
The main idea
Raising from top-tier investors does not make a category winnable, and Pulley's exit is a handoff to Carta, not a fight to the finish.
