Pulley, a Carta rival, is shutting down

Cap table management platform Pulley announced this week on its website that it was shutting down, and its final day of operations and services will be December 8th. In a twist, it said it has partnered with its rival, Carta, to offload customers; it’s also redirecting prospective clients to Carta.

Yin Wu, a serial founder and ex-Microsoftie, started building Pulley in 2020 and went on to raise over $50 million from top investors including General Catalyst, Stripe, and Founders Fund.

Pulley didn’t offer a reason for the shut down (we’ve reached out to Wu for comment, but she didn’t immediately respond). However, a former employee speculated online that Pulley wasn’t so much competing with Carta as it was with spreadsheets. And these days, startups can easily use AI to keep, improve and maintain their spreadsheets.