As of October 2026, Pulley has announced that it will shut down on December 8, 2026. According to Pulley's shutdown FAQ, data stays available in a limited format until January 31, 2027, and Pulley has partnered with Carta to migrate customers who opt in. If your company or your investments live in Pulley, you have a few weeks to get your records out and decide where each piece goes.
This guide is honest about what Raziel can and cannot take over. Raziel is not a like-for-like replacement for Pulley's equity administration. It is a good home for the work around your equity: your raise, your investor updates, a cap table view, and, if you invest, your own portfolio.
Who this guide is for
- Founders on Pulley who need a new cap table provider and also want a place to run fundraising, send investor updates and keep a current view of ownership.
- Angels and investors who saw their holdings through Pulley's stakeholder portal and want to keep tracking those positions after the portal goes away.
Why Pulley customers are moving now
The reason is the shutdown, not the product. Pulley was a capable equity system of record: share certificates, SAFE, option and RSA agreements with e-signing, 409A valuations on its Growth plan, and filings such as Rule 701 and Form 3921. Its published plans started at $1,200/year (Pulley pricing). Per Pulley's FAQ, customers who migrate to Carta through the partnership keep their Pulley pricing for the first year on Carta.
For most companies, the right next step for legal equity administration is a dedicated provider, whether that is Carta through Pulley's assisted migration or another platform you choose. Raziel works alongside whichever one you pick.
What moves to Raziel and what does not
| Pulley data or workflow | Where it should go |
|---|---|
| Issuing SAFEs, options, RSAs and share certificates | Your new equity administration provider. Raziel does not issue securities. |
| 409A valuations | Your new provider or a valuation firm. Raziel does not provide 409As. |
| Rule 701, Form 3921 and other compliance filings | Your new provider and your counsel. |
| Cap table view for planning and investor conversations | Raziel Cap Table, next to your pipeline and updates. |
| Investor list and fundraising conversations | Raziel Contacts and Investor CRM & Pipeline. |
| Investor communications | Raziel Investor Updates, with open and click tracking. |
| An investor's own holdings from the stakeholder portal | Raziel Portfolio Dashboard on the Investor plan. |
| Signed agreements, board approvals, past 409A reports | Your own secure archive, plus the relevant documents attached to positions in Raziel. |
For a side-by-side view of features and pricing, see Raziel vs Pulley.
Step by step: moving from Pulley
- Export your cap table now. Pulley's help center explains how to download an Excel of your cap table: use the Download Cap Table button on the Dashboard or the Cap Table page, or generate the Detailed Cap Table report under Company, then Reports. Download a current version and keep the full transaction history.
- Save every document. Download signed SAFEs, option and RSA agreements, share certificates, board consents, equity plan documents and past 409A reports. Do not count on the limited-access window through January 31, 2027 as your backup. Pulley's help center lists the current export options for each record type.
- Choose your equity administration provider. Decide whether to opt in to Pulley's assisted migration to Carta or move to another provider. Pulley's FAQ explains how and by when to opt in, so check it early.
- Founders: start free on Raziel. Sign up for the Founder plan, which is free through your first 100 contacts, then $29/month. Create your company as a founder workspace.
- Rebuild your cap table view. Use your exported Excel file to enter founders, investors and the option pool in Raziel's Cap Table, then model your next round by entering a round size and pre-money valuation. Your signed documents and counsel remain the legal record.
- Add your investors and prospects. Create contacts and sort them into the Investors, Prospects, Advisors and Friends & Family groups. Add prospects to your Kanban pipeline with a target check for each.
- Send your next update from Raziel. Track your KPIs in the KPI Dashboard, embed them in an investor update, and send it to your Investors group. A short note that your cap table provider is changing is a good first update.
- Investors: move your positions. Start a 14-day Investor trial. Forward or upload the SAFEs and purchase agreements you signed through Pulley, and Raziel's AI Document Import pulls out the amount, cap, discount and dates. You can also import a spreadsheet of your holdings.
What to keep outside Raziel
Keep your legal equity records with a dedicated equity administration provider. That includes issuing new securities, running option exercises, ordering 409A valuations and filing compliance forms. Keep a complete offline archive of your Pulley exports too. Raziel's cap table is a planning and communication view, and it complements the system of record rather than replacing it.
FAQ
When does Pulley shut down?
As of October 2026, Pulley says it will shut down on December 8, 2026, with limited data access until January 31, 2027. See Pulley's shutdown FAQ for the latest details.
Can Raziel replace Pulley?
Partly. Raziel covers the founder workflow around your equity: a fundraising pipeline, investor updates, a KPI dashboard and a cap table view. It does not issue SAFEs, options or share certificates, run 409A valuations or file compliance forms, so you still need an equity administration provider for that work.
I am an investor. What happens to my holdings?
Your equity is based on your signed agreements and the company's records, not on Pulley staying open. Download your documents from the stakeholder portal while you can, then forward them to Raziel so each position is recorded with its terms. Read Carta vs Pulley vs AngelList for investors for why a personal record of your holdings matters.
Should I model my SAFEs before I move?
It helps. Use the free SAFE conversion calculator and dilution calculator to check how outstanding SAFEs convert in your next round, and compare the results with your exported cap table.
How much does Raziel cost?
The Founder plan is free through your first 100 contacts, then $29/month. The Investor plan has a 14-day free trial, then $49/month through 30 companies and $199/month above that.
Get started
Export your Pulley data first, then bring your raise, your updates and your investor relationships into one workspace. Start free on Raziel, and read cap table vs portfolio tracker if you want more on how the two kinds of tools fit together.
