This startup tried to take on Carta. It just announced it's shutting down.

baona/Getty Images Pulley said it's shutting down after seven years. Founded in 2019, the startup sought to take on Carta in cap table management. It raised more than $50 million from investors like Founders Fund, Stripe, and General Catalyst. Pulley, a software that startups rely on to track their funding, is shutting down after seven years. The company said in a statement published on its website on Tuesday that it will cease operations after December 8. Pulley had raised more than $50 million from investors, including Founders Fund, General Catalyst, Stripe, and 8VC. It previously tried to challenge its much larger rival, Carta, in the cap table management business — software that helps companies track who owns shares and issue new equity as they raise money. As part of the wind-down, Carta has agreed to help move customers and is offering them a limited-time promotion, according to Pulley's statement. Yin Wu started Pulley after she sold an Android app called Echo to Microsoft in 2015. "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," Wu wrote in a LinkedIn post on Tuesday. "There has never been a better time to solve big problems. For the immediate future, we are focused on working with Carta's team to take care of our customers." On Tuesday, founders posted screenshots of the email they received from Pulley. "We have worked diligently to develop a transition plan that ensures you won't experience any disruptions as we cease operations," the company wrote in the email. Customers who move to Carta will be able to keep their current Pulley pricing for the first year, and Carta will credit any unused portion of their Pulley subscription. Read the original article on Business Insider