Pulley, a Carta rival, is shutting down
Cap table management platform Pulley, backed by General Catalyst, Stripe, and Founders Fund, announced that it's closing shop in December.
Pulley, a cap table management platform, announced on its website that it would cease operations on December 8, marking its final day of services. Founders Yin Wu, a serial entrepreneur and former Microsoftie, launched Pulley in 2020, amassing over $50 million in funding from prominent investors like General Catalyst, Stripe, and Founders Fund. The company's abrupt shutdown has left investors and entrepreneurs wondering about the impetus behind the decision.
Despite the lack of official statement from Wu regarding the shutdown, a former employee surmised online that Pulley's competition with Carta, a rival in the same space, might not be the primary reason. Currently, startups have the advantage of leveraging AI to manage, optimize, and maintain their spreadsheets, a task once primarily handled by specialized platforms like Pulley.
In a LinkedIn post, Wu expressed gratitude to her team and backers, acknowledging the closure of a chapter in the company's history. She emphasized that "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 further highlighted the promising opportunities in solving big problems, urging everyone who supported Pulley over the years to continue their efforts.
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