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Cap table software for UK early-stage startups, compared

By SuLe · Updated 19 October 2026
Reviewed by Patricia Wing, corporate lawyer and founder of SuLe

SuLe gives an early-stage UK startup a free cap table built for UK rounds, with fundraising documents and senior lawyers on the same platform. Founders start from their Companies House record or the spreadsheet they already keep, add as many shareholders and option holders as they need, and export a clean Excel copy whenever they want, with no trial that expires. Over 2,000 founders use SuLe.

What cap table software needs to do for a UK startup

Good cap table software keeps an investor-ready record of who owns what, and keeps that record in step with the legal events that change it. Five checks separate a useful tool from a spreadsheet with a nicer interface.

First, issued and fully diluted ownership. Investors price a round on the fully diluted position, which counts the option pool and anything convertibles will turn into, so both views should sit one click apart.

Second, a clean starting point. An import from Companies House or an existing spreadsheet matters more than design, because a cap table that starts wrong stays wrong.

Third, UK convertible instruments. Early UK rounds often run on advance subscription agreements (ASAs) and convertible loan notes, so the tool should record each one with its discount, valuation cap and longstop date.

Fourth, option grants by name. A pool carried as a single line hides who holds what. Each grant should sit against a named holder with its exercise price and vesting terms.

Fifth, an export a lawyer can work from during due diligence.

Behind all five sits the legal record. SuLe's cap table guide, reviewed by corporate lawyer Patricia Wing, explains that the cap table must reconcile to the register of members and to the company's Companies House filings. In the guide's words, "If the three disagree, the statutory registers and filings win, and you have a problem to fix."

Cap table software for UK early-stage startups at a glance

Details come from each platform's own website. Plans change, so check the pricing page linked for each one before signing up.

PlatformFree planPaid plansUK equity features listed
SuLeFree cap table with as many shareholders and option holders as you need, Excel export and no trial that expiresListed on SuLe's pricing pageCompanies House or spreadsheet import; ASAs, convertible loan notes and simple agreements for future equity (SAFEs) with discounts, caps and longstop dates; named option grants; issued and fully diluted views in one toggle; fundraising documents and senior lawyers on the same platform
CartaLaunch is free for up to 25 stakeholders and US$1 million raisedBuild, Grow and Scale, priced through Carta's sales teamASA, SAFE and convertible loan note issuance; round modelling; Enterprise Management Incentive (EMI) and Company Share Option Plan (CSOP) valuations and EMI share plans on Grow
VestdFree Plan with a digital cap table from Companies House data, a data room, scenario modelling and share scheme designPaid plans for cap table management, share schemes and guided support, with Companies House integration on all plansEMI, growth share and CSOP schemes; Companies House filings
LedgyLaunch is free for a capped number of stakeholders, with equity plans, grants and stakeholder dashboardsScale and Enterprise, through Ledgy's sales teamOn Scale: UK Companies House reporting; EMI1, EMI40 and register of members reports; independent HM Revenue & Customs (HMRC) valuations; multi-entity cap tables
QapitaSpark is free for up to 25 stakeholders and under US$1 million raisedPaid plans priced by number of stakeholdersFunding round modelling and scenario modelling

The free plans differ most in where they stop. Carta's Launch and Qapita's Spark are free up to 25 stakeholders and US$1 million raised, and Ledgy's Launch plan has a stakeholder cap. SuLe's free cap table takes as many shareholders and option holders as a founder needs, so adding angels or early employees does not move the company onto a paid plan.

Match the tool to your next equity event

Choose cap table software for the event coming next, not only for the company as it stands.

A first ownership record

Start from the real record. SuLe keeps a live cap table that syncs with Companies House, or turns the spreadsheet a founder already keeps into a structured record, so nobody starts from a blank page. Vestd's Free Plan also connects to Companies House. Whichever tool you try, check that the import produces the right issued and fully diluted figures before anyone outside the company sees them.

A first round on ASAs or a priced round

When a round is close, founders need to see what it does to their ownership and to have the documents ready. SuLe's dilution calculator shows what a raise and a new option pool cost the existing shareholders. Its fundraising documents, covering ASAs, SAFEs, term sheets and share issues, sit alongside the cap table, and its free term sheet reviewer flags risky clauses and suggests redlines to take to the investor. Carta and Qapita also list round modelling on their plans.

A first option scheme

An EMI scheme brings HMRC reporting that a cap table does not file by itself. Employers must submit a return for each employment related securities scheme by 6 July following the end of the tax year, and a nil return is still needed when there have been no transactions. On SuLe, founders create the option pool and track every grant by name with its exercise price and vesting terms, and SuLe's EMI set-up guide walks through the steps from valuation to HMRC. Whichever tool holds the grants, ask the provider which filings it prepares and which stay with you.

Legal work around the cap table

A cap table records what has been agreed. It does not tell a founder whether the vesting is right or what an investor's term will mean at the next round. On SuLe, founders connect to a lawyer from inside the platform, and the lawyer works from the same cap table rather than asking for a spreadsheet. SuLe's senior lawyers worked at top city and international firms such as Orrick and Bird & Bird, and SuLe's 50+ lawyer-vetted templates cover the contracts around the equity. For a founder who would otherwise keep equity in one tool and get legal advice from a separate firm, SuLe keeps both in one place, an approach it calls Hybrid Legal.

Test any cap table tool with one share allotment

Before importing real data, run one share allotment through a demo, from board approval to an investor-ready record. The checkpoints matter more than any feature grid.

Start with the paperwork. Ask where the board minutes or shareholder resolution authorising the allotment are stored, and whether the platform can produce them.

Then the legal record. Companies House guidance states that shares are issued when a person is registered as a member in the company's register of members, and that a limited company must deliver a return of allotment on form SH01 within one month of the allotment. Ask where the register entry lives and who files the SH01. On SuLe, a lawyer can handle the allotment paperwork and filings.

Then the cap table itself. Check that it records the new shares by class and updates both the issued and fully diluted views, with a dated history. Finally, export the result and ask whether a lawyer could follow the company's equity history from that file alone during due diligence.

Frequently asked questions

What is the best cap table software for an early-stage startup in the UK?

SuLe suits founders who want a free cap table with fundraising documents and senior lawyers on the same platform. They can add as many shareholders and option holders as they need and export to Excel whenever they want, without paying and without a trial that expires.

Can a startup keep its cap table for free?

Yes. SuLe's cap table is free, with as many shareholders and option holders as you need, Excel export and no trial that expires. Carta's Launch and Qapita's Spark plans are free up to 25 stakeholders and US$1 million raised, and Vestd and Ledgy also offer free plans. Check where each free plan stops before you import real data.

Does cap table software replace the register of members?

No. The register of members is the legal record of who holds the company's shares, and each allotment is reported to Companies House on form SH01 within one month. The cap table is a management record that must reconcile to both. If they disagree, the register of members is what counts in law.

What changes when a startup grants its first EMI options?

The company takes on HMRC reporting. Each scheme needs an annual employment related securities return filed with HMRC by 6 July after the tax year ends, and a year with no transactions still needs a nil return. On SuLe, founders track each grant by name with its exercise price and vesting terms, and can connect to a SuLe lawyer from inside the platform.

Can I move an existing cap table to SuLe?

Yes. SuLe imports from the company's Companies House record or from the spreadsheet you already keep, and a cap table exported from Carta can be uploaded on SuLe's cap table tab.

Book a free consultation to have a SuLe lawyer check your legal position before your next round, or start with SuLe's free cap table.

This article is general information for founders and is not legal, tax or financial advice. Please contact us if you have questions.

EMI tax treatment depends on the company and the employee meeting HMRC’s conditions.

References

AI-generated content. General information, not legal advice.

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