10 Best Cap Table Management Software in 2026

Managing equity and ownership structures is one of the most critical (and error-prone) tasks for startups and growing companies.

Cap table management software replaces manual spreadsheets with automated platforms that track equity distribution, model fundraising scenarios, and ensure compliance with securities regulations.

Key Takeaways

• Cap table management software eliminates spreadsheet errors and automates equity tracking for startups and enterprises
• Pricing ranges from free plans for early-stage startups to $8,200+ annually for enterprise solutions with advanced compliance features
• Integration with HRIS, payroll, and legal document systems streamlines equity administration and reduces manual workflows
• Real-time scenario modeling helps founders visualize dilution and plan fundraising rounds with confidence

Evaluation Criteria

We evaluated cap table management software based on feature depth, pricing transparency, integration capabilities, compliance tools, and user experience.

Our analysis prioritized platforms that eliminate spreadsheet-based workflows, provide real-time equity tracking, and support fundraising scenarios.

We reviewed official product documentation, pricing pages, and feature specifications to ensure accuracy.

Each tool was assessed for its suitability across different company stages, from pre-seed startups to enterprise organizations managing complex multi-entity structures.

• Accuracy and Automation: The platform should eliminate manual spreadsheet errors with real-time updates, automated calculations, and audit trails that ensure your cap table reflects current ownership structures.
• Scenario Modeling Capabilities: Look for tools that let you model fundraising rounds, SAFE conversions, stock splits, and dilution scenarios to make informed decisions before executing transactions.
• Compliance and Reporting: Your software should generate audit-ready reports, track vesting schedules, handle 409A valuations, and maintain documentation required for SEC filings and due diligence.
• Integration Ecosystem: Seamless connections with HRIS platforms, payroll systems, legal document generators, and accounting software reduce manual data entry and keep equity records synchronized.
• Stakeholder Experience: Investor and employee portals that provide real-time equity visibility, electronic document signing, and self-service access improve transparency and reduce administrative burden.
• Pricing Structure: Evaluate whether per-shareholder, flat-rate, or tiered pricing models align with your company size, growth trajectory, and budget constraints.

Comparison Table

1. Carta

Best for Growing companies needing comprehensive equity management and compliance

Carta is a comprehensive cap table management platform that helps companies track, manage, and issue equity with enterprise-grade features.

It provides a centralized system to replace spreadsheets, streamline equity workflows, and ensure compliance with built-in reporting and audit-ready features.

The platform integrates with HRIS and payroll systems to automate equity administration, while its SEC transfer agent services ensure regulatory compliance. Carta is trusted by thousands of companies from seed stage to IPO, making it a scalable solution for long-term equity management.

Key Features

• Cap table and security holder management: Centralized platform to track all equity holders, share classes, and ownership percentages with automatic updates and historical transaction records.
• Electronic securities and stock transfers: Digital issuance and transfer of securities with electronic signatures, eliminating paper-based processes and reducing administrative overhead.
• HRIS and payroll integration: Seamless connections with HR and payroll systems to automatically sync employee data and equity grants without manual data entry.
• Equity plan generation and electronic exercising: Create stock option plans, RSU programs, and other equity incentives with automated vesting schedules and employee self-service exercising.
• SEC transfer agent services: Built-in transfer agent capabilities ensure regulatory compliance and simplify the transition from private to public company status.

Pros

• Eliminates spreadsheet errors and manual tracking with automated workflows
• Comprehensive compliance and audit-ready reporting for due diligence
• Integrated ecosystem with HRIS, payroll, and transfer agent services
• Secure platform with built-in stakeholder portals for transparency
• Scalable from seed stage to IPO with enterprise-grade features

Cons

• Pricing not transparent on homepage (requires contacting sales)
• Requires learning curve for complex compliance features
• May be overkill for very simple cap tables with few stakeholders

Pricing

Carta offers a free Launch plan for early-stage companies, with paid Build, Grow, and Scale plans requiring custom quotes based on company size and needs.

• Launch: Free
• Build: Contact for quote
• Grow: Contact for quote
• Scale: Contact for quote

For detailed pricing, visit their pricing page.

2. Astrella

Best for Startups automating equity tracking with white-glove onboarding

Astrella is a cap table management software designed specifically for startups and growing companies to automate equity tracking and management.

It provides real-time cap table updates, scenario modeling, investor reporting, and compliance tools to streamline equity administration and fundraising processes.

The platform stands out with its white-glove onboarding service and expert support, ensuring companies can migrate from spreadsheets quickly. Astrella also offers extended free access with multi-year commitments, making it cost-effective for early-stage startups.

Key Features

• Automated cap table updating with real-time information: Eliminates manual spreadsheet updates by automatically syncing equity transactions, vesting schedules, and ownership changes across all stakeholders.
• Scenario modeling for financial planning: Visualize the impact of fundraising rounds, SAFE conversions, and stock splits on ownership dilution before executing transactions.
• Equity management and grants issuance: Issue stock options, RSUs, and other equity grants with automated documentation and electronic signature workflows.
• Investor reporting with professional reports: Generate investor-ready reports with ownership breakdowns, valuation summaries, and transaction histories for board meetings and due diligence.
• 409A valuation integration: Seamlessly integrate 409A valuations into your cap table to ensure compliance with IRS regulations for stock option pricing.

Pros

• Eliminates cap table errors with real-time automated updates
• Streamlines fundraising process with quick SAFE generation
• Free white-glove onboarding and expert support included
• Extended free access available with multi-year commitments
• Intuitive interface designed specifically for startup workflows

Cons

• Pricing requires contacting sales for detailed quotes
• Limited platform availability (web-only, no mobile app)
• Requires demo or consultation to get started

Pricing

Astrella's Early Stage plan starts at $100/month (billed yearly) for basic cap table management, with Emerging and Accelerate plans offering advanced features. Extended free access is available with multi-year commitments.

• Early Stage: $1,200/year
• Emerging: $3,200/year
• Accelerate: $8,200/year
• Custom: Contact for quote

For more details, visit their pricing page.

3. Pulley

Best for High-growth companies managing equity and token assets

Pulley is a modern cap table management platform that helps founders and finance leaders manage both traditional equity and token assets from seed to exit. It provides an intuitive interface for tracking, issuing, and managing company equity while eliminating spreadsheet-based workflows and complex processes.

Trusted by over 8,000 companies, Pulley offers fast onboarding (typically 10 days) and integrates with HRIS, payroll systems, and crypto exchange platforms. The platform also includes 409A valuation services and automated token distribution capabilities for Web3 companies.

Key Features

• Equity and token cap table tracking: Manage both traditional equity (stocks, options, SAFEs) and token assets on a single unified platform with real-time ownership visibility.
• HRIS and payroll system integration: Automatically sync employee data, equity grants, and vesting schedules with popular HRIS and payroll platforms to reduce manual data entry.
• Crypto exchange platform integration: Connect with crypto exchanges to automate token distribution and track token-based equity alongside traditional securities.
• Scenario-based fundraise modeling: Model multiple fundraising scenarios with different valuations, investment amounts, and conversion terms to understand dilution impacts.
• SAFE issuance and management: Generate, issue, and track SAFE notes with automated conversion calculations when fundraising rounds close.

Pros

• Trusted by 8,000+ companies across various stages
• Handles both traditional equity and tokens on one platform
• Fast onboarding process (typically 10 days)
• Eliminates spreadsheet-based cap table management
• Includes 409A valuation services for compliance

Cons

• Enterprise pricing requires contacting sales
• May be overkill for very early-stage companies with simple cap tables
• Token features require additional paid add-ons

Pricing

Pulley's Startup plan starts at $100/month (billed yearly), with Growth plans at $292/month (billed yearly). Token cap table and distribution features are available as add-ons.

• Startup: $1,200/year
• Growth: $3,500/year
• Enterprise: Contact Pulley for pricing
• Token Cap Table: $4,500/year
• Distributions: $4,500/year

For more details, visit their pricing page.

4. Eqvista

Best for Founders seeking affordable per-shareholder pricing models

Eqvista is an automated cap table management software that enables complete equity management for startups. It replaces manual spreadsheet-based cap tables with a secure, online platform that handles multiple cap table functions in real-time, automating communication with stakeholders and tracking equity distribution across founders, investors, and employees.

The platform's unique per-shareholder pricing model makes it particularly cost-effective for early-stage companies with limited budgets. Eqvista also offers a free plan for companies just getting started with equity management.

Key Features

• Automated cap table management: Eliminates manual spreadsheet calculations with automated equity tracking, ownership percentages, and dilution calculations updated in real-time.
• Real-time equity tracking: All stakeholders see current ownership positions, vesting schedules, and equity values updated automatically as transactions occur.
• Stakeholder communication automation: Automatically notify investors, employees, and founders of equity changes, vesting milestones, and important cap table events.
• Multiple share classes support: Track common stock, preferred stock, options, warrants, and convertible securities with different rights and preferences.
• Investor negotiation tools: Model different investment scenarios and terms to understand dilution impacts before finalizing fundraising agreements.

Pros

• Eliminates manual spreadsheet errors with automation
• Secure online servers with authorization controls
• Automates complex equity calculations and dilution tracking
• Real-time updates across all stakeholders
• Simplifies investor negotiations with scenario modeling

Cons

• Per-shareholder pricing can become expensive as company grows
• Limited information available about advanced features
• May require additional services for complex compliance needs

Pricing

Eqvista offers a free plan for basic cap table management, with the Premium plan at $2 per shareholder/month. Enterprise pricing is available for larger organizations.

• Free Plan: Free
• Premium Plan: $2 per shareholder/month
• Enterprise/Custom Plan: Contact for pricing

For more details, visit their pricing page.

5. Ledgy

Best for European companies requiring real-time equity updates and compliance

Ledgy is a cap table management software that helps companies maintain accurate equity records with real-time updates and dynamic transactions.

It provides a centralized platform to track share classes, ownership percentages, equity pools, and historical transaction data with attached documentation for compliance and due diligence.

With over 50 HRIS integrations and support for multiple currencies, Ledgy is particularly well-suited for European and international companies. The platform offers flexible reporting and custom views to meet different stakeholder needs.

Key Features

• Dynamic cap table management with real-time updates: Automatically update ownership percentages, dilution calculations, and equity values as transactions occur without manual recalculation.
• Historical transaction tracking: Maintain complete audit trail of all equity events including issuances, secondaries, convertible loans, stock splits, and valuations with supporting documentation.
• 50+ HRIS integrations: Connect with popular HR systems to automatically sync employee data, equity grants, and vesting schedules across platforms.
• Custom views and exports: Create customized cap table views for different audiences (board, investors, employees) and export data in various formats for reporting.
• Pools and equity plans monitoring: Track option pools, ESOP allocations, and equity plan utilization to ensure sufficient shares are available for future grants.

Pros

• Eliminates manual spreadsheet errors with automation
• Real-time accuracy and updates across all stakeholders
• Centralized single source of truth for equity data
• Simplifies due diligence and acquisition processes
• Flexible customization for different reporting needs

Cons

• Scale plan pricing may be high for very early-stage startups
• Enterprise pricing requires contacting sales
• Requires implementation and setup time
• Learning curve for complex features and customizations

Pricing

Ledgy offers a free Launch plan for early-stage companies, with the Scale plan at €250/month (billed yearly). Enterprise pricing is customized based on company needs.

• Launch: Free
• Scale: €3,000/year
• Enterprise: Custom

For more details, visit their pricing page.

6. Xumane

Best for Multi-entity businesses tracking complex shareholding structures

Xumane is a cap table management software that replaces spreadsheets with a centralized platform for equity management.

It enables companies to visualize ownership, track transactions, model scenarios, and manage complex shareholdings across multiple entities with real-time visibility and compliance features.

The platform offers 24-hour guaranteed onboarding and is ISO 27001 certified for security. Xumane supports multi-currency transactions and provides integrated data rooms for due diligence, making it ideal for international businesses with complex structures.

Key Features

• Multi-entity management: Track cap tables across multiple legal entities, subsidiaries, and holding companies with consolidated ownership views and cross-entity reporting.
• Scenario modeling and dilution visualization: Model fundraising rounds, acquisitions, and equity events to visualize dilution impacts on all stakeholders before executing transactions.
• Integrated data room for due diligence: Centralized document repository with secure access controls for investors and acquirers to review equity documentation during fundraising or M&A.
• Multi-currency support: Handle transactions and valuations in multiple currencies with automatic conversion and reporting for international operations.
• Customizable financial reporting: Generate custom reports for board meetings, investor updates, and regulatory filings with flexible templates and export options.

Pros

• Eliminates spreadsheet-based cap table management
• Fast onboarding with 24-hour guarantee
• Intuitive and user-friendly interface
• Comprehensive scenario modeling capabilities
• Secure and compliant with ISO 27001 certification

Cons

• Pricing details not fully transparent on homepage
• Requires demo or consultation for custom solutions
• Limited information on free plan or trial availability

Pricing

Xumane's Starter plan begins at ₹2,500/month (billed yearly), with Growth and Enterprise plans requiring custom quotes. The platform offers 24-hour guaranteed onboarding.

• Starter: ₹30,000/year
• Growth: Custom
• Enterprise: Custom

For more details, visit their pricing page.

7. SeedLegals

Best for Startups integrating cap table with legal document generation

SeedLegals is a cap table management platform for startups that helps track equity ownership and automate capitalization table management. It integrates with legal document generation to streamline fundraising and eliminate spreadsheet-based tracking.

The platform's unique value proposition is its auto-updating cap table that syncs with legal documents, ensuring consistency between equity records and legal agreements. SeedLegals also offers unlimited customer support and can set up your cap table in under 3 minutes.

Key Features

• Auto-updating cap table synced with legal documents: Cap table automatically updates when you generate investment agreements, option grants, or other legal documents, eliminating manual data entry.
• Pre-filled legal documents integrated with cap table: Generate investment agreements, stock option plans, and other legal documents with data automatically populated from your cap table.
• Unlimited stockholders at same price: Add unlimited shareholders, investors, and option holders without additional per-user or per-shareholder fees.
• Multiple view options: View your cap table by stockholder, share class, or event to understand ownership from different perspectives.
• Unlimited customer support: Access chat and email support during business hours (9am-5pm ET Monday-Friday) without additional charges.

Pros

• Unlimited stockholders at no extra cost
• Integrated with legal document generation saves time and money
• Unlimited customer support included
• Fast setup (under 3 minutes)
• Highly rated (4.9/5 on Google) by users

Cons

• Limited to business hours support (9am-5pm ET Monday-Friday)
• Plus plan pricing details not clearly specified
• Web-only platform (no mobile app mentioned)

Pricing

SeedLegals' Standard plan starts at $99/month with a 15% discount for annual billing ($999/year). The Plus plan is available for $2,499.

• Standard: $99/month
• Standard Annual: $999/year (15% discount)
• Plus: $2,499

For more details, visit their pricing page.

8. Cake Equity

Best for Fast-growing startups with employee equity visibility needs

Cake Equity is an all-in-one cap table and equity management platform for startups. It enables companies to offer equity, manage shareholders, plan fundraising, and handle stock options with automated contract management and real-time employee visibility.

Trusted by over 20,000 companies, Cake Equity provides an employee app that gives team members real-time visibility into their equity holdings, vesting schedules, and potential value. The platform also offers fast 409A valuations as an add-on service.

Key Features

• Stock options and equity grants: Issue and manage stock options, RSUs, phantom equity, and other equity instruments with automated vesting schedules and grant documentation.
• Employee app with real-time equity visibility: Employees can view their equity holdings, vesting progress, and estimated value through a dedicated mobile and web app.
• Automated contract management: Generate offer letters, equity grant agreements, and other legal documents automatically with electronic signature workflows.
• Capital raise modeling and scenario planning: Model different fundraising scenarios to understand dilution impacts and optimize investment terms before closing rounds.
• Multi-currency and global support: Handle equity grants and valuations in multiple currencies with support for international tax and compliance requirements.

Pros

• Intuitive and easy-to-use interface
• Comprehensive all-in-one solution
• Automated contract and offer letter management
• Real-time employee equity visibility improves transparency
• Trusted by 20,000+ companies worldwide
• Fast 409A valuations available as add-on

Cons

• Pricing details for premium features not fully disclosed on homepage
• 409A valuations require additional paid add-on
• Limited platform availability (web-only based on provided content)

Pricing

Cake Equity offers a generous free plan to get started, with Starter and Growth plans available at competitive rates. Pro plan pricing is customized based on company needs.

• Free: Free
• Starter: $0 + GST per month
• Growth: $0 + GST per month
• Pro: Custom pricing

For more details, visit their pricing page.

9. AngelList

Best for Early-stage companies leveraging SAFE notes and fundraising

AngelList is a comprehensive platform for startups that includes cap table management alongside fundraising tools and investor network access.

It's particularly well-suited for early-stage companies using SAFE notes and seeking to raise capital from angel investors and venture capital firms.

The platform provides tools to manage SAFE notes, track equity distribution, and connect with potential investors.

AngelList's integrated approach combines cap table management with fundraising workflows, making it easier to manage equity while actively raising capital.

Key Features

• SAFE note management: Create, issue, and track SAFE notes with automated conversion calculations when fundraising rounds close or valuation caps are reached.
• Fundraising tools: Access tools to create pitch decks, manage investor communications, and track fundraising progress alongside your cap table.
• Investor network access: Connect with AngelList's network of angel investors and venture capital firms to raise capital while managing equity distribution.

Pros

• Integrated fundraising and cap table management
• Access to extensive investor network
• Streamlined SAFE note creation and tracking
• Trusted platform in startup ecosystem
• Combines multiple startup needs in one platform

Cons

• Pricing information not publicly available
• May require using multiple AngelList services
• Limited standalone cap table features compared to dedicated platforms

Pricing

AngelList pricing varies based on services used. Contact AngelList directly for detailed pricing information on cap table management and fundraising tools.

• Contact for pricing: Contact for pricing

10. Qapita

Best for APAC businesses requiring region-specific compliance workflows

Qapita is an equity management platform designed to digitize the tracking of ownership structures, transactions, and securities for businesses.

It features automated workflows for equity management compliant with APAC regulations, making it particularly valuable for companies operating in Asia-Pacific markets.

The platform provides region-specific compliance tools and supports local regulatory requirements across multiple APAC jurisdictions. Qapita offers a free plan for early-stage companies to get started with equity management.

Key Features

• APAC-compliant equity workflows: Automated workflows designed to comply with securities regulations and tax requirements across Asia-Pacific jurisdictions.
• Automated ownership tracking: Track equity ownership, share classes, and stakeholder positions with automated updates and real-time visibility.
• Transaction management: Record and manage equity transactions including issuances, transfers, conversions, and secondary sales with audit trails.

Pros

• Specialized for APAC regulatory compliance
• Free plan available for early-stage companies
• Automated workflows reduce manual compliance work
• Supports multiple APAC jurisdictions
• Designed for regional market requirements

Cons

• Paid plan pricing requires contacting sales
• Limited information on advanced features
• May be less suitable for companies outside APAC region

Pricing

Qapita offers a free plan for early-stage companies, with paid plans requiring custom quotes based on company size and requirements.

• Free Plan: Free
• Paid Plans: Contact sales

For more details, visit their pricing page.

How to Choose

Selecting the ideal cap table management software depends on your company stage, complexity of equity structure, and specific compliance requirements. Consider these key factors:

• Company Stage and Growth Trajectory: Early-stage startups with simple cap tables may benefit from free or low-cost solutions like Carta's Launch plan or Eqvista's per-shareholder pricing. High-growth companies anticipating multiple fundraising rounds should invest in platforms like Pulley or Astrella that offer advanced scenario modeling and scalability.
• Integration Requirements: If you use HRIS platforms like BambooHR or Gusto, prioritize solutions with native integrations (Carta, Ledgy, Pulley) to automate employee equity grants. Companies managing tokens should consider Pulley's crypto exchange integrations, while those needing legal document generation should evaluate SeedLegals.
• Geographic and Regulatory Compliance: European companies should consider Ledgy's multi-currency support and GDPR compliance, while APAC businesses benefit from Qapita's region-specific regulatory workflows. US companies raising with SAFE notes may prefer platforms with strong SEC compliance features like Carta or AngelList.
• Stakeholder Experience and Transparency: If employee equity visibility is a priority, platforms like Cake Equity with dedicated employee apps provide real-time vesting and valuation updates. For investor-heavy cap tables, look for robust investor portals and reporting features like those offered by Astrella and Xumane.
• Budget and Pricing Model: Evaluate whether flat-rate annual pricing (Pulley, Astrella), per-shareholder models (Eqvista), or tiered plans (Ledgy, Carta) align with your budget. Consider total cost of ownership including 409A valuations, which some platforms bundle (Pulley, Astrella) while others charge separately (Cake Equity).

Common Misconceptions: A common misconception is that cap table software is only necessary after your first fundraising round. In reality, implementing a platform early prevents costly spreadsheet errors and simplifies future fundraising by establishing clean equity records from day one. Another myth is that all platforms offer the same features—in fact, specialized capabilities like token management (Pulley), multi-entity tracking (Xumane), and legal document integration (SeedLegals) vary significantly across solutions.

Industry Trends

Cap table management software is evolving rapidly to meet the needs of modern startups and growing companies. Here are the key trends shaping the industry:

• Token and Digital Asset Integration: Platforms like Pulley now support both traditional equity and token cap tables, reflecting the growth of Web3 companies. This trend enables startups to manage SAFTs, token warrants, and crypto-based equity alongside conventional securities on unified platforms.
• AI-Powered Scenario Modeling: Advanced platforms are incorporating artificial intelligence to provide predictive analytics and automated scenario recommendations. These tools help founders optimize fundraising terms by analyzing historical market data and suggesting dilution-minimizing strategies based on comparable transactions.
• Embedded Compliance and Regulatory Automation: Modern cap table software increasingly includes built-in compliance features like automated 409A valuations, SEC filing preparation, and region-specific regulatory workflows. This trend reduces reliance on external legal and accounting services while ensuring audit-ready documentation.
• Employee Financial Wellness Integration: Platforms are expanding beyond basic equity tracking to include employee financial planning tools, tax calculators, and exercise decision support. Cake Equity's employee app exemplifies this trend by providing real-time equity valuations and personalized financial insights to help employees understand their compensation.

Frequently Asked Questions

What is cap table management software and why do I need it?

Cap table management software is a digital platform that tracks equity ownership, share classes, and stakeholder information for your company. You need it to eliminate spreadsheet errors, automate dilution calculations, ensure regulatory compliance, and provide real-time visibility to investors and employees. Carta's research shows that manual cap table errors can lead to costly legal disputes during fundraising or acquisitions.

How much does cap table management software cost?

Pricing varies significantly based on company stage and features. Free plans are available from Carta, Ledgy, Eqvista, and Cake Equity for early-stage startups. Paid plans typically range from $100-$300/month (billed yearly) for basic features, with enterprise solutions costing $500-$1,000+/month. Some platforms like Eqvista use per-shareholder pricing ($2/shareholder/month), while others like Pulley offer flat-rate annual plans starting at $1,200/year.

Can I migrate my existing cap table from Excel to software?

Yes, all major cap table platforms offer migration services from Excel spreadsheets. Platforms like Astrella provide white-glove onboarding with expert support, while Xumane guarantees 24-hour onboarding. Most platforms will audit your existing cap table, identify errors, and ensure accurate data transfer with historical transaction records intact.

What's the difference between Carta and Pulley?

Carta is a comprehensive enterprise-grade platform with SEC transfer agent services, extensive compliance features, and scalability from seed to IPO, but requires custom pricing quotes. Pulley offers transparent pricing starting at $100/month (billed yearly), faster onboarding (10 days), and unique token cap table management for Web3 companies. Choose Carta for long-term scalability and regulatory complexity, or Pulley for transparent pricing and modern token support.

Do I need cap table software if I'm just starting out?

Yes, implementing cap table software early prevents costly errors and simplifies future fundraising. Free plans from Carta, Ledgy, and Cake Equity provide basic cap table management at no cost. Starting with proper software establishes clean equity records from day one, making due diligence faster and reducing legal fees during your first fundraising round.

Can cap table software handle SAFE notes and convertible debt?

Yes, modern cap table platforms automatically track SAFE notes, convertible notes, and other convertible securities. Platforms like Pulley and Astrella offer quick SAFE generation and automated conversion calculations when fundraising rounds close. The software models how SAFEs will convert at different valuations, helping you understand dilution before finalizing investment terms.

Conclusion

Choosing the right cap table management software eliminates spreadsheet errors, streamlines fundraising, and ensures regulatory compliance as your company grows.

Whether you're an early-stage startup seeking free solutions like Carta's Launch plan or a high-growth company needing advanced features from Pulley or Astrella, the platforms reviewed here offer scalable options for every stage and budget.

Prioritize solutions that integrate with your existing HRIS and legal workflows, provide transparent pricing, and offer the compliance features required for your jurisdiction.

Start with a platform that matches your current needs but can scale as you raise capital and expand your team.