Pulley, a funding-tracking platform favored by startups, has ceased operations following a seven-year existence.
The company announced via a statement on its website Tuesday that operations will stop on December 8.
Pulley secured more than $50 million from investors including Founders Fund, General Catalyst, Stripe, and 8VC. It had previously tried to compete against its larger rival Carta in the cap table management space—software that helps companies monitor share ownership and issue new equity during fundraising.
As part of the wind-down, Carta agreed to assist with customer transitions and is offering a limited-time promotion, according to Pulley’s communication.
Yin Wu founded Pulley after selling her Android app Echo to Microsoft in 2015.
In a LinkedIn post on Tuesday, Wu wrote: “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. 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, the founders shared 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 stated in its message.
Customers moving to Carta will retain their current Pulley pricing for the first year, and Carta will credit any unused portion of their Pulley subscription.