Best Carta 409A Alternatives - Compare Top Providers (2025)

Carta is probably the first name you'll hear when someone mentions 409A valuations. They've done a great job of becoming synonymous with equity management for startups. But here's something worth knowing: Carta isn't your only option, and depending on your situation, it might not even be your best option.

Let's talk about what else is out there and how to choose the right 409A valuation provider for your company.

Why Look Beyond Carta for Your 409A Valuation?

Don't get me wrong - Carta is a solid platform and works well for many companies. But there are some legitimate reasons founders explore Carta alternatives:

Speed and responsiveness: Some founders report waiting weeks for responses or dealing with slow turnaround times, especially if you're on a lower-tier plan. When you're trying to close a hire or finalize a fundraise, speed matters.

Customer support quality: If something goes wrong with your valuation or you need to discuss methodology, getting direct access to a knowledgeable person can be challenging. You might find yourself stuck with generic support responses when you need expert guidance.

Flexibility on methodology: 409A valuations involve judgment calls. Some providers are more willing to work with you to understand your business model and apply the methodology that makes the most sense for your specific situation.

Cost structure: Carta bundles 409A valuations with their equity management platform. That works if you want the full package, but if you're happy with your current cap table management or want to shop around, the bundled pricing might not be the best deal.

Locked-in provider: Once you're in the Carta ecosystem with your cap table managed there, switching becomes harder. Some founders prefer keeping their 409A provider separate from their equity management to maintain flexibility.

Best Carta Alternatives for 409A Valuations

The good news is there are several established players in the 409A valuation space, each with their own strengths.

Specialized 409A Valuation Firms

Companies like AngelSpan, Aranca, and Scalar focus primarily on valuations rather than equity management software. This specialization can mean:

• Faster turnaround times (often 5-7 business days vs 2-3 weeks)
• More direct access to the valuation analysts
• Greater flexibility in methodology discussions
• Transparent, a la carte pricing

The tradeoff? You'll manage your 409A separately from your cap table software, which means a bit more coordination on your end.

Full-Service Equity Management Platforms

Platforms like Pulley, Shareworks, and AngelList offer equity management with 409A valuations as part of their service. These can be good Carta alternatives if you're looking for an all-in-one solution but want:

• Different pricing structures
• Better customer service experiences
• More modern interfaces
• Tighter integration with other tools you're using

Traditional Valuation and Accounting Firms

Don't sleep on established firms like Moss Adams, Deloitte, or KPMG. Yes, they're often pricier (think $5K-15K+ vs $2K-8K), but for later-stage companies or complex situations, they bring:

• Deep expertise in complex capital structures
• Credibility with auditors and investment bankers
• Experience with unusual business models
• The gravitas that can matter during M&A due diligence

How to Choose the Right 409A Valuation Provider

Here's what to evaluate when comparing 409A valuation providers:

Turnaround Time

How quickly can they deliver your 409A valuation? If you're in the middle of fundraising or trying to close key hires, a two-week difference in delivery time can matter a lot. Ask for typical timelines and whether they can expedite if needed.

Direct Access to Valuation Analysts

Will you actually talk to the person doing your valuation, or will everything go through customer support tickets? Being able to have a real conversation about your business and valuation methodology can lead to better outcomes.

Industry Experience

Have they done valuations for companies like yours? A firm that's valued hundreds of SaaS companies will understand your business model faster than one that mostly works with biotech or hardware companies.

Methodology Transparency

Good providers will walk you through their approach and explain their assumptions. Red flag if they treat the process like a black box or won't discuss their methodology in detail.

Support During Audit or Due Diligence

If you get acquired or audited, will they stand behind their valuation? Will they answer questions from auditors or acquirers? This support can be crucial down the line.

Total Cost of Ownership

Don't just look at the sticker price for your initial 409A valuation. Consider:

• How often do they require refreshes?
• What triggers an additional fee vs being included?
• Are updates after material events reasonably priced?
• What happens if you need to discuss the valuation with auditors?

The Integration Question

One thing Carta does really well is integration - your 409A automatically syncs with your cap table because it's all the same system. If you go with a separate 409A valuation provider, you'll need to:

• Send them your cap table data for each valuation
• Manually input the resulting strike prices when granting options
• Keep your records straight across multiple systems

For some founders, this extra coordination is worth it for better service or pricing. For others, the convenience of an integrated system wins out. Neither answer is wrong - it depends on your priorities and how hands-on you want to be.

Switching from Carta to Another Provider

Already using Carta but thinking about switching? Here's what you should know:

Your cap table is yours: You can export your data and move it to another platform. It might take some work, but you're not permanently locked in.

Consistency matters: When you switch providers, expect some potential variation in methodology. Your new provider might value things slightly differently, which is normal but worth being prepared for.

Timing is everything: The best time to switch is right after your current 409A expires (after 12 months) or right before you need a refresh for a material event.

The Bottom Line

Carta built a great business by bundling equity management with 409A valuations, and for many companies, that bundled approach makes total sense. But it's not your only option, and depending on what matters most to you - speed, cost, service quality, or flexibility - you might find a better fit elsewhere.

The most important thing? Get your 409A valuation done right and on time, regardless of provider. A proper valuation from any reputable firm beats cutting corners or procrastinating because you're overwhelmed by choices.

Do your homework, talk to a few 409A valuation providers, and choose the one that fits your stage, budget, and needs. Your future self (and your employees) will thank you for taking the time to get it right.