Opagio vs Pulley: Cap Table and the Layer Above
Opagio vs Pulley — how the two platforms fit together. Pulley runs cap table, 409A and equity admin; Opagio measures the intangible value behind it.
Founders looking at Opagio and Pulley are usually shortlisting two tools that do different jobs. Pulley is a cap table and 409A platform — a younger, well-regarded Carta challenger with transparent fixed-per-stakeholder pricing. Opagio is an intangible asset growth platform — twelve value drivers, asset-level valuation, lending readiness, and exit preparation. The two sit on different layers of the same company.
| Criteria | Opagio | Pulley |
|---|---|---|
| Primary job | Intangible asset valuation and growth measurement | Cap table, equity administration, 409A valuations |
| Unit of analysis | The individual intangible asset (customer capital, technology, brand, etc.) | The equity holding (shares, options, RSUs, SAFEs) |
| Valuation methodology | Asset Valuator: RFR, MPEEM, With and Without, Cost, DCF, market multiples — IFRS 3 / IAS 38 / ASC 805 aligned | 409A — IRS-compliant share valuation for US option-granting startups |
| Taxonomy | The Opagio 12 — twelve value drivers with a comprehensive library of asset types | Equity instrument types (common, preferred, options, RSUs, SAFEs, warrants) |
| Capital pathway coverage | Four pathways: borrow, protect, fundraise, exit | Fundraise (round modelling); equity-driven exit waterfall |
| Jurisdictional scope | UK-primary, multi-jurisdiction roadmap (US, Canada, Australia, Ireland) | US-anchored, US-incorporated startups primary use case |
| Pricing model | Tiered SaaS subscription — free Forecaster, paid Forecaster Pro, paid Opagio Intangibles platform | Fixed price per stakeholder, transparent SaaS pricing |
| Best fit when | The buyer needs a structured view across the full intangible base — for fundraising narrative, lending, exit prep, ongoing growth tracking | The buyer needs cap table management and an IRS-compliant 409A with a transparent pricing model |
When to Use Each Approach
Opagio
- You are preparing investor material and the conversation has moved beyond ownership to value drivers
- You are 12-36 months out from a potential exit and want to build the intangible-value narrative
- You are scoping an IP-backed lending facility
- Your business depends materially on customer, organisational, human, or data capital
Pulley
- You are a US-incorporated startup granting options and need an IRS-compliant 409A
- You have a growing cap table and want a system of record with predictable pricing
- You want a transparent fixed-per-stakeholder subscription model
- Your equity admin needs employee-facing tools (grant acceptance, vesting visibility, portals)
Our Verdict
Pulley and Opagio cover different layers of the same company. Pulley runs the equity layer — cap table, 409A, option plans, scenario modelling — with a transparent pricing model. Opagio runs the intangible-asset layer — twelve value drivers, asset-level valuation, lending readiness, exit preparation. For most growth-stage companies, the right operating model is to run both alongside each other.
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