Tenacap

Tenacap is a web-based cap table platform for managing company equity from incorporation through priced rounds. It suits US Delaware C-corps that want financing scenarios and equity documents alongside their ownership records. Its focused V1 scope and free entry plan make it a practical starting point, though companies outside that legal and geographic scope should look elsewhere.

Overview

Tenacap brings equity instruments, financing models, and company records into one platform. It handles SAFEs, convertible notes, option plans, grants, vesting, exercises, and restricted stock, then models priced rounds, converts outstanding instruments, and calculates exit waterfalls. That breadth is useful for founders planning how a financing affects ownership, rather than only recording a static cap table.

Companies can import from Carta, Pulley, Tenacap workbooks, or spreadsheets, and export CSV, open-schema JSON, or a complete archive. Multiple export routes help with portability; the archive option is particularly relevant to teams that want a fuller record than a spreadsheet export.

Key features

Financing and equity records

Scenario modeling, share-class tracking, and option management cover central cap-table needs as a company grows. The ability to convert SAFEs and notes within priced-round models and calculate exit waterfalls makes Tenacap more useful for evaluating outcomes than a tool limited to tracking grants and ownership.

Documents and controls

Tenacap generates equity and board documents, with native e-signature and a sealed PDF completion certificate. Employee and investor portals and board approvals are included in Traction, so teams needing those workflows should factor the paid tier into their choice.

The maker says traffic uses TLS with HSTS, sensitive fields are encrypted with AES-256-GCM, and passwords are hashed with Argon2id. Changes to the cap table are recorded in an append-only, tamper-evident ledger using cryptographic chaining. Tenacap is building toward a formal SOC 2 examination; teams that require a completed examination should account for that distinction.

Pricing

Beta is open, and customers are not billed during it. Tier prices take effect at general availability.

Starter is aimed at companies that have not raised a priced round. It keeps stakeholder capacity unlimited, but one saved scenario limits ongoing comparison of financing possibilities, and it lacks the paid document and portal workflows. Traction is intended for teams that have raised a priced round and need those workflows or multiple saved models. Growth adds accounting, compliance, tax, and diligence features for companies with those reporting needs. Third-party services such as partner 409A valuations are pass-through priced.

Platforms

Tenacap runs on the web. Its help center provides step-by-step guides without requiring a login.

Who it's for

Tenacap is best suited to founders and finance teams at US Delaware C-corps that want equity administration tied to financing scenarios and document generation. Its stated V1 focus excludes international entities, which are not on its V1 or V2 roadmap; companies organized elsewhere should choose a platform with a suitable entity scope.

Pros and cons

• Useful coverage across fundraising and equity: SAFEs, notes, options, grants, priced-round modeling, and exit waterfalls support both recordkeeping and planning.
• Flexible data movement: Imports from Carta, Pulley, workbooks, or spreadsheets and exports to CSV, open-schema JSON, or a complete archive help teams move data in and out.
• Document workflow is part of the product: Generation, e-signature, and sealed completion PDFs can reduce the gap between recording an equity decision and documenting it.
• Starter limits scenario work: Only one saved scenario is included, so companies comparing several financing outcomes will need Traction.
• Narrow entity scope: International companies are outside the stated roadmap, making Tenacap a poor fit for them.
• SOC 2 is not yet formalized: The company is working toward an examination, a consideration for organizations requiring one.

Alternatives

Compare cap table management software for more options by category.

• Cake Equity is a reasonable alternative for teams seeking Android or iOS access as well as web, or a free plan capped at five stakeholders with cap-table, option, and SAFE-note features.
• Eqvista may suit teams wanting Android or iOS access and a free cap table and ESOP plan for fewer than 20 stakeholders, with vesting schedules, stakeholder accounts, and a data room.
• Mantle is worth considering for web teams that want a free plan with unlimited stakeholders, SAFE signing and templates, scenario modeling, and law-firm integration.
• Qapita Equity Management may fit a smaller company with up to 25 stakeholders and less than $1M raised seeking free cap-table and equity-plan management, scenario modeling, a data room, and standard reports.
• Capboard is another web option, including a self-hosted platform and a free trial.
• Fidelity Private Shares may suit teams with up to 25 stakeholders and less than $1M raised looking for a free launch plan with cap-table tools, board consents, scenario modeling, and a data room.
• Aportia is a paid web alternative with a 7-day free trial and a $19.99/month plan for slicing-pie models.
• Ledgy may be a better fit for teams seeking API access or a free plan capped at 50 stakeholders with equity plans, grants, and simple vesting.

Verdict

Choose Tenacap if you run a US Delaware C-corp and want cap-table administration, financing scenarios, and equity documents in one web platform, with a free plan to begin. Its main trade-offs are the one-scenario Starter cap and its narrow entity scope; international companies or teams needing a completed SOC 2 examination should look elsewhere.