HR Tech · sub-niche
Equity administration SaaS.
Cap-table + option-grants + 409A + secondary management.
One-quarter buildTrickle — one deal per quarter
Why now
Carta lost trust in 2024. The wedge is open for mid-market replacement.
What the signal looks like
Repos with cap-table libraries, ASC 718 expense calculators, and secondary-market integrations.
Public examples
We name publicprojects + categories only — never founders we track inside the paid product. The buyer’s edge stays inside the product.
- Carta / Pulley shape
- AngelList Equity
- Open-source cap-table libraries
What this displaces
A spreadsheet + missed 409A renewal.
Our build-vs-invest call
Hard regulatory. Fund only with prior cap-table or fintech team. The moat is the 409A relationship + the integrations.
Common questions about this niche
- Buyer?
- CFO + Founder + CEO at $5-500M revenue.
- Pricing?
- Per stakeholder per month.
- Compliance?
- ASC 718 + 409A + SEC.
More inside HR Tech
- AI recruiting shortlist tools — Automatic candidate shortlist from job descriptions + LinkedIn + GitHub + personal sites.
- Employee onboarding automation — First-30-days automation: paperwork, intros, training, equipment, software access.
- Performance review LLMs — AI-drafted reviews, feedback summarization, calibration sessions.
- Payroll for distributed teams — Multi-country payroll + benefits + tax compliance for remote-first teams.