Gane Index
All indexesEvery index and its categoriesGTMMarketing, sales, customer and revenue operations softwareITSecurity, IT operations, cloud, developer and data softwareHRHR, payroll, recruiting, performance and learning softwareFinanceAccounting, planning, spend, billing and treasury software
Claim your listing
Index › Finance › Equity and corporate › Cap table management › Ledgy vs Cake Equity
Cap table management · November 2026 Edition

Ledgy vs Cake Equity

Two of fourteen models named Ledgy first on the direct prompt; zero named Cake Equity. Ledgy was named by fourteen of the fourteen models and Cake Equity by thirteen and Ledgy carries 56 labels and Cake Equity 33, so the shares are not directly comparable.

Ledgy

accepted challenger

Named in three categories this edition.

Cake Equity

accepted challenger

Named in one category this edition.

First-choice share9%5%Of first choices across the direct, paraphrase, budget and scale prompts, 0 to 100.
Negative rate2%3%Negative labels as a share of the product's labels, 0 to 100.
Rank in category#3#4A position in a field of 11; printed, not drawn.
Labels5633A count; the two differ.
The two percentage rows are drawn on one 0 to 100 track, Ledgy reading right to left. Rank and label count are printed, not drawn.Carta Equity was named alongside these two in thirteen of the fourteen direct answers. Carta Equity vs Ledgy · Carta Equity vs Cake Equity · Eqvista vs Ledgy

Share is the count of first choices across the direct, paraphrase, budget and scale prompts over all fourteen models, for a mid-market B2B company; rank is within the category; every quote names the model and the prompt it came from. Both figures come from the cap table management page.

By framing

How many of the fourteen models made each the first choice, per way of asking, and how many argued against it.
LedgyFirst choices, of fourteen modelsCake Equity
Direct201 against Cake Equity
Paraphrase30
Comparative01
Budget-constrained031 against Ledgy
Scale-constrained00
Negative01
Bars are first choices, 0 to 14 each sideModels that argued againstA model can name both, so the two sides of a row do not sum to fourteen.

Across every category in the November 2026 Edition, Ledgy and Cake Equity were named in the same answer fifty-nine times, of the 151 answers naming Ledgy and the 85 naming Cake Equity. In those answers Cake Equity took the first choice eleven times and Ledgy one.

Every model, every framing

The eighty-four answers behind the chart above, one cell each: where Ledgy and Cake Equity stood in it.
ModelDirectParaphraseComparativeBudget-constrainedScale-constrainedNegative
Claude Haiku 4.5
GPT-5.4 mini
Gemini 3.5 Flash
Perplexity Sonar
Grok 4.20
Mistral Small
DeepSeek V4 Flash
Llama 4 Maverick
Qwen 3.7 Flash
Kimi K2
GLM 4.7 FlashX
MiniMax M2.5
GPT-6 Luna
Muse Glimmer 30B
Ledgy Cake Equity first choice named as an alternative argued againstblank: not namedEach cell is one answer, Ledgy on the left and Cake Equity on the right.

The direct prompt

The plain question, one answer per model, grouped by where Ledgy and Cake Equity stood in it.

Ledgy first, Cake Equity not the choice

2 of 14 modelsCake Equity was named in the answer but not as the choice, or not at all.
Mistral SmallCarta Equity, Ledgy alternatives: EquityList
Qwen 3.7 FlashCarta Equity, Ledgy alternatives: Pulley

Neither was the first choice, one was named

10 of 14 modelsThe answer put something else first and named one of the two as an alternative.
Claude Haiku 4.5Qapita alternatives: Cake Equity, Pulley, Shareworks
GPT-5.4 miniCarta Equity alternatives: Eqvista, Ledgy, Pulley
Gemini 3.5 FlashCarta Equity alternatives: Ledgy, Pulley, Shareworks
Perplexity SonarCarta Equity alternatives: Ledgy, Qapita, Shareworks
Grok 4.20Carta Equity alternatives: EquityList, Ledgy
DeepSeek V4 FlashCarta Equity alternatives: Ledgy, Qapita
Kimi K2Carta Equity alternatives: Ledgy, Qapita
GLM 4.7 FlashXCarta Equity alternatives: AngelList Stack, Capboard, Fidelity Private Shares, Ledgy, Pulley, Walter
MiniMax M2.5Carta Equity, EquityList alternatives: Ledgy, Qapita
Muse Glimmer 30BCarta Equity alternatives: Ledgy, Morgan Stanley at Work Shareworks

Neither was named

2 of 14 modelsThe answer made no first choice from these two in this category.
Llama 4 MaverickCarta Equity
GPT-6 LunaCarta Equity alternatives: Fidelity Private Shares, Shareworks

Bold names in an answer are the products the judge labeled a first choice; a model naming several gives each of them that label. The full answer text for every row is in the record.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment and they are never added together. The figures above are the mid-market standing, which is the one the category orders by.
Small business
Cake Equity leads by twelve points.
Cake Equity12%#3 of 12
Ledgy0%#8 of 12
The full small business standing →
Mid-marketThe figures above
The order flips: Ledgy leads at mid-market.
Ledgy9%#3 of 11
Cake Equity5%#4 of 11
The full mid-market standing →
Enterprise
Ledgy leads by four points.
Ledgy4%#6 of 10
Cake Equity0%#– of 10
The full enterprise standing →

What the models said about Ledgy

Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Four of five in this category shown.

“lean toward Capboard or Ledgy (though Ledgy is pricier)” Grok 4.20 · budget prompt · soft negative
“the most recommended equity management platforms are Ledgy and Carta” Mistral Small · paraphrase prompt · first choice
“the top recommended platforms are Ledgy, Eqvista, and Capboard” Qwen 3.7 Flash · paraphrase prompt · first choice
“two platforms consistently rank at the top: Carta and Ledgy” Qwen 3.7 Flash · direct prompt · first choice

What the models said about Cake Equity

Every negative label with a quote, up to three, then the highest-weighted positives, up to three. Four of five in this category shown.

“Budget-friendly starters ... but they may lack depth for complex mid-market needs compared to Carta” Grok 4.20 · direct prompt · soft negative
“Often praised for affordability ($0–low monthly), strong compliance ... High G2 ratings (4.8/5)” Grok 4.20 · negative prompt · first choice
“Cake Equity: Offers a free plan for up to 5 stakeholders, then predictable annual tiers.” Llama 4 Maverick · budget prompt · first choice
“Cake Equity and Eqvista stand out as top recommendations for limited budgets” Claude Haiku 4.5 · budget prompt · first choice
Also compared
Carta Equity vs LedgyCarta Equity vs Cake EquityEqvista vs LedgyEqvista vs Cake EquityLedgy vs Fidelity Private SharesLedgy vs QapitaLedgy vs EquityListLedgy vs CapboardCake Equity vs Fidelity Private SharesCake Equity vs QapitaCake Equity vs EquityListCake Equity vs CapboardAll twenty-eight head-to-head pages and the full cap table management standing

Comparisons are drawn for the top eight products in each category, each against each. The output is the models' output; nothing here is a recommendation by the index.