What Startups Should Look For In A Cap Table Management Platform — Lessons From Tomas Milar

The useful part

September 30, 2026 Tomas Milar is a fintech founder focused on building the financial infrastructure for private markets. Eqvista serves more than 25,000 companies and powers Eqvista Real-Time Company Valuation, an always-on valuation engine covering approximately $9 trillion in company value. Tomas has also launched and scaled ventures across the US and Southeast Asia, including Startupr, IncParadise and Cheqly, a digital banking platform for startups.

How it works

• If the underlying ownership data is wrong, a beautiful dashboard doesn't help you.
• A platform that works when you have five shareholders also needs to work after several financing rounds, an employee option pool, different security types and potentially hundreds of stakeholders.
• Founders should look at how the platform handles equity grants, vesting, option pools, different share classes, SAFEs and convertibles, dilution modelling, reporting and valuations.
• They should also look at how easy it is to get their data out and what kind of support exists when something becomes complicated.
• For valuations, for example, our clients can work directly with the analysts handling their valuation when they need expert input.

What to take from it

Something that looks minor today can become a much bigger problem during the next financing, a 409A valuation, due diligence or an exit. A 409A valuation, a financing valuation and the value implied by a transaction can all be different because they serve different purposes. That includes developments around the company itself and its competitors, because those events can change the context in which a private company is valued.

Example or evidence

• Look at whether the provider can evolve with the company you're trying to build.
• I think Pulley's shutdown also highlights something people outside this industry can underestimate: building good cap table software is only part of the challenge.
• We combine those conversations with where we see the private markets heading and use both to decide what we build next, whether that's new valuation capabilities, financial modelling, compliance or...
• It needs to keep learning, adapting and building for where its customers are going.

Details worth keeping

Tomas believes private markets are entering a new phase in which companies need more than static cap tables and one-time valuation reports, and infrastructure that helps them understand what their shares are worth, communicate that value clearly and create structured paths to liquidity. Why has cap table management become more complicated for startups, particularly as they grow? Two or three founders, a few investors, maybe an option pool.

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