Carta (software company)
| File:Carta-logo.svg | |
| Carta, Inc. | |
| Industry | Software |
| Founded | 2012 |
| Founders |
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| Headquarters | 333 Bush Street, , U.S. |
Key people |
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Number of employees | 1,618 (2022) |
| Website | carta |
eShares, Inc., known commercially as Carta, Inc., is a technology company headquartered in San Francisco, California that focuses on software solutions for capitalization table management and company valuation. The platform digitizes traditional paper-based stock certificates, stock options, warrants, and derivatives, allowing businesses, investors, and employees to efficiently oversee equity ownership. Additionally, Carta developed CartaX, a private marketplace for trading shares, which ceased operations in 2024.
Established in 2012 by entrepreneur Henry Ward (currently CEO) and investor Manu Kumar (Chairman), Carta primarily serves venture-backed enterprises seeking streamlined digital equity management.
History
Originally launched as eShares in 2012 by Henry Ward and Manu Kumar, the firm recognized an unmet need for digital tools to manage capitalization tables. In August 2015, it secured $17 million in Series B funding led by Spark Capital to accelerate its international growth.
In October 2016, eShares formed a partnership with HR software provider Zenefits to integrate equity management functionalities. On September 1, 2017, the company acquired Silicon Valley Bank Analytics to strengthen its valuation capabilities. The following month, it raised $42 million in Series C financing led by Menlo Ventures and Social Capital; this round also brought Matt Murphy and Arjun Sethi onto the board. Later in 2017, the company transitioned its brand identity from eShares to Carta.
By December 2018, Carta completed an $80 million Series D funding round led by Tribe Capital and Meritech Capital Partners, achieving a valuation of $800 million. In May 2019, it raised $300 million through a Series E round at a $1.7 billion valuation with Andreessen Horowitz leading the investment.
In November 2019, Carta implemented enhanced employee separation policies designed to safeguard equity ownership by offering severance pay without legal constraints and extending option exercise periods.
In July 2020, former marketing executive Emily Kramer initiated legal action against the company citing gender discrimination and wage disparities. That year also saw increased examination of Carta’s workplace culture. During this period, the Series F funding round valued the company at $3.1 billion. To address internal culture issues, Lisa Whittaker was recruited from UBS.
January 2021 marked the launch of CartaX, a platform enabling private share transactions ahead of IPOs or acquisitions; by February, Carta had transacted nearly $100 million of its own equity through this exchange.
In September 2022, Carta expanded its international footprint by acquiring UK-based competitor Capdesk.
In October 2023, allegations of sexual misconduct were made against Chief Revenue Officer Jeff Perry; the lawsuit was resolved in 2025 amid multiple discrimination-related settlements dating back to 2023.
By 2024, after raising roughly $1.2 billion in venture capital since its founding, Carta’s valuation fell below $2 billion—a decline of approximately 75% from its highest valuation.
Products and services
Carta creates software solutions designed to assist businesses in managing their capitalization tables, clearly displaying ownership stakes, equity dilution, and valuations through various funding rounds. Their platform also offers digital tools for overseeing valuations, portfolio assets, and equity compensation plans.
This software allows company founders to distribute digital share certificates to investors and employees while providing a unified dashboard to track stock ownership details, timing and pricing of share issuance, and shareholders’ intentions regarding selling. Venture capital firms rely on Carta’s technology to streamline portfolio management.
Carta previously operated the CartaX private stock exchange, which enabled the trading of shares before companies went public or were acquired. Dubbed "the NASDAQ for private companies" by Business Insider, this exchange was shut down in 2024 due to a security breach involving customer data.
The company’s dedication to capitalization table management led to the creation of its Table Stakes equity gap reports, which expose inequalities in equity distribution across gender, race, ethnicity, and geographic lines within sectors such as high technology.
Operations
Based in San Francisco, California, Carta managed over $2.5 trillion in company equity and facilitated $13 billion in secondary-market transactions as of August 2022. Its clientele includes notable firms like Slack, Calendly, and Affirm. Henry Ward holds the position of CEO.