Cap table management platform Pulley announced this week on its website that it was shutting down, and its final day of operations and services will be December 8. In a twist, it said it has partnered with its rival, Carta, to offload customers; it’s also redirecting prospective clients to Carta. 

Yin Wu, a serial founder and ex-Microsoftie, started building Pulley in 2020 and went on to raise over $50 million from top investors, including General Catalyst, Stripe, and Founders Fund.

Pulley didn’t offer a reason for the shutdown (we’ve reached out to Wu for comment, but she didn’t immediately respond). However, a former employee speculated online that Pulley wasn’t so much competing with Carta as it was with spreadsheets. And these days, startups can easily use AI to keep, improve, and maintain their spreadsheets.

In a statement posted to LinkedIn, Wu thanked her team and backers, writing that “though this is the closing of one chapter, I, along with many of our strongest team members, have no intention of riding off quietly into the night.” 

“There has never been a better time to solve big problems,” she continued. “Thank you again to everyone who supported us over the years.”