2025
November
Sync Team Data in Real-Time with the Rippling Integration
Mantle now connects directly with Rippling, making it easier than ever to keep your team data in sync and ensure your equity workflows stay accurate, automated, and up to date.If your company uses Rippling, you can now streamline employee updates, reduce manual data entry, and maintain a cleaner source of truth across your HRIS and cap table tool.Read more here →Pay for Mantle on Your Loop Card & Get Rewarded
We’re partnered with Loop to make Mantle even more accessible for early-stage teams. When you pay for your annual Mantle subscription using your Loop Card, you’ll receive $120 back as a statement credit.If you’re a founder with an offer that would benefit our community, we’d love to hear from you. Reach out to our team at [email protected] to connect. T&Cs apply.Sign up for Loop →Improved Template & Equity Plan Workflows
We’ve rolled out several updates that make managing option grants and equity plans faster and more intuitive:- Equity Plans now support eligible recipient types to align more closely with the rules in your plan documents.
- You can now upload new templates directly within the Equity Plan form.
- Equity Plans now support default signing templates and vesting schedules, cutting out repetitive setup for every new grant.
- Signing templates are now created when you publish or preview, not when you save a draft - so editing multiple grants is noticeably quicker.
- We’ve cleaned up the UI, including clearer template keyword visibility and the removal of unnecessary fields.
October
Mantle and Dream Payments Partnership
Streamlined Signatory Management
- Update signatories on demand
- Dynamic form validation to ensure fully executed documents
Smarter Round Calculations
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- Stakeholder Breakdowns: Get clearer insights into how each stakeholder is affected in your modeled rounds.
- Convertible Note Support: Include convertible notes directly in your round calculations.
- SAFEs & Convertible Notes Attribution: Attribute SAFEs and convertible notes to existing stakeholders, keeping ownership tracking accurate and consistent.
Share Class & Series Enhancements
- We’ve enhanced the support for share classes and the series that roll up into them, giving you a more detailed and accurate view of your company’s ownership hierarchy.
September
A Smoother Registraiton Experience
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A Guided Onboarding Checklist
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Smarter Bulk AI Extract Recommendations
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August
Free Cap Table Tools for Founders
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- Auto-detect and draft SAFEs from your uploaded file
- Add additional SAFEs to see how they affect future raises
- Model convertible notes
Smarter, More Powerful Data Rooms
- Smarter navigation with filters, sorting, and multi-selection for working across large file sets
- Richer file context through a new details panel showing key info and linked resources at a glance
- Seamless collaboration with the ability to add comments to files during onboarding and review
Smarter Document Processing: Never Manually Enter Data from PDFs Again
- More accurate document classifications for clarity on every file
- Improved handling of supplemental files so nothing gets missed
Join Mantle’s Reddit Community
July
Mantle Starter Launches on Product Hunt
- Set up their cap tables in minutes with AI Extract
- Manage SAFEs, option grants, and common share issuances
- Export their cap table in industry-standard OCX format
Bulk Smart Drafting for All Security Types
- Convertible Notes
- SAFEs
- Warrants
- RSAs
- Shares
- Options
Major Smart Drafting & AI Extract Enhancements
- New designs for smart drafting securities and share classes
- Fuzzier share class and vesting schedule matching for better AI accuracy
- Streamlined UX to make drafting via AI Extract and adjusting any details faster and easier
June
Speed Up Data Entry with Smart Drafting
- Drafting Share Class & Charters for new companies
- Equity Plans & Option Grants
- SAFEs & Convertible Notes
- Shares
ISO/NSO Reporting: Smarter Compliance, Built In
- Assistive hints to help determine which stakeholders are eligible for ISO treatment based on their role at the time of the grant.
- A new Reports Page that serves as a centralized home for all your equity reports, including ISO/NSO reports
Meet the Command Palette
- Quickly find and navigate to specific stakeholders or areas of the platform
- Utilize contextual actions to quickly enter key flows for securities
May
Conditional Milestone-Based Vesting is Here
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- Set customizable vesting triggers to match milestones
- Automatically sync vesting changes to the cap table in real time—no manual updates
- Stakeholders see vesting progress via their portal view
Sandboxes for Law Firms
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- Draft cap tables from documents and spot errors or missing data
- Train new members in a risk-free workspace
- Demo sandbox companies to clients or stakeholders
April
Mantle Help Center, Just a Click Away
We’ve made getting answers easier than ever. The Mantle Help Center is now directly accessible from within the platform, so whether you’re troubleshooting a grant setup or navigating a cap table update, helpful guidance is always just a click away. Don’t worry, our support team is still ready and available when you need them.Smarter In-Platform Exercising
Following last month’s launch, we’ve upgraded In-Platform Exercising with powerful admin tools:- Select “Other” as a payment type
- Add supporting documents like scans of deposited checks, proof of wire receipt, etc.
- Leave internal notes to track important context
Option Grants: “Plus One Day” Expiration Defaults
We’ve added a “Plus One Day” toggle for grant expiration defaults—giving you more flexibility and accuracy with your equity plans. While “n years, less one day” is common, some plans prefer the inverse—and now you have both options.Seeking Design Partners for Law Firm Dashboards
We’re currently seeking to increase the number of Law Firm design partners for the Law Firm Dashboard. This feature enables Law Firm professionals to:- Manage multiple clients on Mantle from a central dashboard
- Assign and adjust access across cap tables with ease
Coming Soon: Conditional Vesting
Support for Conditional Vesting is nearly here! This upcoming update will help founders and law firms better reflect edge-case vesting logic directly in Mantle. Stay tuned for more in May’s update.March
Introducing In-Platform Exercising
We’re excited to announce in-platform exercising is available on Mantle! This new functionality streamlines the entire workflow, saving you valuable time and reducing administrative overhead throughout the option exercise process.Here’s what the process looks like
1. Option Holder Submits an Exercise RequestWhen an option holder is ready to exercise their option grants, they will log into Mantle to submit an exercise request. The option holder will be able to specify the request date, amount to exercise, address, and submit their signed exercise notice form.
How to enable in-platform exercising
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Edit an equity plan and toggle permission for “Allow on-platform exercising of options”
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Upload your company’s exercise notice template
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Set approval delegates to manage the exercise process
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Add payment instructions & other notes
February
Self-Service Access Management
We’re putting more power directly into the hands of platform admins with our new self-service access management feature. Now, you have granular control over who sees and interacts with your company’s cap table, ensuring both security and efficiency.Permission Levels: Assign roles like Admins for full control, Editors for those needing to make changes, and Viewers for read-only access. This ensures sensitive information is protected while still allowing for seamless collaboration.Email Invites: Automated email invites are now sent directly to new users. This eliminates communication delays and ensures everyone is onboarded quickly and efficiently.
Improved Login Experience
We understand that seamless access is crucial, and we’ve been working diligently behind the scenes to enhance your login experience. After some intermittent issues, we’ve created a new, more robust authentication process to ensure a smoother, more reliable login process for all our users.
In Progress (Coming soon!)
We’re hard at work on some highly anticipated features that will be rolling out soon:In-Platform Exercise: We’re bringing option exercise directly into Mantle, allowing stakeholders to execute their options with just a few clicks. This will significantly simplify the process for both employees and administrators, reducing paperwork and accelerating transactions.Conditional/Milestone-based Vesting: We understand that vesting isn’t always linear. Our upcoming feature will support vesting schedules tied to specific milestones or performance conditions. This provides greater flexibility for companies with unique vesting requirements, ensuring equity distribution aligns with strategic goals and achievements.Vesting Acceleration & Pausing: We’re empowering cap table admins with greater control over vesting schedules. You’ll soon be able to accelerate vesting on an ad-hoc basis, recognizing exceptional performance or contributions. Additionally, you’ll have the ability to temporarily pause and resume vesting, providing flexibility in response to changing circumstances or company needs. This level of control allows for more agile and responsive equity management.January
Mantle Now Offers 409A Valuations
- One 409A valuation report per year
- Prioritized customer support
- All the great features of our regular Essentials Plan
Connect Your Cap Table with NPM
Enhanced Share Class Management
We’ve supercharged our share class functionality! Now you can update share classes at the charter level. This means you can make new or historical updates to authorized share counts all at once, saving you time and effort.Plus, we’re tracking even more data points to enhance our cap table exports and scenario modeling capabilities in the near future, including:- Voting Multipliers
- Original Issue Price & Par Value
- Seniority
- Liquidation Preference Multiplier
- Participation Cap Multiplier
- Conversion Rights
- Data Grid Summaries: The document review side of the tool now provides quick access to tabular summaries of data tied to cap table objects. Information can now quickly be copied out of the tool used to augment professionals’ workflows.
- UI Updates: As part of a larger set of UI changes, we’ve added some additional metadata to the document views in the tool, including page ranges for documents within PDFs; default sorting by upload date to orient users as they move from the Data Room to the tool; and pre-category summaries of information, providing at-a-glance insight into how much information is held in the document set.
- Comment Capabilities: Comment functionality has been added to facilitate collaboration between users when reviewing the document sets.
2024
November
Mantle Partners with Nasdaq Private Market
We’re excited to announce our partnership with Nasdaq Private Market (NPM). By integrating Mantle with NPM’s SecondMarket™ Company Workstation, we’re making it easy for private companies to do secondary transactions. The concept is for Mantle clients to connect to NPM’s platform to run tenders and automatically share cap table data in the industry-standard Open Cap Table Format (OCX) and return the updated cap table to Mantle post-transaction(s).We’ll be sharing this news more publicly in the coming days. To help spread the word, please share our partnership announcement with your network once released.
Upload Multiple Securities with “Bulk Draft” Feature
Need to upload multiple securities into Mantle? Mantle’s Bulk Draft feature lets you upload multiple securities in one fell swoop. The platform utilizes the OCX ledger format, ensuring securities follow industry-standards set by the Open Cap Table Coalition.
Tie-Out Tool Update: Per-Fragment Verification
When performing a cap table tie out, it can be tricky to feel like everything has been thoroughly reviewed. Good news, with Mantle’s Tie-Out Tool, when verifying the contents of a schedule of investments with 100+ stakeholders on it, Mantle is here to help. The tie-out tool now includes a small but important update that allows users to break the exercise out into bite-sized chunks to verify each element individually.
Coming Soon: Bulk Edit
Making adjustments to multiple securities at the same time isn’t the most frequent thing that takes place on an equity management platform, but not being able to do it in bulk can make it one of the most painful. The team will be rolling out a Bulk Edit feature to allow users to make adjustments to multiple securities at the same time.October
Mantle announces general availability of the tie-out tool
Export cap table previews in OCX at any time
Trace data origins with verification breadcrumbs
Gain complete visibility into your data with verification breadcrumbs. This feature shows exactly which documents contributed to each item in your cap table preview. Do you have multiple team members working on verification? You can now all collaborate on verification as Mantle maintains complete traceability across multiple users, including information on whether the data was verified, who verified it, and when.September
Enhanced tie-out flow for greater control
Mantle is excited to introduce a new platform update that offers more control when using the tie-out flow. Now, you have the flexibility to adjust document classification to pull data from specific page ranges and document types, ensuring accurate and efficient tie-outs. Furthermore, should you as the expert know better than the LLM, Mantle provides human-in-the-loop verification to give you control over the data extraction process.Automated Warrants in tie-out flow
Mantle now supports warrants in the tie-out flow, providing a more accurate and comprehensive view of your company’s capitalization. By accounting for other securities that contribute to the fully diluted share count, you can gain a deeper understanding of your company’s financial health and make more informed decisions.August
Mantle x Open Cap Table Coalition
- What is the Open Cap Table Coalition?
- A Guide to the Open Cap Table Format (+ OCX)
- Open Cap Table Format Tools for Law Firms
Upgrades to Mantle’s New Tie-Out Tool
Thanks to introductions from our network, we’re now working with a number of leading law firms as they pilot our new Tie-Out Tool.This month, we’ve upgraded the tool with the ability to pinpoint discrepancies between the document-based cap table and their spreadsheets using stakeholder breakdown views. Was a stakeholder referenced by different names across documents? Did the tool misclassify a document? You can now make adjustments for a picture-perfect cap table.Enhanced Support for Multi-Currency
Mantle is proud to introduce multi-currency support within the platform. For companies managing plans with multiple eligible share classes or those operating across borders, we’ve added **Share Class/Series **and Currency to the option grant tables in our board actions this month for greater clarity.July
Tie-Out Tool (Data Verification & Tie-Out Flows)
Mantle’s Tie-Out Tool streamlines data verification and tie-out flows, making it easy for law firms to quickly validate whether an existing cap table is aligned with underlying documents. Our team is working directly with law firms to ensure this tool matches with their internal workflows for ease of use and adoption.Law Firm Dashboards
We’re also eager to offer law firm partners a highly-requested feature, Law Firm Dashboards. These dashboards offer a central location for managing firm clients on Mantle, creating new companies, and managing client, member, and permission settings to better manage their footprint on the platform.Bulk Invite Stakeholders
Onboarding companies just got easier with Mantle’s Upload Stakeholders CSV feature. Mantle administrators can now add multiple stakeholders at a time via spreadsheet (CSV) import, saving valuable time when inviting team members to their account.June
This past month, our team has been hard at work building out data verification flows for law firms. We’re working closely with trusted partners from the Open Cap Table Coalition to improve the efficiency and accuracy of these flows.This will translate into two major benefits for our users:
- Rapid Onboarding: The extra time and attention are aiming to expand its capabilities will allow us to further decrease the time it takes to onboard customers and generate a cap table from company documents. Read more about how we’re leveraging AI to optimize this process.
- Industry-First Tie-Out Mode: It will also allow us to offer an industry-first tie-out mode. In this mode, law firms have the ability to quickly generate a cap table off a set of documents and begin reviewing to identify any gaps or inconsistencies. This is particularly useful for law firms conducting diligence on behalf of an institutional investor.
Three Core Patterns for Trusted Cap Table Generation
Mantle will allow anyone the ability to quickly generate a cap table from a document set and trust the results. These include:- Data extraction: Mantle will intelligently organize your data room by key date ranges and document categories. This facilitates the document-by-document review of key data points that we extract and build the cap table off of.
- Cap table previews: Based on extracted data, we build out a preview of the cap table that summarizes key changes over time and helps reviewers identify any areas that require closer attention.
- Ledger review: With the first two views in, the ledgers then allow for a more pinpointed review of which documents helped compose each entry and its current state.
May
Document Classification
As part of our mission to make our data rooms more approachable and helpful to users, we’re trialing document classification as a precursor to our cap table tie-out assistant. While we continue to polish the feature, keep an eye out for helpful assistance in organizing the data room and offers to rename that one document from Please Docusign(4).pdf to 2024-05-31-Option Grant-Tim Apple.pdf.Flexible IDs
We have added support for alphanumeric security IDs, so now the CS-As, CS-001s, and CS-1As of the world will be accurately captured in the platform. Following up closely on the heels of this rollout is the ability to customize the prefix for share, option, and warrant securities to further broaden our support for matching our customer’s cap table documentation as closely as possible.Improved Distribution for Option Plan Documents
You can attach your Equity Incentive Plan, Notice of Option Exercise, and any other forms directly to your stock option plan in Mantle. These attachments will automatically propagate to all option holders, simplifying the distribution of these documents.UI Housekeeping
We have been moving fast to rollout support for more and more functionality over the last year. While we have included incremental improvements to the UI with each new feature released, there wasn’t always time to double back and refresh the look and feel of the entire site. Last month, we put the time into catching up on this front to provide a more uniform look and feel across the platform.April
Announcing Mantle Portal
Our team has been hard at work and we have launched the next phase of our platform: Limited Partner (LP) portal automation. If you have ever fumbled a capital call or K-1, we’ve got you covered.Stakeholder Model Updates
Managing your stakeholders just got a lot easier.- You can structure your stakeholder as an individual or an institution.
- For institutions, you can now designate a key contact.
- As an added benefit, email addresses are not mandatory anymore.
- We’ve added the option to add an alias to any stakeholder, so that you don’t have check your mental Rolodex each time you map 12345678 Invesco Corp. to Tim Apple.
Stakeholder Termination
- The ability to update all affected securities when a stakeholder has been terminated is now available in the Stakeholder section of the platform.
- From this flow, you can set the termination date and the last dates to exercise (or repurchase) for all option grants, RSAs, or share issuances.
Vesting Schedule Template Management
We’ve added a new section to review, add, or edit vesting schedule templates. You can set your rounding options here as well (referenced in last month’s update).You can now access a preview mode to ensure what you have defined aligns with what you would expect to see when breaking down any size of the grant. You get instant feedback tranche-by-tranche.We’re starting with time-based schedules, but conditional/milestone-based vesting terms are firmly on our radar as well!Custom Vesting Schedule
- For grants that don’t fit into a given vesting template, you can now customize vesting schedules on a per-grant basis.
- You’ll have the option to start off with a template and customize from there, or build schedules tranche-by-tranche according to specific needs.
Onboarding Flows
- Improvements are underway to refine our onboarding process, ensuring a polished and warm welcome to new users.
- We’re starting with new registration and document upload flows, but keep your eyes peeled for additional updates in the future.
March
OCX Exports
As part of our commitment to the goals of the Open Cap Table Coalition (related blog post), we rolled out support for spreadsheet exports utilizing the coalition’s Open Cap eXport format. When this initially rolled out, we were utilizing v0.4 of the format. We’ve updated this to the v0.7 format, which brings our platform in line with the latest and greatest.You’ll see more information in the ledgers, as well as plumbed (formula-based) values in a number of areas where we had previously been calculating the information in the backend.Timeline View
Originally the product of a Miro board fever dream and a hackathon, the timeline view got some much needed love. The updates focused on adding some much-needed utility to the view, to assist in finding exactly what you’re looking for.That comes about in a few ways:Filters & SearchIf you’re looking to understand how a particular stakeholder got to the share count they are at now, you can filter down to security branches that stakeholder was involved in. This can provide great context on the ebbs and flows of ownership, especially in companies that have had a lot of secondaries.One or more stakeholders can be selected to filter on, so if you have any VCs with multiple funds participating, we have you covered.In addition to stakeholder filters, you can filter by security type. This can help you focus on your equity plan, or remind yourself of what happened with each of the SAFEs that had been raised a few years back.Focus ModeIf you want to look at a single branch of securities, focus mode will tuck everything else away and just give you the key dates and securities to review. For anyone potentially looking to run due diligence, this can help focus attention on the succession of securities and documents involved in getting the cap table to where it is at today.BackstoryA piece of feedback we received on existing equity management solutions is that it isn’t always easy to know which specific date do you use as a cutoff for a historic cap table. People wind up spending a lot of time bouncing back and forth between dates to try and triangulate when a particular event took place that they want to better understand.The timeline view was immensely useful in finding those moments of interest, but now you can go a step further and look at the timeline at a particular point in time and you can quickly hop back and forth between the timeline view and the cap table view. This puts historic cap table and security ledger exports at your fingertips.February
Stakeholder Management
With this latest update, companies can invite and manage unlimited stakeholders on Mantle. Pull up a specific stakeholder to see all securities associated with them.Stakeholder View
In case you missed it in last month’s update, the highly requested _Stakeholder view _is also available on Mantle. Stakeholders (including shareholders, option recipients, SAFE holders, and more) can log into the platform to review their profile and all holdings. They will not be able to see any other company information.Cap Table Snapshots
Dial back the clock on your cap table and look at historic versions of your cap table with snapshots. Select a date to see what the cap table looked like at that point in time. Bookmark as many dates as you like to switch between them quickly.Timeline View
We’ve refreshed the Timeline view to enhance readability, including a one-click link to the actual security to review details. If you’re using a Trackpad, you will also notice a marked improvement in navigating this view as we’ve added support for pinch-to-zoom and panning with two fingers.Download Your Cap Table
Company admins are now able to download their Cap Table and security ledgers in the Open Cap Table’s OCX format. This is an industry-wide effort to rally behind a standardized representation of Cap Table data ensuring data integrity and portability.Bulk Import Option Grants
We’ve also added the ability to bulk import and issue option grants. This is immensely useful if you plan on issuing several grants at once.Rounding for Vesting Tranches
Mantle now supports different rounding options for vesting schedules. Please reach out to us via Support if you’d like to make any adjustments to the vesting tranches for your company. With this functionality, clients can pick between a round up, round down, or a backloaded tranche that adds up all fractional shares over the entire vesting period to vest on the final month.January
Introducing Timeline View
The platform now includes a timeline view, offering an event-based representation of a company’s cap table from genesis to the present day. This helps with several workflows, especially when it comes to diligence.Shareholder Views
Quickly review all securities a given stakeholder has. Summary info is pulled in to provide at-a-glance information across multiple grants.Now Supporting RSAs
This form of equity award is now supported on the platform, allowing a company to track them as share issuances that drawdown from their equity plan. RSAs are also reflected in the Equity Incentive Plan burndown chart.Track Historic Amendments to Share Classes and Equity Plans
This helps more accurately manage historic instances of the cap table and provides a complete visual for the Equity burndown chart.Law Firm Support
We’ve rolled out our first set of functionality focused on enabling law firms to administer all of their clients’ cap tables easily.2024
November
Equity Burndown Chart
One of Mantle’s unique features is the ability to visualize your ESOP at a high-fidelity month-over-month view. This helps you plan ahead and determine if you need to expand your pool or make adjustments to hiring plans.Warrants
We’re continuing to roll out support for additional security types, and warrants are the latest addition. As with other security types, we’ve folded in support for capturing exercised warrants and tying them to share issuances. Whether you have outstanding warrants, or you used to, these are now captured on the platform.ISO/NSO Tracking
Option grants now include a field to capture when grants to US employees or Advisors count as ISOs or NSOs. This will serve as a springboard for us to start introducing more compliance-related behaviors and guardrails to the platform.SAFEs Revamp & Convertible Notes
SAFEs support on the platform has been updated to align to the newer designs, facilitate tracking the state of SAFEs, and support linking them to their resulting securities when converted or transferred. Everyone with SAFEs on the platform will be able to enjoy the updated views and functionality.Convertible notes have also been added to the platform. If we had temporarily tracked your convertible notes as SAFEs when you came to the platform, those have now migrated to the Convertible Notes section of the platform.To coincide with this revamp, we have published an extensive writeup on the Mantle blog that details how SAFEs convert. This is an essential masterclass for founders at all levels.AI-Powered Company Onboarding
Our AI-powered company onboarder is available in private beta. Currently, we leverage this module to get clients onboarded quickly. Longer term, this will be broadly available to all new clients for self-service onboarding. This functionality was demoed in **This Week in Startups **(link).