Carta is a custodian: it tracks whether a SAFE is still active or has converted into equity, but it can lag up to nine months behind real events like a Series B close. Signed.com sits on the investor's side — it's where angels keep their own records, write notes, store legal documents, and reconcile what Carta eventually reports against their own running estimates.
Carta is primarily a cap table management tool built around companies and their legal share records. When a startup raises a new round, Carta updates its records — but that process can be slow. As Zach Holman explains in The Angel Next Door, the lag can reach nine months, meaning an investor might see an unconverted SAFE on Carta long after the underlying company already closed a Series B.
That delay isn't a bug unique to Carta — it reflects how equity administration actually works. Legal documents move slowly, and cap table updates depend on the company's own timeline. The problem for angels is that Carta is often their only reference point, and it's a reference point that chronically runs behind.
Signed.com is designed to give investors a place to maintain their own version of the truth. Rather than waiting for Carta to reflect reality, angels can log notes about each investment, upload legal documents, and track where things actually stand — then compare that against what Carta eventually surfaces. It's an investor-side layer of organization, not a cap table replacement.
This distinction matters when you're managing a large number of positions. Holman — who has invested in approximately a couple hundred companies — built the tool out of his own frustration. A spreadsheet breaks down at scale, and Carta alone doesn't give investors the narrative context they need. The platform was discussed in depth during this episode of The Angel Next Door.
"I've invested in a couple hundred companies. I think it's really hard to do that just in a spreadsheet form and trying to figure things out and where to go from this."
Zach Holman — Founder, Signed.com. Holman joined GitHub in 2010 and spent five years there as an early engineer before the company was acquired by Microsoft in 2017. After GitHub, he moved into advising — including GitLab — which gradually pulled him into angel investing. He has now been investing for seven to eight years, with a first investment made around 2018, and has backed roughly a couple hundred companies across developer tools, sports, and beyond. Signed.com was built directly out of his own experience hitting the limits of spreadsheets at that scale.
The tool launched in early 2026 with tax features ready ahead of that tax season — a deliberate choice, since K-1 management is one of the most painful recurring tasks for active angel investors. That context is explored further in this episode of The Angel Next Door.
The comparison with Carta isn't adversarial — the two tools serve different purposes. Carta remains the legal record of who owns what. Signed.com is where the investor builds their own understanding of their portfolio, independent of however slowly that official record updates. For anyone managing more than a handful of investments, the distinction becomes very practical very quickly, as Holman discusses across the full episode available on The Angel Next Door.
Investors can forward their investor updates directly to Signed.com, and the platform uses AI to parse the content, identify reported metrics, and track whether the predictions made in previous updates matched actual results the following month.
Signed.com is a portfolio tracking platform built specifically for angel investors who are frustrated with managing investments through spreadsheets. It centralizes documents, notes, and company updates in one organized place.
The Fourth Effect is a platform that connects founders with potential board members and investors, and helps founders learn how to build a board. Christa and her team work to make board-building more accessible for early-stage companies.
The full conversation between Marcia Dawood and Zach Holman — covering portfolio tracking, AI, tax management, and investing in sports — is available on Listenly.
Listen to the episode on Listenly