Law firms specializing in venture capital are intimately familiar with the complexities of cap tables. Whether they are taking in a new client, prepping an existing client for a deal, or reviewing a potential investment on behalf of an investor, they are consistently in the position of needing to verify and validate capitalization tables.

This process of tying out a cap table based on various legal documents traditionally consists of law firms having to sift through piles of paperwork, cross-referencing a spreadsheet with a stack of documents. Depending on the number of documents involved, this process can take hours, if not days, and is often error-prone. 

Mantle’s Tie-Out Tool is here to change that.

It’s a new feature that automates most of the manual work involved in cap table reviews, saving law firms valuable time and effort.

How Law Firms Use the Tie-Out Tool

Law firms have a few key use cases for the Tie-Out Tool:

1. Cap Table Diligence for New Clients

When law firms take on a new client—especially a startup that’s raised multiple rounds of financing—there’s often no clear record of what equity has been issued, when, and under what terms. Lawyers need to recreate the full cap table history, verify each issuance, and flag discrepancies. Mantle’s Tie-Out Tool accelerates this work dramatically.

With automatic document classification and data extraction, legal teams can instantly surface all security issuances, grants, and conversions tied to a company’s cap table. This lets them quickly identify any gaps in documentation or inconsistencies across instruments.

2. Verification Before a Deal or Financing

Before a company raises its next round of funding or undergoes a merger or acquisition, law firms are called in to make sure the cap table is clean and accurate. Any unresolved errors or inconsistencies could delay the transaction or even jeopardize it.

With the Tie-Out Tool, law firms can quickly check that every cap table line item is backed by a supporting document—and identify which documents are missing or incomplete. This reduces the risk of surprises late in the deal process.

3. Ongoing Reviews and Updates

Even outside of deal cycles, legal teams periodically review their clients’ equity records to ensure everything is up-to-date and compliant. The Tie-Out Tool provides a fast, structured way to perform these reviews and document any necessary follow-up.

Mantle Uses the Tie-Out Tool Internally Too

It’s not just external legal teams using the Tie-Out Tool—Mantle’s own operations and diligence teams rely on it every day to verify company data.

When companies migrate their cap tables to Mantle, our team uses the tool to ensure the uploaded data matches the underlying documents. This not only helps us maintain data accuracy across the platform, but also makes it easy for clients and their legal advisors to audit and understand what’s in the system.

By using the same tools our customers use, we ensure that the workflows are battle-tested, scalable, and built to solve real-world problems.

Part of a Bigger Strategy to Support Law Firms

The Tie-Out Tool is part of Mantle’s broader product strategy to support law firms as core users of the platform—not just passive recipients of data.

We believe law firms deserve software that reflects how they actually work. That means tools that:

• Fit into their existing diligence and advisory workflows
• Save time on tedious tasks so they can focus on higher-value legal analysis
• Give them control and visibility into what’s happening with their clients’ cap tables
• Help them deliver faster, cleaner, more reliable results for their clients and deal counterparties

Whether you’re working with a client on their first priced round or managing diligence for a billion-dollar exit, Mantle is designed to help legal teams move faster and reduce risk.

Core Capabilities of the Tie-Out Tool

Automatic Document Classification & Extraction

Start by uploading relevant documents to Mantle’s Data Room. The platform automatically classifies each file (e.g., SAFEs, stock purchase agreements, option grants, exercise notices) and extracts key data points—what we call “fragments”—from them.

These fragments represent the building blocks of a company’s equity history and are used to reconstruct the cap table, line by line.

Pinpoint Key Events & Missing Data

Mantle doesn’t just extract data—it also helps users navigate the company’s equity history. Track down secondary transactions, plan amendments, board approvals, new option plans, executive hires, and more.

You can even add your own fragments to supplement what our AI engine extracts. This is especially helpful when you need to call out edge cases or unique scenarios not handled by boilerplate templates.

Identifying Mismatches & Red Flags

Mantle summarizes the extracted data into a previewable cap table, making it easy to spot discrepancies between what’s in the documents and what the spreadsheet shows. If something doesn’t match, you can immediately drill into the source documents to investigate.

The result: faster issue identification, more accurate cleanups, and less back-and-forth with clients or counterparties.

A Smarter Way to Tie Out Cap Tables

Cap table diligence doesn’t have to be a scavenger hunt. With Mantle’s Tie-Out Tool, legal teams can work smarter—not just harder.

Mantle is already working with top-tier law firms to help them reduce time spent on manual verification and improve confidence in the data they’re reviewing.

“As a lawyer who has spent years wrestling with traditional cap table reviews, I can’t recommend Mantle enough. It’s a truly innovative tool that simplifies the process, improves accuracy, and ultimately helps us better serve our clients.”

chad bayne
Founder & Co-Chair of the Emerging and High Growth Companies Practice Group at Osler, Hoskin & Harcourt

If you’re a law firm interested in using the Tie-Out Tool, reach out to our team via withmantle.com/law-firms.