How ButterflyMX manages investor relations and audits on Carta

ButterflyMX, a residential property access control provider based in New York City, launched in 2015 with a flagship building intercom product, eventually expanding across four funding rounds into a comprehensive, automation-driven access platform. Rapid scaling and an increasingly complex investor base made managing equity more challenging, so ButterflyMX turned to Carta in 2019 for its centralized cap table and 409A valuations.

With Carta’s streamlined solutions, CFO and Head of Strategy Bary Dunn can pull reliable data for decision-making, stay audit-ready, and support investor relations as ButterflyMX grows. 

Carta makes managing growth simple

Before adopting Carta, ButterflyMX managed its cap table, equity grants, and vesting schedules using spreadsheets. The manual approach was time‑consuming and prone to errors, but since implementing Carta, awarding and tracking equity is simple.

“I've always viewed Carta as very easy to use. The platform is straightforward in terms of understanding where to navigate and find the things I need,” says Bary. “I like the different ways we can slice and dice the cap table. It’s especially helpful for our reporting.”

As ButterflyMX adds shareholders, its chief people officer uploads equity grants directly into Carta, so Bary and the team can easily view information and maintain an accurate, up-to-date cap table without worrying about manual reconciliation. 

And if anyone at ButterflyMX has questions, Carta is there to help. 

“The support team is incredibly responsive. I've always been super impressed by how attentive they are from a customer success perspective,” says Bary.

Investor relations run smoothly with Carta

Just like Bary relies on Carta for quick, accurate answers, ButterflyMX’s investors look to Bary for service and support. 

Investors have Carta logins, but Bary appreciates that he can quickly pull cap table snapshots, find answers to questions, and share information as part of strong investor relations.

“Carta is a partner in handling investor inquiries and questions,” says Bary. “Providing our investors with peace of mind is incredibly important. We have a diverse investor base, and they have entrusted us with their resources, so it’s incredibly important that we provide accuracy in our ledger and their positions.”

Carta’s ease of use aligns with Bary’s experience as an investment professional before joining ButterflyMX, too.

“Carta uses the operating language I grew up with as an investment professional during the early part of my career,” says Bary. “This experience makes it easy for me to empathize with our investors, so having Carta to support that understanding makes my life easier.”  

ButterflyMX stays audit-ready on Carta

Carta also provided the clarity ButterflyMX needed to get through its first major audit with a Big Four accounting firm recently. 

“As you become a bigger and more complex company, equity work is a consequential part of a Big Four audit. The audit required extensive cap table details and comprehensive equity analysis,” says Bary. “This is a big adjustment relative to a company's early days when finance teams naturally focus primarily on the P&L.”

Carta served as a single source of truth for all equity information, allowing the audit team to efficiently verify ButterflyMX’s cap table, option grants, and 409A valuations. 

“The requirements were very manageable—as streamlined as it could be when it came to pulling data. We passed that segment of the audit with flying colors. Carta helped us conquer it.”

Carta lets ButterflyMX’s CFO get more done

Bary considers Carta to be a positive solution for ButterflyMX’s needs, allowing him to get work done quickly and efficiently. 

“Over the span of more than seven years at ButterflyMX, I have used dozens of platforms for various company needs, and many create feelings of anxiety or frustration, because I know it won’t be as simple as I need it to be,” says Bary. “Carta is the exact opposite. I know I'm going to spend very little time in Carta, because I know exactly where to go to get exactly what I need, so I can achieve what I need to do.”