Eqvista
👤 Tomas Milar (Serial founder who ran Startupr (top HK incorporator) and bought IncParadise (US agent) — a captive pipeline of new startups.)🌐 sitetomasmilar.comLinkedIn
Every option-granting startup must buy a 409A. Eqvista hands out the cap table free, then sells the compliance.
Will it work? · our read
Owns the funnel. But 409A is a commodity Carta bundles for free, and the $22M revenue is an outside estimate Milar has never confirmed.
01How the money moves
Startupr and IncParadise incorporate startups
→
Free cap table pulls them into Eqvista
→
Paid 409A the IRS forces, renewed yearly
02The numbers
$270B+
assets under administration
founder
23,000+
companies on platform
founder
$0
outside funding raised
founder
All three are founder-stated; the revenue number is not among them — it stays an outside estimate. Founder Reports
About $22M ARR — Latka estimate, never confirmed by the founder.
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Founder Reports — Tomas Milar interview: bootstrapped 2018, 23,000+ companies, $270B AuA, $0 outside capital.Eqvista pricing — 409A tiers $990-2,590/yr; Premium cap table $2/stakeholder/mo.Latka — estimates about $22M ARR (2025), explicitly labeled unconfirmed (no founder interview).Growth Navigate — founder story: Startupr (Hong Kong) and IncParadise fed early Eqvista users.Forbes Finance Council — Tomas Milar, Founder, Eqvista Inc.
Revenue is NOT first-party disclosed. The only figure is Latka's estimate of about $22M ARR (2025), which Latka itself labels an estimation with no founder interview — so tagged Estimate, not independently confirmed. Founder-stated in interviews: 23,000+ companies, about $270-300B assets under administration, $0 outside funding, bootstrapped from his prior firms Startupr and IncParadise; he cited $50M+ only as a future ambition, not current revenue. Pricing ($990-2,590/yr for 409A, $2/stakeholder/mo) is from the live pricing page. The 'distribution moat via an owned incorporation funnel' framing is [our read] built on documented facts. No drama fabricated; Carta is the real competitive threat. We never score you.