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Best Virtual Data Room to Use During Fundraising
Use this guide to compare virtual data room providers for fundraising. We summarize core features, pricing, and key differences to help you choose software that fits your startup and funding round.
Top VDRs for Fundraising in 2025
Papermark is a modern, security-first virtual data room built for startups and lean teams. It streamlines fundraising, due diligence, and sensitive document sharing with an intuitive interface, detailed analytics, and polished, fully branded experiences.
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Papermark helps teams organize confidential materials, control access, and understand engagement with page-level insights. Flexible branding and simple sharing make investor updates and diligence faster and more consistent.
Dealroom offers secure VDRs, analytics, and collaboration for modern deal pipelines and transaction workflows.
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It helps teams centralize materials, coordinate diligence, and keep everything auditable with robust permissions and tracking.
Enterprise-grade VDR for complex M&A and regulated workflows with robust compliance and collaboration.
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Designed for scale and governance, Intralinks supports large deal teams with advanced permissions, reporting, and integrations.
Secure VDR with granular permissions, audit trails, and global compliance for critical transactions.
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Founded in 2008, iDeals supports M&A and corporate workflows with enterprise reliability and ease of use.
AI-assisted VDR and workflow tools that bring structure, insights, and governance to M&A and procurement.
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Founded in 2005, Ansarada helps teams reduce risk and make decisions faster with templated processes and analytics.
Comprehensive M&A platform with global scale, hardened security, and workflow automation.
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Datasite unifies deal preparation, diligence, and post-close workflows so teams can move faster with confidence.
Common Fundraising Challenges
Real Problem: Many startups struggle with document management during fundraising. When investors can't find key information or feel your process is unprofessional, it creates challenges:
- Investors lose interest due to poor first impressions
- Deal delays from disorganized document sharing
- Competitive disadvantage against organized competitors
- Security risks from email-based document sharing
The Fundraising Solution: Professional VDRs
Successful startups use specialized virtual data rooms to streamline their fundraising process. They create professional first impressions, gain actionable investor insights, and maintain complete control over their narrative. This guide shows you the VDR features that make fundraising more efficient and organized.
What is a Fundraising VDR?
For a founder or CEO, a fundraising VDR is your professional storefront for due diligence. It's much more than a cloud storage folder; it's a secure, controlled, and trackable environment where you present your company's story to potential investors. It's your single source of truth that signals to VCs and other investors that you are organized, professional, and serious about the fundraising process.
Why a VDR is Critical for Your Next Funding Round
Using a VDR does more than just store information; it streamlines the entire fundraising process, from initial outreach to closing the deal.
Make a Killer First Impression
Sending a link to a well-organized, branded VDR instead of a folder of email attachments immediately signals preparedness and sophistication.
Control Your Narrative
You control who sees what and when. Grant access to a high-level pitch deck initially, and only release more sensitive documents to investors who have shown serious interest.
Gain Actionable Investor Insights
VDR analytics show you which investors are really engaged. See who logged in, how much time they spent, and which documents they viewed the most. This helps you prioritize follow-ups with the most interested investors.
Streamline Due Diligence
Eliminate endless email chains and version control nightmares. A central VDR with a Q&A module makes it easy for investors to find information and for you to respond to questions efficiently.
Create a Competitive Process
By managing access and timelines within the VDR, you can run a structured, competitive fundraising process, which can lead to better terms.
How to Structure Your Fundraising Data Room
A logical folder structure is key to a smooth due diligence process. Start with this best-practice template:
Company Overview
Pitch Deck, Executive Summary, Product Demos
Financials
Historical Financial Statements, Financial Model/Projections, Cap Table
Product & Technology
Technical Documentation, IP/Patents, Product Roadmap
Team & HR
Founder Bios, Key Employee Agreements, Org Chart
Sales & Marketing
Go-to-Market Strategy, Sample Customer Contracts, Sales Pipeline
Legal & Corporate
Certificate of Incorporation, Bylaws, Board Minutes, Key Agreements
Market & Competition
Market Research, Competitive Analysis
Virtual Data Room Vendor Comparison: Top 6
The best fundraising platforms focus on making a professional impression, delivering powerful investor engagement analytics, and providing bank-grade security. Top choices for running a fundraising process include Papermark, iDeals, Datasite, Intralinks, Ansarada, and Dealroom.
| Feature | Papermark | Intralinks | iDeals | Ansarada | Datasite | Dealroom |
|---|---|---|---|---|---|---|
| Granular Permissions | Yes | Yes | Yes | Yes | Yes | Yes |
| Watermarking | Yes | Yes | Yes | No | Yes | Yes |
| Q&A Workflow | Yes | Yes | Yes | Yes | Yes | Yes |
| Engagement Analytics | Yes | Yes | Yes | Yes | Yes | Yes |
| AI Features | Yes | Yes | No | Yes | Yes | No |
| OCR / Full-Text Search | No | No | No | No | Yes | Yes |
| Custom Branding | Yes | No | Yes | Yes | No | Yes |
| Mobile App Access | No | Yes | Yes | No | Yes | Yes |
| Self-Hosting Option | Yes | No | No | No | No | No |
| API & Integrations | No | Yes | Yes | No | No | Yes |
VDR Needs by Funding Stage
The complexity of your VDR should match the stage of your fundraise.
Seed/Angel Round
The priority is simplicity, security, and ease of use. You need a platform to securely share your pitch deck and basic financials without overwhelming early-stage investors.
- Simple document sharing
- Basic security features
- Easy investor access
- Affordable pricing
Series A/B
The diligence process becomes far more rigorous. You need a VDR with robust user permissions, a formal Q&A module, and strong analytics, as multiple VCs will be conducting deep dives simultaneously.
- Advanced permissions
- Q&A workflow
- Engagement analytics
- Multiple investor support
Late Stage / Growth Equity
At this stage, you need an enterprise-grade VDR. Security and compliance certifications (like SOC 2) are non-negotiable. The platform must handle a large volume of data and a wide range of stakeholders.
- Enterprise security
- Compliance certifications
- High-volume data handling
- Multiple stakeholder support
How to Choose the Right VDR for Your Fundraise
1. Outline Your Requirements
Assess the stage of your round, the number of potential investors you'll be managing, and the sensitivity of your data (e.g., deep tech IP, personal customer data).
2. Prioritize Fundraising-Critical Features
Focus on engagement analytics, ease of use (for investors!), custom branding, and dynamic watermarking. The easier you make it for investors, the faster the process will go.
3. Compare the Options
Evaluate providers across these key areas:
Security
How well is your proprietary information protected? 🔒
Ease of Use
Is the interface clean and intuitive for investors to navigate?
Support
Can you get immediate help if an investor has trouble accessing a file at a critical moment? 💬
Pricing
Does the pricing model make sense for a startup? Look for plans that don't penalize you for having many viewers. 💰
4. Check for Startup Experience
Does the provider have a track record of working with companies in your industry and at your stage? Some VDRs are built for massive M&A deals and are overkill for a Series A.
5. Read Reviews from Other Founders
Look for feedback on trusted software review sites. What do other founders who have been through a fundraise say about the platform?
6. Test it Before You Go Live
Always use a free trial to set up a mock data room. Upload your documents and share it with a co-founder to ensure the experience is seamless before you send the first link to an investor.
8 Key Fundraising Activities Powered by a VDR
A VDR is a strategic tool to manage your entire fundraising process from start to finish.
Initial Investor Outreach
Share a link to a single file (like a teaser or pitch deck) with tracking enabled to gauge initial interest.
Running a Structured Process
Once you have traction, open the full data room to a select group of interested VCs to begin formal diligence.
Managing Due Diligence Q&A
Use the VDR's Q&A feature to efficiently manage all investor questions and provide consistent answers to everyone.
Tracking Investor Engagement
Use the analytics dashboard daily to prioritize your follow-ups with the funds that are spending the most time in your data room.
Staged Document Release
Create different permission groups to ensure investors only see sensitive information after they've demonstrated serious intent, like signing an NDA or issuing a term sheet.
Handling Legal & Closing
Establish a clean, secure folder for legal teams from both sides to exchange drafts and finalize closing documents.
Post-Investment Onboarding
After the deal closes, easily transition your new investors from a “prospect” to an “insider” by updating their permissions for ongoing investor relations.
Exploring Strategic Alternatives
Run an M&A process in parallel with your fundraise by creating a separate, confidential VDR for potential acquirers.
Frequently Asked Questions
What makes a VDR different from regular cloud storage for fundraising?
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A VDR provides fundraising-specific features like engagement analytics to track which investors are most interested, granular permissions to control document access, Q&A workflows for managing due diligence questions, and professional branding. Regular cloud storage lacks these specialized tools and doesn't provide the security or professional impression that VCs expect.
How much should I expect to spend on a VDR for fundraising?
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Pricing varies by provider and deal complexity. For early-stage startups, expect $200-$1,000 per month or $2,000-$10,000 per fundraising round. Look for transparent pricing that doesn't penalize you for having many investor viewers. Some providers offer per-deal pricing which can be more cost-effective for one-time fundraises.
When should I set up my fundraising VDR?
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Set up your VDR 2-4 weeks before you plan to start reaching out to investors. This gives you time to organize documents, test the platform, and ensure everything works smoothly. Having it ready shows professionalism and allows you to respond quickly when investors show interest.
What documents should I include in my fundraising VDR?
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Include your pitch deck, executive summary, financial statements and projections, cap table, team bios, product demos, customer contracts, and legal documents. Start with high-level materials and add more detailed documents as investors show serious interest. Always maintain a logical folder structure for easy navigation.
How can I use VDR analytics to improve my fundraising process?
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VDR analytics show you which investors are most engaged by tracking login frequency, time spent, and document views. Focus your follow-up efforts on investors who spend significant time reviewing your materials. Use this data to prioritize meetings and tailor your pitch to address areas of high interest or concern.
Explore the Data Room Universe
Blog & Resources
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Templates
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Provider Comparisons
Compare features, pricing, and security across leading data room providers to make informed decisions.
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