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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
Open‑source DocSend alternative with analytics & data roomsPapermark is a modern, security-focused virtual data room designed for startups and lean teams. It lets you run unlimited data rooms from $79/month, with options for both SaaS and self-hosting. Custom domains and full branding help you present a polished, on-brand experience to investors and partners. Detailed analytics, audit logs, and secure share links give clear insight into who is viewing your documents and how they engage.
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Dealroom
Modern VDR for M&A, due diligence, and complex transactions.Dealroom is a virtual data room built around M&A pipelines and due diligence workflows. It brings files, requests, and deal tasks into one workspace so teams can track progress without jumping between tools. Users can follow activity across multiple deals and see which items are blocked or complete. It suits deal teams that want a single, structured hub to manage the entire transaction lifecycle.
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Intralinks
Enterprise VDR for secure document management and complex deal execution.Intralinks is an enterprise-level data room used for large, sensitive transactions. It offers strict permission controls, detailed audit trails, and strong security settings to meet the needs of banks, advisors, and global corporations. Web and mobile access make it easier for distributed teams to work on the same deal securely. It is best for organizations that place compliance and control above simplicity.
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iDeals
Enterprise-grade VDR with exceptional support and multilingual capabilities.iDeals is a virtual data room known for its mix of strong security and user-friendly design. Features like granular permissions, redaction, watermarking, and page-level reporting support high-stakes M&A and fundraising projects. The platform is available on desktop and mobile, with data centers in multiple regions for global coverage. It is a good fit for teams that expect fast, reliable support and a smooth onboarding experience.
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Ansarada
AI-assisted VDR with intelligent workflows and predictive insights.Ansarada is a virtual data room that adds guided workflows and light AI on top of secure file sharing. Its checklists, templates, and dashboards help deal teams prepare rooms, manage Q&A, and track risk areas during due diligence. The platform highlights which tasks need attention so projects stay on schedule. It works well for organizations that want more structure and insight built into their deal process.
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Datasite
Comprehensive M&A platform with global scale and workflow automation.Datasite is a virtual data room platform widely used for mid-market and large M&A transactions. It supports secure document sharing, buyer tracking, and deal preparation in one environment. Web and mobile apps, along with strong search and reporting, help teams review materials quickly and stay aligned. It is often chosen by advisors and corporate development teams that handle many complex deals each year.
G2Common 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.
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