Key takeaways
- Prepare the seed items before you start pitching; add the rest as diligence deepens.
- Write down what each deck metric means and put the definitions in the room.
- Make revenue figures easy to reconcile with a billing export.
- Never upload passwords, customers' personal data or employee records.
Startup data room checklist to copy
Number the folders so they sort the same way for every investor. Date the index whenever you change a file.
STARTUP DATA ROOM CHECKLIST Company: [ ] Prepared by: [ ] Last updated: [date] (S) = have ready for a seed round. (A) = usually added for Series A and later. 00 INDEX [ ] (S) Index of folders and files, with dates [ ] (S) Contact for questions about each folder 01 CORPORATE [ ] (S) Certificate of incorporation and constitutional documents (articles, bylaws) [ ] (S) Register of shareholders or stock ledger [ ] (A) Board and shareholder minutes and written resolutions [ ] (A) Subsidiaries and group structure chart 02 ROUND DOCUMENTS [ ] (S) Fully diluted cap table [ ] (S) Every SAFE, convertible note and warrant, signed copies [ ] (S) Option plan and grant list (names can be replaced by role) [ ] (S) Draft term sheet or SAFE for this round, when there is one 03 FINANCIALS [ ] (S) Current cash balance and monthly net burn [ ] (S) Simple budget or plan for the next 18 to 24 months [ ] (A) Monthly management accounts for the last 12 to 24 months [ ] (A) Annual accounts and tax filings [ ] (A) Financial model with assumptions stated 04 CUSTOMERS AND REVENUE [ ] (S) Definitions of each metric in the deck (revenue, customers, retention) [ ] (S) Billing export or invoice list that ties to reported revenue, customer names optional [ ] (S) Customer list with plan, start date and status (paid, pilot, free) [ ] (A) Top customer contracts, with personal data redacted [ ] (A) Cohort retention data 05 PRODUCT AND IP [ ] (S) Product overview or demo recording [ ] (S) IP assignment agreements from founders, employees and contractors [ ] (A) Trademark and patent filings [ ] (A) Architecture overview and list of key third-party services 06 SECURITY AND DATA PROTECTION [ ] (A) Security policies and any assessments [ ] (A) Privacy notice and a record of what personal data you hold [ ] (A) List of processors and subprocessors 07 PEOPLE [ ] (S) Team list with roles and start dates [ ] (A) Standard employment and contractor agreement templates [ ] (A) Payroll summary by role (not by named individual) DO NOT UPLOAD Passwords or access keys. Customers' personal data. Employees' personal records. Source code (offer a supervised review instead).
When to build the data room
Build the seed items before your first investor meeting. Funds usually ask after a good first or second meeting, and a room that is ready the same day keeps momentum. Open folders to each investor as they move further, rather than sharing everything at once.
What to change for your company
- Regulated sectors (health, finance, energy) need a folder for licences and regulatory correspondence.
- Hardware companies should add supplier agreements and unit cost breakdowns.
- If you sell to consumers, replace the customer contract list with cohort and retention exports.
- If your lead investor sends its own request list, map it to your folders instead of rebuilding the room.
What to leave out
Investors need evidence, not raw personal data. Redact customer contacts from contracts, give payroll by role rather than by name, and offer a supervised review of source code instead of uploading it. Anything you share with one investor may be read by several people, so share only what the current stage needs.
Do founders need Delsivo for a data room?
No. A shared drive with per-person access works. Founders never pay for Delsivo. When a fund uses it, Delsivo data rooms, planned for the first release, are designed with Corporate, Financials, Customers, Product and IP, Security, People and Round Documents folders, named guests with expiry, watermarks and an activity log. See Delsivo for founders.