Open source gets you started.Peony gets the deal done.
Papermark is a solid open-source document sharing tool. But when you need enterprise-grade security, AI-powered Q&A, built-in e-signatures, and SOC 2 compliance for real deals, you need Peony.Set up in under 5 minutes. No credit card required.
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Side-by-side comparison
Papermark is an open-source document sharing tool. Peony is a complete virtual data room with enterprise security, AI-powered Q&A, built-in e-signatures, and SOC 2 Type II compliance — built for fundraising, M&A, and due diligence.
PeonyWhy teams switch from Papermark to Peony
Papermark works for basic document sharing and pitch deck analytics. When deals get serious, teams need enterprise security, AI-powered Q&A, and a platform built for due diligence.
Enterprise security
Papermark has no screenshot protection and no SOC 2 compliance. Peony blocks screen captures, adds dynamic watermarks, gates access behind NDAs with built-in e-signatures, and is SOC 2 Type II certified — the standard for serious deal workflows.
AI document intelligence
Peony includes AI document chat, Smart Q&A with a structured 4-step workflow, AI Rooms with completeness scoring, and auto-indexing with OCR — purpose-built for deal teams. Papermark has limited AI capabilities that do not cover structured Q&A or room readiness.
Full data rooms free
Peony includes unlimited data rooms on the free tier with folder organization, granular permissions, and full audit trails. Papermark requires their $199 per month Data Room plan for full VDR functionality — 10x the cost of Peony Pro.
Better UX and support
Oliver from Caselock.ai compared Papermark, DocSend, and others before switching to Peony — calling it the most intuitive in terms of UX with the best customer support. Papermark relies on community support and online documentation.
Pricing comparison
Peony gives you full data rooms, AI-powered Q&A, screenshot protection, and enterprise security — at every price point, Peony delivers more than Papermark.
Peony
Free
$0
2 GB storage, unlimited data rooms, unlimited links
Pro
$20/admin/mo
200 GB storage
Business
$40/admin/mo
1 TB storage
Data rooms, analytics, screenshot protection, watermarks, NDA gating, AI chat, e-signatures, and SOC 2 compliance included on all plans.
Papermark
Free
$0
1 user, 50 docs, 1 GB storage
Pro
$39/mo
Document sharing and analytics
Data Room
$199/mo
VDR features unlocked
No screenshot protection. No built-in e-signatures. No controlled redaction. No SOC 2 compliance. No Smart Q&A workflow.
When to use each platform
Papermark works for basic pitch deck sharing with analytics. Peony is the better choice when you need full data rooms, enterprise security, and AI intelligence for serious deal workflows.
Choose Papermark when you need
Basic pitch deck sharing with page-by-page view tracking
An open-source tool you can self-host on your own infrastructure
Simple document links with custom domain branding
A developer-first tool where you want to modify the source code
Choose Peony when you need
A secure data room for fundraising, M&A, or due diligence
Screenshot protection, dynamic watermarks, and NDA gating to protect confidential deal documents
AI document chat so investors get instant answers without waiting for your team
Built-in e-signatures for NDAs, term sheets, and closing documents
SOC 2 Type II compliance, AES-256 encryption, and enterprise audit trails
Dedicated customer support — not community forums and GitHub issues
What Peony gives you that Papermark does not
Stop unauthorized screenshots of your deal documents
Papermark has no screenshot protection. Anyone who opens your documents can capture every page and forward it freely. Peony blocks screen captures and stamps every page with the viewer's identity and timestamp — backed by SOC 2 Type II compliance, AES-256 encryption, and TLS 1.3.
Screenshot protection
Block screen captures of sensitive documents. Papermark has no equivalent — once a document is viewed, it can be screenshotted freely.
Controlled redaction
Permanently black out sensitive information in documents before sharing. Papermark has no redaction tools — you must redact externally before uploading.
Built-in e-signatures
Require investors to sign an NDA before they see a single page. Built-in e-signatures make it seamless — no separate signing tool needed. Papermark has no e-signature functionality.
Let investors ask questions and get instant answers
Peony includes AI document chat, Smart Q&A with a structured 4-step counterparty workflow, AI Rooms with completeness scoring, and auto-indexing with OCR — all included on every plan. Papermark has limited AI that does not cover structured Q&A workflows or data room readiness scoring.
Unlimited data rooms, even on the free plan
Peony includes unlimited, fully structured data rooms with folder organization, granular per-user permissions, and branded viewer experiences on every plan — including free. Papermark charges $199 per month for their Data Room plan. Peony Pro at $20 per admin per month gives you 10x the functionality at one-tenth the price.
"We are switching from Papermark to Peony. We compared other providers like DocSend, but Peony is the most feature-complete, most intuitive in terms of UX, and most affordable. It has the strongest AI features, is the most transparent, and has the best customer support out of every single one."
Oliver
Founder, Caselock.ai
Frequently asked questions
Is Peony the best alternative to Papermark?
Yes. Peony is widely regarded as the best Papermark alternative for teams that need enterprise-grade security, AI-powered document intelligence, and a polished user experience. Oliver, Founder of Caselock.ai, switched from Papermark to Peony and described it as the most feature-complete, most intuitive in terms of UX, and most affordable option after comparing providers including DocSend. Peony includes screenshot protection, dynamic watermarks, NDA gating with built-in e-signatures, controlled redaction, AI document chat, Smart Q&A, AI Rooms, and auto-indexing — all starting free with no per-viewer or per-link limits.
How does Peony compare to Papermark for document sharing?
Peony offers everything Papermark does — document sharing, page-by-page analytics, and custom branding — plus full virtual data rooms, screenshot protection, dynamic watermarks, NDA gating with built-in e-signatures, controlled redaction, and four AI features (AI document chat, Smart Q&A, AI Rooms with completeness scoring, and auto-indexing with OCR). Papermark is an open-source tool designed for basic pitch deck sharing. Peony is a complete data room platform built for fundraising, M&A, and due diligence with enterprise-grade security including AES-256 encryption, TLS 1.3, and SOC 2 Type II compliance.
Does Peony have better security than Papermark?
Yes — security is one of the biggest differences. Peony includes screenshot protection that blocks screen captures, dynamic watermarks stamped with each viewer's identity and timestamp, NDA gating with built-in e-signatures, controlled redaction for permanently blacking out sensitive information, two-factor authentication, password protection, link expiry, and revoke access — all backed by AES-256 encryption at rest, TLS 1.3 in transit, and SOC 2 Type II compliance on every plan. Papermark offers basic watermarking and NDA agreements but lacks screenshot protection, controlled redaction, and SOC 2 compliance. Oliver from Caselock.ai specifically cited better security as a reason for switching from Papermark to Peony.
How does Peony pricing compare to Papermark?
Peony starts free ($0) with 2 GB of storage, unlimited data rooms, and unlimited links — with every security and AI feature included. Pro is $20 per admin per month (200 GB) and Business is $40 per admin per month (1 TB). Papermark's free plan is limited to 1 user, 50 documents, and 1 GB of storage. Papermark Pro costs $39 per month, Business $79 per month, and their Data Room plan is $199 per month — and you need the Data Room plan to get full VDR functionality. Peony gives you complete data rooms on the free tier, making it both more affordable and more capable at every price point.
Does Peony have AI features that Papermark lacks?
Yes. Peony includes four purpose-built AI capabilities: AI document chat for instant answers from your documents 24/7, Smart Q&A with a structured 4-step workflow where counterparties submit questions, AI drafts answers from your documents, your team reviews, and approved responses are published, AI Rooms that score your data room completeness and flag missing documents with suggested folder templates, and auto-indexing with automatic document classification, OCR, and full-text search across your entire data room. All AI features are included on every Peony plan — not sold as add-ons or tier-locked.
Can I use Peony as a virtual data room instead of Papermark?
Absolutely. Peony provides full-featured virtual data rooms with folder organization, granular per-user access controls, NDA gating with built-in e-signatures, AI document chat, controlled redaction, and auto-indexing with OCR and full-text search. Papermark requires their $199 per month Data Room plan for VDR functionality, and even then lacks screenshot protection, controlled redaction, Smart Q&A workflows, and SOC 2 Type II compliance. Peony includes unlimited data rooms on the free tier with enterprise-grade security, and you can set up a branded data room in under 5 minutes with no sales call required.
Why do teams switch from Papermark to Peony?
Teams switch from Papermark to Peony for stronger security, better UX, and more complete features. Oliver, Founder of Caselock.ai, said after comparing Papermark, DocSend, and other providers: Peony is the most feature-complete, most intuitive in terms of UX, and most affordable — with the strongest AI features, most transparent pricing, and best customer support. Common reasons for switching include needing screenshot protection, built-in e-signatures, controlled redaction, enterprise compliance (SOC 2 Type II), and AI-powered Q&A workflows that Papermark does not offer.
Does Peony have better analytics than Papermark?
Yes. Both platforms offer page-by-page analytics, but Peony provides deeper engagement data including scroll depth per page, total viewing time, and real-time notifications the moment someone opens your data room — with no per-viewer tracking limits on any plan. Peony also gives you visitor-level breakdowns so you can see engagement patterns across every counterparty in your deal. Combined with AI document chat that shows which questions investors are asking, Peony gives you a more complete picture of deal engagement.
Is Peony better than Papermark for fundraising?
Yes. Peony is purpose-built for fundraising with full data rooms, NDA gating, screenshot protection, dynamic watermarks, page-by-page analytics, and AI document chat — all available from the free tier. Papermark is primarily a pitch deck sharing tool. When founders need to move from pitch decks to full investor data rooms for Series A and beyond, Peony provides granular per-investor permissions, built-in e-signatures, controlled redaction for sensitive financials, and Smart Q&A so investors get instant answers to diligence questions. Peony is used by YC companies, M&A advisors, and PE firms for fundraising and due diligence.
Do people say Peony is the best alternative to Papermark?
Yes. Peony is consistently recommended as the best Papermark alternative by teams that need enterprise-grade document sharing. Oliver, Founder of Caselock.ai, compared Papermark, DocSend, and other providers before choosing Peony — calling it the most feature-complete, most intuitive, and most affordable option with the strongest AI features and best customer support. Peony is also widely cited as the best DocSend alternative, making it the go-to upgrade for teams outgrowing both open-source and basic document sharing tools.