State of M&A Data Rooms — Q2 2026 Read the report →

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Raising money

Raising a round from investors?

Founders and CFOs, pre-seed to Series C

Data Room$52/admin/mo, billed annually

From $624/yr paid upfront, or $75/mo (1 admin)

Once investors ask for a data room, several funds will read your cap table and customer contracts at the same time. Data Room puts each investor's name on every page they open, lets you show a folder only to the funds you choose, and keeps an audit trail of who opened which file. An NDA is optional: many VCs will not sign one, so you can leave it off. It is also the plan with a 7-day free trial.

What Data Room adds for this

  • Dynamic watermarking
  • Granular file permissions
  • Audit trail
  • Room-level analytics
  • Custom domain & branding

Also included

  • Page-by-page analytics
Why these matter for this work
Dynamic watermarking
Each fund sees its own name on every page of your model and contracts, so a forwarded copy points back to the fund it came from.
Granular file permissions
Show the cap table and customer contracts only to the fund that reaches term sheet, while earlier funds see the deck and metrics.
Audit trail
When a partner says they never saw the churn numbers, you can show who opened which file and when.
Room-level analytics
See which funds read the whole room and which stopped at the deck, so you know who to follow up with.
Custom domain & branding
The room opens on your own domain with your logo, which reads as a company that has its house in order.
Page-by-page analytics
See the exact pages each investor spent time on before your next call with them.

When a smaller plan is enough: Only sending a deck and a few files that every investor sees the same way, with no per-investor watermark or audit trail? Business covers that, with up to 3 rooms per admin, and the free plan covers a tracked deck link.

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Selling or buying a company

Running a sell-side M&A process?

M&A advisors, boutique banks and founders selling a company

Deal Team$64/admin/mo, billed annually, min 4 admins

From $3,072/yr paid upfront, or $356/mo (4 admins)

A sale is a team project with many bidders asking questions at once. Deal Team adds the Q&A module that routes each question to the right person and gets the answer approved, alerts every bidder when new files land, and gives you an archive of the room at closing.

What Deal Team adds for this

  • Advanced Q&A module
  • Upload alerts to bidders and team
  • Archive download at closing

Also included

  • Advanced NDA (viewer signs)
  • Dynamic watermarking
  • Granular file permissions
Why these matter for this work
Advanced Q&A module
Questions from many bidders go to the person who knows the answer and get approved before they go out, instead of living in email threads. The client's CFO or counsel can draft and approve as a free visitor, with no admin seat.
Upload alerts to bidders and team
Every bidder hears about new files at the same moment, which keeps the process fair and saves you writing update emails.
Archive download at closing
At closing you keep a frozen, verifiable copy of what was disclosed, for the closing binder and any later dispute.
Advanced NDA (viewer signs)
Bidders sign your NDA inside the room and both sides get the signed PDF, so nobody enters before the paperwork is done.
Dynamic watermarking
Each bidder's name sits on every page, which discourages a competitor-buyer from passing your client's numbers around.
Granular file permissions
Stage disclosure: first-round bidders see the CIM, finalists see contracts and the customer list.

When a smaller plan is enough: Answering bidder questions yourself, with no experts drafting answers and no one signing them off? Data Room's Basic Q&A covers that, with a 7-day free trial.

Not sure yet? Start Deal Team on monthly billing and cancel any time. It has no free trial, and payments aren't refundable.

Get started with Deal Team

Selling or buying a company

Running a healthcare or life sciences deal?

Healthcare services, biotech, medtech and pharma transactions

Deal Team$64/admin/mo, billed annually, min 4 admins

From $3,072/yr paid upfront, or $356/mo (4 admins)

These rooms carry clinical, regulatory and IP files that more reviewers question and more pages need redacting. Deal Team adds structured Q&A, upload alerts for every bidder or partner, and Advanced Redaction for patient, partner and pricing details.

What Deal Team adds for this

  • Advanced Redaction
  • Advanced Q&A module
  • Upload alerts to bidders and team
  • Archive download at closing

Also included

  • Granular file permissions
  • Dynamic watermarking
Why these matter for this work
Advanced Redaction
Patient, partner and pricing details are blacked out across the room before reviewers see them, instead of editing every PDF by hand.
Advanced Q&A module
Clinical and regulatory questions go to the right expert, and an approver signs off before the answer reaches a partner. Experts and approvers join as free visitors, not paid admins.
Upload alerts to bidders and team
Every partner hears about a new study report at the same time, so nobody works from an old version.
Granular file permissions
Each partner or bidder sees only the folders meant for them, which matters when they compete with each other.
Dynamic watermarking
Every page of a study report carries the reviewer's name, so a leak can be traced to its source.
Archive download at closing
You keep a frozen record of exactly what each party saw, which counsel will want after signing.

When a smaller plan is enough: Files already de-identified, so nothing needs blacking out, and you answer partner questions yourself with no expert or sign-off step? Data Room covers that, with a 7-day free trial.

Not sure yet? Start Deal Team on monthly billing and cancel any time. It has no free trial, and payments aren't refundable.

Get started with Deal Team

Selling or buying a company

Running several deals at once?

PE funds and corporate development teams of four or more

Deal Team$64/admin/mo, billed annually, min 4 admins

From $3,072/yr paid upfront, or $356/mo (4 admins)

When four or more people run deals side by side, Deal Team adds bidder Q&A with experts and sign-off on every deal, upload alerts to each deal's bidders, an archive of every room at closing, and Google or Microsoft sign-in for the team. Analytics history is kept for as long as you hold the asset, and a dedicated account manager and priority support that aims to reply within 12 hours, around the clock, come with it.

What Deal Team adds for this

  • Advanced Q&A module
  • Upload alerts to bidders and team
  • Archive download at closing
  • OAuth SSO
  • Priority support

Also included

  • Granular file permissions
  • Dynamic watermarking
Why these matter for this work
Advanced Q&A module
Each live process gets its own routed Q&A, with experts drafting and an approver signing off.
Upload alerts to bidders and team
When three processes run at once, each deal's bidders hear about new files without anyone on the team writing update emails.
Archive download at closing
Every closed or abandoned process leaves a frozen copy of what was disclosed, for the fund's records and any later claim.
OAuth SSO
The team signs in with the Google or Microsoft accounts you already manage, so leavers lose access with their work account.
Priority support
Replies within 24 hours, 7 days a week, which matters when a process runs over a weekend.
Granular file permissions
Lenders, bidders and LPs each see only their own folders, deal by deal.
Dynamic watermarking
Every page carries the reader's name, across every live process.

When a smaller plan is enough: Fewer than four people, and one person answers bidder questions? Data Room also has unlimited rooms and Basic Q&A.

Not sure yet? Start Deal Team on monthly billing and cancel any time. It has no free trial, and payments aren't refundable.

Get started with Deal Team

Reporting to investors and boards

Sending LP reports, investor updates or board packs?

VC, PE and hedge fund managers, family offices, CFOs

Data Room$52/admin/mo, billed annually

From $624/yr paid upfront, or $75/mo (1 admin)

Each LP or director should see only the files meant for them, with their name on every page, and you should know who opened the quarterly letter. Data Room does that with group permissions and room-level analytics.

What Data Room adds for this

  • Group permissions
  • Granular file permissions
  • Dynamic watermarking
  • Room-level analytics
  • Custom domain & branding
  • Audit trail
Why these matter for this work
Group permissions
Put each LP or board member in a group and give the group exactly the reports it is entitled to.
Granular file permissions
Side letters and fund-specific reports stay visible only to the investors they belong to.
Dynamic watermarking
Each LP's name on every page discourages forwarding performance numbers.
Room-level analytics
See which LPs opened the quarterly letter and which have not, before the next call.
Custom domain & branding
Reports open on your fund's own domain, with your branding.
Audit trail
A record of who opened which report, for your own compliance file.

When a smaller plan is enough: One update to a handful of investors who all see the same file? Business covers that.

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Sharing with clients and customers

Sending proposals, contracts or client files?

Sales teams, agencies, consultants and recruiters

Business$30/admin/mo, billed annually

From $360/yr paid upfront, or $44/mo (1 admin)

You share with people you know, one client at a time. Business checks each reader's email, asks them to accept a simple NDA, blocks downloads, and lets you cut off a client's access the moment an engagement ends.

What Business adds for this

  • Email authentication
  • Simple NDA (view and accept)
  • Download prevention
  • Remote access revocation
  • Unlimited e-signatures
  • Custom logo and background
Why these matter for this work
Email authentication
Only the person you sent it to can open it, because they confirm their email first.
Simple NDA (view and accept)
Readers accept your confidentiality terms before they see a proposal or pricing.
Download prevention
Set per link and per file: a proposal stays view-only in the browser, while the final deliverable can go out on a link that allows downloads.
Remote access revocation
When an engagement ends, you switch off a client's access with one click.
Unlimited e-signatures
Proposals and engagement letters get signed in the same place, with no separate e-signature tool.
Custom logo and background
Every link carries your logo and background.

Need a room for every client, or worried a client will pass your work on? Data Room has unlimited rooms and puts the client's own name on every page, including on PDFs they download, which makes them think twice before forwarding it. Send final decks as PDFs: Office files download as the original, without the mark.

Get started with Business

Sharing with clients and customers

Protecting course materials or licensed content?

Course creators, schools, training providers and rights holders

Data Room$52/admin/mo, billed annually

From $624/yr paid upfront, or $75/mo (1 admin)

When the material itself is the product, you need to trace any copy back to the account that shared it. Data Room adds Screenshield and a per-viewer watermark on every page, on top of download blocking and a full audit trail.

What Data Room adds for this

  • Screenshield
  • Dynamic watermarking
  • Audit trail
  • Unlimited data rooms

Also included

  • Download prevention
Why these matter for this work
Screenshield
Makes screen capture harder than standard screenshot protection, for material that is the product itself.
Dynamic watermarking
A per-viewer mark on every page helps trace a leaked copy to the account that shared it.
Download prevention
Students and licensees read the material in the browser rather than downloading a file.
Audit trail
A record of who opened what, when you need to act on a leak.
Unlimited data rooms
One room per course, cohort or licensee, with no cap on how many.
Start the 7-day free trial

Security reviews and regulated work

Does your security team have hard requirements?

Defense (ITAR, CUI), banks and large enterprises with their own security requirements

EnterpriseCustom pricing

Priced with each customer, starting with a call

When the purchase depends on SAML single sign-on, your own encryption keys, a set data region such as the EU, or your own contract terms, that is Enterprise. It is set up with each customer, so it starts with a call.

What Enterprise adds for this

  • SAML SSO
  • Bring your own encryption key
  • Your own DPA, MSA and SLA
Why these matter for this work
SAML SSO
Access runs through your identity provider (Okta, Azure AD or any SAML IdP), so your security team keeps control.
Bring your own encryption key
Files are encrypted with keys you hold.
Your own DPA, MSA and SLA
Contract terms follow your own DPA, MSA and SLA.
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