Getting ready for Y Combinator and other accelerators.
Accelerators read a short application and a video, then interview. The data room matters after acceptance, when the program and its lawyers check formation, founder equity, IP and the cap table before funding. Building it while you apply means you can sign quickly and walk into demo day with a seed room already in place.
Accelerator applications room
- 01 Application
- 02 Formation
- 03 Founder equity
- 04 IP assignment
- 05 Cap table
- 06 Prior agreements
- 07 Metrics
How it works for a startup.
Y Combinator's standard deal, announced in 2022 and still described on its site, is $500,000: $125,000 on a post-money SAFE for 7% of the company plus $375,000 on an uncapped SAFE with a most favoured nation clause. Other accelerators use different terms, often a fixed amount for a set percentage. Read each program's current terms before applying.
After acceptance, programs typically check that the company is a properly formed entity, usually a Delaware C corporation, that founders hold their stock with vesting, that IP is assigned to the company, and that the cap table matches the documents. Companies formed outside the US may be asked to restructure with a Delaware parent.
The same documents become the core of the seed data room. Founders who prepare them during the application have less paperwork to do during the program, when time is better spent on customers.
Top 10 data rooms for this job.
Our five measures, re-weighted for accelerator applications. Places 11 to 17 are listed below the cards.
- Setup speed 31%
- Investor experience 17%
- Access control 16%
- Diligence tools 10%
- Startup pricing 26%
- 1 9.6/10First-rate
- $149 monthly
- 14-day free trial
- 8/12 feature checks
- Investor Q&A
- NDA e-signing
- Dynamic watermarks
- View-only and download control
- SOC 2 (hosting)
- 2 8.6/10First-rate
- $250 monthly
- Free trial offered
- 8/12 feature checks
- Investor Q&A
- NDA e-signing
- Dynamic watermarks
- View-only and download control
- SOC 2
- 3 8.2/10Strong pick
- $55 monthly
- Free trial offered
- 9/12 feature checks
- NDA e-signing
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- HIPAA
- 4 8.2/10Strong pick
- Quote only
- Free trial offered
- 9/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- GDPR
- 5 8.2/10Strong pick
- Quote only
- Free trial offered
- 7/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- 6 7.9/10Strong pick
- Quote only
- Free trial offered
- 8/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- 7 7.9/10Strong pick
- $299 monthly
- Free trial offered
- 7/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- 8 7.8/10Strong pick
- $15 monthly
- Free trial offered
- 6/12 feature checks
- Dynamic watermarks
- Viewer activity log
- Bulk folder upload
- Mobile app
- SOC 2
- 9 7.8/10Strong pick
- Quote only
- Demo, no trial
- 10/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- GDPR
- 10 7.5/10Good option
- $120 monthly
- Free trial offered
- 4/12 feature checks
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- Bulk folder upload
- SOC 2
Show places 11 to 17
- DealRoom 7.5
- DocSend 7.5
- Drooms 7.5
- Intralinks 7.4
- SmartRoom 7.2
- ShareVault 7.0
- Venue by DFIN 6.4
Folder index.
A starting structure for this room. Rename folders to fit your company and keep the numbers.
Final application answers, founder video, product demo.
Certificate of incorporation, bylaws, initial consents, EIN.
Stock purchase agreements with vesting, 83(b) elections.
Invention assignment for all founders, assignment of pre-formation work.
Current cap table, any prior SAFEs, grants to early employees or advisors.
Earlier accelerator or grant agreements, university or employer IP policies that might apply.
Weekly growth, users, revenue if any.
Signed accelerator SAFEs and agreements after acceptance.
Need every file by stage? Use the startup data room checklist.
Must-have features.
| Provider | Viewer activity log | Bulk folder upload | NDA e-signing | Dynamic watermarks |
|---|---|---|---|---|
| Ellty | ||||
| SecureDocs | ||||
| Citrix ShareFile | ||||
| iDeals | ||||
| Firmex | ||||
| Ansarada | ||||
| CapLinked | ||||
| Onehub | ||||
| Datasite | ||||
| Digify |
- Viewer activity log
- Shows which investor opened which file, for how long and when, and exports the record.
- Bulk folder upload
- Drag a whole folder tree in at once and keep its numbering.
- NDA e-signing
- Investors sign the NDA or click-through terms before the room opens.
- Dynamic watermarks
- Stamps the viewer email and the time across every page, so a forwarded screenshot points back to its source.
Set up the room in 5 steps.
- 1
Incorporate correctly
Most US accelerators expect a Delaware C corporation. If you formed an LLC or a foreign company, ask counsel about converting before you apply.
- 2
Clean up founder equity
Sign stock agreements with vesting and file 83(b) elections. Programs check this soon after acceptance.
- 3
Check prior IP claims
If any founder built the product while employed or at a university, review that employer or university policy and document the outcome.
- 4
Keep the cap table to one page
List every holder and instrument. Unexplained entries delay program funding.
- 5
Turn the folder into a seed room
After the program funds, add metrics and customer folders so the room is ready for demo day investors.
Common mistakes.
- Applying with an LLC or a foreign entity and leaving conversion until after acceptance.
- A former co-founder who left with unvested shares and never signed a separation agreement.
- Code written at a previous employer with an IP clause that could reach it.