Data room for an angel round.
An angel round data room serves many individual investors at once: a clear overview, founder background, the investment terms, a cap table and the basic legal records. Angels and syndicate leads read quickly and decide on people and terms, so the room should be short, consistent and easy to open on any device.
Angel round room
- 01 Overview
- 02 Founders
- 03 Terms
- 04 Cap table
- 05 Company records
- 06 IP and team
- 07 Traction and plan
How it works for a startup.
Angel rounds bring together individuals, angel groups and online syndicates, each writing smaller checks. A syndicate lead often writes a deal memo for members and asks for a few extra files. Angel groups may run a screening meeting, then a diligence team that reads more closely.
Securities law sets the frame. Most angel rounds rely on Regulation D, and investors must usually be accredited: for individuals, income over $200,000 (or $300,000 jointly) in each of the last two years, or net worth over $1 million excluding the primary residence. Under Rule 506(c) the company must take reasonable steps to verify that status. A Form D is filed with the SEC within 15 days of the first sale.
With many readers, consistency matters. Every angel should see the same terms and the same answers, which is easier in a room with a Q&A log than in separate email threads.
Top 10 data rooms for this job.
Our five measures, re-weighted for angel round. Places 11 to 17 are listed below the cards.
- Setup speed 26%
- Investor experience 22%
- 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 8.5/10First-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 8.1/10Strong 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 8.1/10Strong 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
- $299 monthly
- Free trial offered
- 7/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- 7 7.8/10Strong 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
- 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 7.7/10Good option
- 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 7.4/10Good 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
- DocSend 7.4
- DealRoom 7.4
- Drooms 7.4
- Intralinks 7.3
- SmartRoom 7.2
- ShareVault 6.9
- Venue by DFIN 6.3
Folder index.
A starting structure for this room. Rename folders to fit your company and keep the numbers.
Deck, memo, product demo.
Bios, references on request, founder commitments.
SAFE or note form, round size, minimum check, closing timeline.
Current and pro forma cap table.
Charter, bylaws, board consents, good standing.
Invention assignments, key agreements.
Early metrics, budget, milestones.
Accredited investor questionnaire, wire instructions shared separately and verbally confirmed.
Questions from angels and syndicate leads with answers.
Need every file by stage? Use the startup data room checklist.
Must-have features.
| Provider | Viewer activity log | Investor Q&A | Dynamic watermarks | Mobile app |
|---|---|---|---|---|
| Ellty | ||||
| SecureDocs | ||||
| Citrix ShareFile | ||||
| iDeals | ||||
| Firmex | ||||
| CapLinked | ||||
| Ansarada | ||||
| Onehub | ||||
| Datasite | ||||
| Digify |
- Viewer activity log
- Shows which investor opened which file, for how long and when, and exports the record.
- Investor Q&A
- Funds and buyers ask questions against a file; you assign, answer and publish replies, and the thread stays on record.
- Dynamic watermarks
- Stamps the viewer email and the time across every page, so a forwarded screenshot points back to its source.
- Mobile app
- An installable phone and tablet app on top of the mobile website.
Set up the room in 5 steps.
- 1
Use one set of terms
Offer the same instrument and terms to every angel. Exceptions create side letters you must track.
- 2
Prepare a syndicate lead pack
Group the files a syndicate lead needs for a member memo: overview, terms, cap table and three key metrics.
- 3
Check accreditation
Collect accredited investor questionnaires, and if you use 506(c), verification letters. Ask counsel which exemption applies.
- 4
Never share wire details in the room alone
Confirm wire instructions by phone. Payment fraud often targets fundraising emails.
- 5
File Form D
Diary the 15-day deadline after the first sale and keep the filing in the room.
Common mistakes.
- Different terms quoted to different angels in separate emails.
- Accepting money from investors who are not accredited without checking the exemption.
- Missing the Form D filing and any state notice filings.