Data rooms for crypto and web3 startups.
Crypto startups face diligence on two instruments at once: equity and tokens. Investors ask for the token design and allocation, legal analysis of the token, smart contract audits, treasury and custody arrangements, licences or registrations, and how token warrants or side letters relate to the equity cap table.
Crypto and web3 room
- 01 Corporate
- 02 Token design
- 03 Token table
- 04 Token agreements
- 05 Legal analysis
- 06 Licences
- 07 Smart contracts
How it works for a startup.
Many web3 companies raise equity with token warrants or side letters, or sell token rights through SAFTs. Reviewers reconcile the cap table with a token table showing allocations, vesting and lockups for team, investors, foundation and treasury. Any mismatch between documents and what has been distributed on-chain is a serious finding.
Regulation in the US is still developing and differs by activity. Exchanges, custodians and payment products may need FinCEN registration, state licences or a New York BitLicense. Token sales raise securities law questions. Counsel's analysis, and any correspondence with regulators, belongs in a restricted folder.
Technical diligence centres on smart contract audits, incident history, key management and treasury controls. Investors want to see who can move funds, under what approvals and with what multisig or custody arrangement.
Top 10 data rooms for this job.
Our five measures, re-weighted for crypto and web3. Places 11 to 17 are listed below the cards.
- Setup speed 17%
- Investor experience 16%
- Access control 31%
- Diligence tools 19%
- Startup pricing 17%
- 1 9.1/10First-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 8.2/10Strong 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
- 3 8.1/10Strong 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
- 4 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
- 5 8.0/10Strong 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
- 6 7.9/10Strong pick
- $250 monthly
- Free trial offered
- 8/12 feature checks
- Investor Q&A
- NDA e-signing
- Dynamic watermarks
- View-only and download control
- SOC 2
- 7 7.9/10Strong pick
- Quote only
- Demo, no trial
- 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
- Quote only
- Demo, no trial
- 8/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
- GDPR
- 9 7.7/10Good option
- $299 monthly
- Free trial offered
- 7/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- 10 7.7/10Good option
- $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
Show places 11 to 17
- SmartRoom 7.6
- DealRoom 7.5
- ShareVault 7.2
- Onehub 7.1
- Digify 6.8
- Venue by DFIN 6.7
- DocSend 6.4
Folder index.
A starting structure for this room. Rename folders to fit your company and keep the numbers.
Charter, cap table, foundation or offshore entity documents, entity chart.
Whitepaper or litepaper, token economics, supply schedule.
Allocations, vesting and lockups by holder group, reconciliation with on-chain data.
SAFTs, token warrants, side letters, purchase agreements.
Counsel memos on token status, licensing analysis, regulator correspondence.
FinCEN MSB registration, state licences, foreign registrations.
Audit reports, bug bounty program, deployed addresses, upgrade controls.
Treasury policy, custody agreements, multisig signers, wallet list.
Incident history, exploits, post-mortems, remediation.
Fiat and token holdings, revenue, accounting policy for digital assets.
Need every file by stage? Use the startup data room checklist.
Must-have features.
| Provider | Two-step login | View-only and download control | Dynamic watermarks | Viewer activity log | Investor Q&A |
|---|---|---|---|---|---|
| Ellty | |||||
| iDeals | |||||
| Datasite | |||||
| Firmex | |||||
| Ansarada | |||||
| SecureDocs | |||||
| Intralinks | |||||
| Drooms | |||||
| CapLinked | |||||
| Citrix ShareFile |
- Two-step login
- Every login needs a one-time code or an app approval as well as the password.
- View-only and download control
- Set each file to view only, print or download, and change it later without resending anything.
- Dynamic watermarks
- Stamps the viewer email and the time across every page, so a forwarded screenshot points back to its source.
- 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.
Set up the room in 6 steps.
- 1
Reconcile equity and tokens
Build one view of who holds what equity and what token rights, and tie the token table to on-chain records.
- 2
Collect every token agreement
File each SAFT, warrant and side letter, and list the obligations they create.
- 3
Restrict legal analysis
Keep counsel memos in a folder limited to the lead investor and its counsel, and ask counsel before sharing.
- 4
Show treasury controls
Document signers, approval thresholds and custody arrangements for every significant wallet.
- 5
Include all audits
Share every smart contract audit with the fixes made, not just the latest clean report.
- 6
Use strict access controls
Two-factor login, watermarks, download blocking and short access windows.
Common mistakes.
- Token side letters that conflict with the published token schedule.
- Treasury controlled by one founder's keys.
- Audit reports for contract versions that are no longer deployed.
- Licensing analysis that has not been updated as products changed.