Series B data room: proving the growth engine.
A Series B data room shows that growth is efficient and can scale: sales capacity and productivity, gross margin trends, burn multiple, net revenue retention, and a finance function that closes the books monthly. Expect deeper commercial and financial diligence than at Series A, often with outside advisers.
Series B room
- 01 Summary
- 02 Corporate and governance
- 03 Capitalization
- 04 Finance
- 05 Revenue analytics
- 06 Go-to-market
- 07 Customers
How it works for a startup.
Series B investors assume product-market fit and test whether more money produces proportionally more revenue. They look at how quickly new sales reps reach quota, how much each dollar of burn buys in new ARR, and whether margins improve with scale. Customer reference calls are common, and some funds hire a firm for commercial diligence.
Finance quality matters more now. Investors want a monthly close, a revenue recognition policy that fits ASC 606, a budget against actuals, and a clear view of deferred revenue and collections. Some will ask for audited statements if the company has them, or plan an audit as a post-closing covenant.
The room also has to handle a larger reader group: existing investors exercising pro rata rights, new leads, their counsel and accountants. Keep existing investor access separate from new bidders when you are running a competitive process.
Top 10 data rooms for this job.
Our five measures, re-weighted for series b. Places 11 to 17 are listed below the cards.
- Setup speed 17%
- Investor experience 17%
- Access control 28%
- Diligence tools 24%
- Startup pricing 14%
- 1 9.3/10First-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 8.3/10Strong 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 8.3/10Strong 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 8.2/10Strong 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
- 5 8.1/10Strong 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
- GDPR
- 8 7.7/10Good option
- 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
- 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 7.5/10Good option
- Quote only
- Demo, no trial
- 7/12 feature checks
- Investor Q&A
- Dynamic watermarks
- View-only and download control
- Viewer activity log
- SOC 2
- ISO 27001
Show places 11 to 17
- Citrix ShareFile 7.5
- DealRoom 7.5
- ShareVault 7.1
- Onehub 6.9
- Venue by DFIN 6.7
- Digify 6.6
- DocSend 6.4
Folder index.
A starting structure for this room. Rename folders to fit your company and keep the numbers.
Deck, board-level strategy memo, three-year plan.
Restated charter, investor agreements, board minutes for the last two years.
Cap table with all classes, liquidation preference stack, option pool status, secondary history.
Monthly financial statements, budget versus actual, revenue recognition policy, audit or review reports.
ARR bridge (new, expansion, contraction, churn), NRR and GRR by segment, cohorts, burn multiple.
Sales headcount and ramp, quota attainment, pipeline coverage, marketing spend by channel.
Top 25 contracts, concentration table, reference list, churn reasons.
Roadmap, architecture, uptime history, security certifications or plans.
Org chart, compensation bands, key employee agreements, attrition by team.
Material contracts, IP schedule, privacy compliance, litigation and regulatory matters.
Questions and answers by workstream.
Need every file by stage? Use the startup data room checklist.
Must-have features.
| Provider | Investor Q&A | Viewer activity log | Dynamic watermarks | View-only and download control | In-app redaction |
|---|---|---|---|---|---|
| Ellty | |||||
| iDeals | |||||
| Datasite | |||||
| Firmex | |||||
| Ansarada | |||||
| SecureDocs | |||||
| Drooms | |||||
| Intralinks | |||||
| CapLinked | |||||
| SmartRoom |
- Investor Q&A
- Funds and buyers ask questions against a file; you assign, answer and publish replies, and the thread stays on record.
- Viewer activity log
- Shows which investor opened which file, for how long and when, and exports the record.
- Dynamic watermarks
- Stamps the viewer email and the time across every page, so a forwarded screenshot points back to its source.
- View-only and download control
- Set each file to view only, print or download, and change it later without resending anything.
- In-app redaction
- Blacks out salaries, customer names or personal data inside the platform without keeping a second copy.
Set up the room in 5 steps.
- 1
Build the ARR bridge
Show starting ARR, new, expansion, contraction and churn each month. It is the single table growth investors return to most.
- 2
Show sales capacity honestly
List each rep with start date, ramp time and attainment. Investors use this to test the plan, so do not hide the misses.
- 3
Prepare reference customers
Pick customers who agreed to take calls and note their contract size and use case. Keep their contact details out of the room until the lead asks.
- 4
Separate existing and new investors
Existing investors see what their information rights allow; new funds see the process folders. Keep their Q&A threads apart.
- 5
Redact compensation
Share salary bands and anonymised data first. Release named compensation only to the lead near signing.
Common mistakes.
- Reporting blended NRR that hides weak retention in one segment.
- A model that adds sales reps without the ramp time seen in actual data.
- Letting a competing bidder see the Q&A thread of another fund.
- Releasing named salary data to every fund in the first week.