What to Include in a Basic Data Room When Raising Money From a VC

When you’re gearing up to raise from VCs, one of the most useful tools you can prep early is a clean, organized data room. Think of it as your startup’s financial and operational backstage—what investors see when they’re ready to get serious.

A well-structured data room signals professionalism, saves time during diligence, and builds investor confidence. Here’s what needs to go inside (and a few things that can wait).

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🔑 Core Sections Every VC Data Room Should Have

1. Company Overview

Give investors a quick “why this matters” snapshot:

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• One-pager or executive summary
• Vision & mission
• Team bios (especially founders and key hires)
• Cap table (clean, updated, and clearly formatted)

🔍 Pro tip: Avoid overcomplicated equity waterfalls at this stage—just show ownership and any SAFEs or notes outstanding.

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2. Pitch Deck

This is often the entry point, but include it in the room for reference. Make sure it’s:

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• The latest version
• Matches any numbers found elsewhere (e.g., revenue, burn)
• Includes key metrics like growth rate, CAC, LTV (if relevant)

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3. Financials

Here’s where founders often lose investor trust. Keep it simple and clean:

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• Historical financials (last 12–24 months): P&L, balance sheet, and cash flow
• Monthly bookkeeping (clean and categorized in QuickBooks or similar)
• Bank statements (last 3–6 months)

💡 No revenue yet? No problem. Just make sure expenses are tracked, categorized, and make sense to an outside party.

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4. Budget & Runway Plan

Investors want to know how you’re thinking about burn. Include:

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• 12–18 month operating budget (expenses by category)
• Headcount plan
• Projected cash runway with and without new funding

🧠 You don’t need a CFO to build this—but it should tie logically to your funding ask.

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5. Customer File

This one’s often overlooked but deeply appreciated by investors. Create a simple spreadsheet or table that includes:

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• Customer/company name
• Contract start date
• Contract end date (if applicable)
• Status (active, churned, free trial, etc.)
• ARR or MRR (if monetized)
• Notes on reason for churn or expansion (if known)

📊 Bonus: Add filters to sort by churned vs active. Investors love seeing real retention patterns, even if you’re still early.

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6. Fundraising Documents

Make sure you include:

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• Existing SAFE/Convertible Note agreements
• Investor updates (especially if you’ve been sending regular ones)
• Any term sheets (if you’re already in conversations)

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7. Legal & Compliance

Keep this tight and only include what’s relevant:

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• Certificate of incorporation
• Bylaws or operating agreement
• IP assignments from all founders and employees
• Major contracts (e.g., large customers, vendor agreements, NDAs)

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⚠️ What to Skip in Early Rounds

Don’t overwhelm. If you’re raising pre-seed or seed:

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• No need for a 40-tab Excel model
• Don’t include employee reviews or minor contracts
• Avoid adding unstructured docs “just in case”

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✍️ Final Thoughts: Clean > Fancy

Your data room isn’t about showing off—it’s about clarity and completeness. A buttoned-up data room tells investors: “We know where every dollar is going, and we’re ready to put your capital to work.”

If your books, budget, or customer data aren’t there yet, that’s your signal to get help—before you open the fundraising floodgates.

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Need help getting your data room VC-ready—especially on the finance side? We specialize in early-stage startups. Let’s get your house in order. 💼