The Series A Data Room Checklist: What Investors Expect
A comprehensive checklist of every document and dataset you need to prepare for Series A due diligence. Get your data room investor-ready.
When a Series A investor says "let's move to due diligence," you want to be ready. Companies that can share a comprehensive, well-organized data room within 24 hours signal professionalism and close rounds faster.
This guide provides a complete checklist of what investors expect in a Series A data room. Use it to prepare before you start fundraising—not when you're scrambling to respond to diligence requests. For the broader context on Series A preparation, see our Complete Guide to Series A Readiness.
Pro Tip
Start building your data room 3-4 months before you plan to raise. Many documents take time to locate, organize, or create. The last thing you want is to delay a hot process because you can't find your IP assignment agreements.
Why Your Data Room Matters
Your data room is more than a collection of documents—it's a reflection of how you run your company. A well-organized data room signals:
Operational Maturity
You have processes and systems in place. You're running a real business, not flying by the seat of your pants.
Transparency
You're not hiding anything. Everything an investor might want to see is readily available and well-documented.
Respect for Process
You understand what investors need and you've prepared accordingly. This builds confidence in your ability to work with a board.
Speed
When investors can find what they need quickly, diligence moves faster. Faster diligence means faster term sheets.
Financial Documents
Financial documents are the backbone of due diligence. Investors will scrutinize these carefully. For guidance on getting your books ready, see How to Clean Up Your Books Before Fundraising.
Historical Financial Statements
Financial Model & Projections
See Financial Projections for Series A for guidance on building your model.
Revenue & Cash Details
Cap Table & Equity
See Cap Table Management for common issues to address.
Operating Metrics
Beyond financial statements, investors want to understand your operating metrics. These tell the story of your business's health and trajectory. For benchmarks, see Key Metrics for Series A.
Customer & Revenue Metrics
Unit Economics
Sales & Marketing Metrics
Legal & Corporate Documents
Legal due diligence can surface deal-killers. Having clean, organized legal documents prevents surprises. See Due Diligence Red Flags for issues to address proactively.
Corporate Formation
Previous Financing Documents
Material Contracts
Intellectual Property
Team & HR Documents
Investors are investing in your team as much as your product. They want to understand who's building the company and how you're structured.
Team Information
Employment Documentation
Equity & Compensation
Product & Technology
For technical due diligence, investors want to understand your product architecture and development practices.
Organization Best Practices
How you organize your data room matters as much as what's in it.
- Use a proper platform: Docsend, Google Drive, or Notion—not email attachments
- Create clear folder structure: Match the categories in this checklist
- Include an index: A summary document listing all contents with descriptions
- Date everything: Add "as of" dates to all financial documents
- Version control: Clear naming conventions and version numbers
- Keep it current: Update financials monthly during the raise process
- Control access: Use permissions to track who views what
Recommended Folder Structure
01 - Company Overview
- Index & Summary
- Pitch Deck
- Executive Summary
02 - Financial Information
- Historical Financials
- Financial Model
- Revenue & ARR Details
- Cap Table
03 - Operating Metrics
- Customer Data
- Unit Economics
- Sales & Marketing
04 - Corporate & Legal
- Formation Documents
- Previous Financing
- Material Contracts
- IP Documentation
05 - Team & HR
- Org Chart
- Employment Docs
- Equity & Compensation
06 - Product & Technology
- Roadmap
- Architecture
- SecurityCommon Mistakes to Avoid
Waiting Until Asked
Don't wait for investors to request documents. Have everything ready before you take your first meeting. Scrambling signals disorganization.
Stale Data
Financials from 3 months ago are a red flag. Keep your data room updated monthly during an active raise.
Missing Documents
Gaps in documentation (especially IP assignments or board consents) can delay or kill deals. Do a complete audit before fundraising.
Inconsistent Numbers
If your pitch deck says $1.2M ARR and your data room says $1.1M, you have a trust problem. Ensure all numbers reconcile.
Oversharing Early
Don't share your full data room with every investor who expresses interest. Share progressively as they demonstrate serious intent.
Timeline Tip
Allow 4-8 weeks to fully populate your data room. Some documents (like IP assignments for early employees) may need to be recreated if they were never properly executed.
Related Articles
Complete Series A Readiness Guide
Everything founders need to know
Financial Projections for Series A
Build a model investors trust
Clean Up Your Books
Get audit-ready before fundraising
Due Diligence Red Flags
What kills Series A deals
Need Help Preparing Your Data Room?
Eagle Rock CFO helps startups build investor-ready data rooms. We'll organize your financials, calculate your metrics, and get you ready for due diligence.
Get Data Room Ready