What goes in a fundraising data room?

A data room is the organized set of documents shared with investors during diligence: certificate of incorporation and charter, cap table, financials and metrics definitions, key contracts, IP assignments, and prior financing documents. At seed, a tight folder beats an exhaustive one.

Stage the disclosure: high-level materials for first conversations, the full room after a term sheet. Metrics with clear definitions build more trust than polished ones — investors triangulate everything anyway.