Series A lead's lawyers are demanding a data room. The fund's portfolio team uses a VDR; the bridge round closes in three weeks. You need a data room organised today, not after a procurement cycle.
A well-organised PDF-based data room is enough for many Series A's. Here's the structure.
Standard sections
Corporate (incorporation, shareholders, board minutes), financial (statements, projections, cap table), commercial (customer contracts, supplier agreements), IP (registrations, employee assignments), employees (contracts, options grants), regulatory (compliance, licences), litigation (any disputes), product (technical overview, security).
Section structure
Each section is a folder containing PDFs. Use merge PDF where multiple related documents form a logical unit (e.g. all employee NDAs in one PDF). Keep large multi-document sets as individual PDFs for easier reference. The lead lawyer's team needs to find specific documents fast.
Naming conventions
Numbered prefixes for sortability: `01_Incorporation`, `02_Cap_Table`, `03_Shareholders_Agreement`. Within sections, use clear descriptive names: `Customer_Contract_AcmeCorp_2025-08-15.pdf`. Investors and their lawyers should be able to find anything in under a minute.
Index file
Create a single PDF index listing every document with its filename, section, and brief description. This is the document the lead investor's lawyer reads first. A clear index signals organisation and saves their team hours. Convert from Word and update as documents are added.
Access and control
Share via Dropbox Business, Google Workspace, or similar with audit logs. Watermark sensitive PDFs with annotate PDF. Password-protect the most sensitive (cap table, financial projections). Maintain a log of who accessed what when.
FAQ
When should I use a real VDR instead?
Series B and beyond, multi-party competitive rounds, anything with serious confidentiality concerns. For most Series A and below, PDFs in a controlled folder are enough.
How long does a data room need to stay open?
Until closing plus 30 days for post-closing diligence. Then archive — don't leave open data rooms accessible after deals close.
Should I include employee names in the data room?
Employment contracts can be redacted for personal data while preserving substance. Names of key personnel typically stay; ordinary employees can be redacted.
Who maintains the data room?
Typically the CFO or founder. The lead investor's lawyer may make additions during diligence; you control the source of truth.
PDF data rooms close Series A's. Organise yours in Flint and the lawyers move fast.