Growth-stage VC funds, crossover investors
Data rooms for a Series B
By Series B, investors are buying a growth engine. They want proof in the data that each dollar of spend brings back revenue on a predictable schedule.
Series B rooms carry far more data than earlier rounds: revenue by cohort and by channel, sales capacity and quota attainment, gross margin by product, and a hiring plan tied to the model. Investors often bring outside firms for commercial, technical or security diligence.
That means more user groups, more questions and more sensitive files. Granular permissions, redaction and a Q&A process with owners in finance, sales and engineering become essential.
What matters most: Several outside diligence firms join the room; groups, redaction and assigned Q&A keep the process under control.
Best data rooms for series b
Checked October 2026. Scores re-weighted for this use case.
Investor access control 25% / Diligence workflow 24% / Security and compliance 19% / Speed to launch 16% / Cost clarity 16%
- 1
Best for: Fundraising, M&A and investor reporting
A full virtual data room with Q&A, watermarks, view and download rights, an activity log, e-signature and AI help, on a published monthly price with a 14-day free trial.
- Price$149/mo
- Trial14-day free trial
- SecuritySOC 2 (hosting)
- Investor controls5 of 6
- 2
Best for: Sell-side M&A and PE buyouts
A long-established M&A data room with ISO 27001 and SOC 2, redaction, SSO and a public API. Quote-based pricing with a free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
9.0/10 Read review - 3
Best for: Bank-led auctions and large M&A
The large-deal incumbent used by many investment banks, with AI tools, SSO, redaction and a mobile app. Quote only, no free trial.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
9.0/10 Read review - 4
Best for: Deal preparation and M&A
An Australian deal platform with AI tools, Q&A, SSO and ISO 27001, plus deal-readiness features. Quote based, free trial available.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls5 of 6
8.8/10 Read review - 5
Best for: Mid-market M&A and legal teams
A mid-market favourite from Canada with Q&A, redaction, ISO 27001 and an easy interface. Quote based, free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.5/10 Read review - 6
Best for: Real estate portfolios and European deals
A German data room with deep roots in European real estate, AI tools, redaction and ISO 27001. Quote only.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
8.5/10 Read review - 7
Best for: Regulated and capital-markets deals
A capital-markets and M&A veteran with ISO 27001, SOC 2, SSO and redaction. Quote only, demo on request.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.5/10 Read review - 8
Best for: Permission-heavy processes
A security-focused room with Q&A, redaction and fine-grained permissions, ISO 27001 and SOC 2. Quote only.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.2/10 Read review - 9
Best for: Corporate development pipelines
A data room plus M&A project management for corporate development teams. Q&A, ISO 27001, quote based with a free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls5 of 6
8.1/10 Read review - 10
Best for: Smaller asset sales and raises
A published-price room from $299 a month with Q&A, a public API and file-level rights. SOC 2.
- Price$299/mo
- TrialFree trial
- SecuritySOC 2
- Investor controls5 of 6
7.9/10 Read review
Ranks 11 to 16: Citrix ShareFile (7.8), SecureDocs (7.7), ShareVault (7.7), Venue by DFIN (7.2), Digify (6.6), DocSend (6.3).
- 01Metrics
ARR bridge, cohort retention, CAC and payback by channel - 02Sales
Pipeline, quota attainment, sales capacity model - 03Finance
Audited or reviewed accounts, budget versus actual, model - 04Technology and security
Architecture overview, pen test summary, SOC 2 report if any - 05Legal and equity
Prior round documents, cap table, material contracts
Must-have features
Q&A module
Investors ask questions inside the room; your team assigns, answers and publishes them, with a record of every reply.
Redaction in the room
Black out salaries, customer names or personal data inside the room instead of uploading edited copies.
View and download rights
Per-file rules for view, print and download, including view-only access that can be withdrawn.
Activity log
A log of which investor opened, downloaded or printed each file and for how long, ready to export.
Single sign-on
Your team signs in with company credentials through an identity provider such as Okta or Entra ID.
| Data room | Q&A module | Redaction in the room | View and download rights | Activity log | Single sign-on | Price |
|---|---|---|---|---|---|---|
 Ellty | $149/mo | |||||
 iDeals | Quote | |||||
 Datasite | Quote | |||||
 Ansarada | Quote | |||||
 Firmex | Quote | |||||
 Drooms | Quote | |||||
 Intralinks | Quote | |||||
 SmartRoom | Quote | |||||
 DealRoom | Quote | |||||
 CapLinked | $299/mo | |||||
 Citrix ShareFile | $55/mo | |||||
 SecureDocs | $250/mo | |||||
 ShareVault | Quote | |||||
 Venue by DFIN | Quote | |||||
 Digify | $120/mo | |||||
 DocSend | $45/user/mo |
Step by step
How to run the room
- Build a metrics pack that ties outEvery figure in the deck should trace to a sheet in the metrics folder.
- Create groups per diligence workstreamCommercial, technical and legal advisers see their own folders only.
- Assign question ownersRoute finance questions to the CFO, security to the CTO, and approve answers before release.
- Report engagement to the boardUse the activity log to show which investors are deep in diligence.
Avoid
Common mistakes
- Inconsistent ARR definitions between the deck, the model and the board pack.
- Giving a technical adviser access to HR files.
- Uploading raw CRM exports with customer contacts.
Series B data room FAQ
What do Series B investors look for in diligence?
Repeatable growth: cohort retention, efficient acquisition, sales productivity and margin. They also check security posture and that prior rounds were documented properly.
Should a Series B company have a SOC 2 report in the room?
If you sell to larger companies, yes, or at least a summary of your security program. Growth investors increasingly ask for it.
How is a Series B room different from a Series A room?
More data, more outside advisers and more user groups. Permissions and Q&A workflow matter more than at Series A.