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Best data rooms for fundraising
Sixteen virtual data rooms scored for company rounds, fund raises, real estate and debt raises. Ellty leads with 8.6 out of 10; the average of the 16 is 7.1. Scores, prices and features below come from our research file, checked October 2026.
The ranking
Each room is scored 0 to 10 on five criteria, weighted 22, 20, 20, 18 and 20 percent. Below each row: the raises where it places best, listed features and certifications.
- 22%Investor tracking
- 20%Permission control
- 20%Raise workflow
- 18%Investor onboarding
- 20%Cost of a raise
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Deal-grade controls (group permissions, reading-only files, watermarks, investor Q&A, NDA step, per-LP activity) plus AI features, at a public $149 a month. Investors open it from an email link with nothing to install, and the issuer can test everything first on a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listedListed- Q&A module
- Investor activity log
- NDA e-sign step
- Dynamic watermarks
Certified- SOC 2 (hosting)
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A long-running deal room used on M&A and large raises, with layered permission levels, redaction, SSO and a well-rated support desk. Pricing is quoted per project, and a free trial is offered.
Price Priced on request Trial Free trial available Features 9 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
- GDPR
-
Datasite runs some of the largest deal and capital markets processes, with AI-assisted indexing and redaction, a mobile app and full analytics. It is priced on request, usually at the top of the market.
Price Priced on request Trial Demo on request Features 10 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
- GDPR
-
Ansarada pairs a full deal room with AI tools and a readiness checklist that scores how prepared the room is. It offers a free trial, with pricing quoted per project.
Price Priced on request Trial Free trial available Features 8 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
-
SecureDocs lists a flat price from $250 a month, built-in signing, Q&A, watermarks and an API. A free trial is offered, and setup is quick.
Price $250 a month Trial Free trial available Features 8 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- NDA e-sign step
- Dynamic watermarks
Certified- SOC 2
-
CapLinked lists a monthly price of $299, a free trial, Q&A, watermarks, view control and an API. It is used for M&A, asset sales and capital raises.
Price $299 a month Trial Free trial available Features 7 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
-
Box is a content cloud, not a deal room, but it lists watermarks, an audit trail, signing, a mobile app, SSO and AI. It is priced per user, with a free trial.
Price $15 a user a month Trial Free trial available Features 9 of 12 listedPlaces best forListed- Investor activity log
- NDA e-sign step
- Dynamic watermarks
- AI features
Certified- SOC 2
- ISO 27001
- HIPAA
- GDPR
-
Firmex is a mid-market favorite with an easy interface, redaction, Q&A and well-rated support. It offers a free trial; pricing is quoted, with flat project and subscription options.
Price Priced on request Trial Free trial available Features 7 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
-
Intralinks has hosted deal and capital markets rooms since 1996, with strong security, SSO, redaction and audit tools. Pricing is quoted and usually sits in the institutional band.
Price Priced on request Trial Demo on request Features 8 of 12 listedListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
-
Drooms is a German deal room with a long real estate record, AI document analysis and redaction. Pricing is quoted, and no free trial is listed.
Price Priced on request Trial Demo on request Features 8 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
- GDPR
-
DealRoom combines a data room with request lists and project tracking, built for corporate development teams. A free trial is offered; pricing is quoted.
Price Priced on request Trial Free trial available Features 6 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
-
SmartRoom is a US deal room known for detailed permissions, redaction and Q&A, used on M&A and capital raises. Pricing is quoted, with no free trial listed.
Price Priced on request Trial Demo on request Features 7 of 12 listedPlaces best forListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
-
ShareVault is a US deal room with a long record in life sciences licensing and fundraising, with view control, watermarks and SSO. Pricing is quoted; a free trial is offered.
Price Priced on request Trial Free trial available Features 6 of 12 listedListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
-
Digify protects and tracks files with view control, watermarks and an activity log, at a listed $120 a month with a free trial. It does not list a Q&A module.
Price $120 a month Trial Free trial available Features 4 of 12 listedPlaces best forListed- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
-
Venue is DFIN's deal room, used for IPOs, capital markets work and M&A, with redaction and Q&A. It is priced on request, with no free trial listed.
Price Priced on request Trial Demo on request Features 6 of 12 listedListed- Q&A module
- Investor activity log
- Dynamic watermarks
- View-only files
Certified- SOC 2
- ISO 27001
-
DocSend, part of Dropbox, shares decks and documents with page-level analytics and signing, priced per user. It suits the first investor meetings more than full diligence.
Price $45 a user a month Trial Free trial available Features 3 of 12 listedPlaces best forListed- Investor activity log
- NDA e-sign step
- Dynamic watermarks
Certified- SOC 2
- GDPR
Scores by criterion
The five numbers behind every overall score. The formulas are on the scoring approach page.
| Data room | Investor tracking | Permission control | Raise workflow | Investor onboarding | Cost of a raise | Overall |
|---|---|---|---|---|---|---|
| Ellty | 8.2 | 7.7 | 8.1 | 9.1 | 9.9 | 8.6 |
| iDeals | 7.6 | 8.7 | 7.6 | 8.0 | 7.1 | 7.8 |
| Datasite | 8.2 | 8.7 | 7.2 | 8.0 | 5.7 | 7.6 |
| Ansarada | 8.2 | 8.1 | 7.1 | 7.5 | 6.7 | 7.5 |
| SecureDocs | 6.3 | 6.8 | 7.2 | 8.1 | 9.0 | 7.4 |
| CapLinked | 7.0 | 7.0 | 7.0 | 6.8 | 8.9 | 7.3 |
| Box | 6.6 | 7.1 | 5.9 | 8.4 | 8.9 | 7.3 |
| Firmex | 7.0 | 7.9 | 6.6 | 8.2 | 6.9 | 7.3 |
| Intralinks | 7.6 | 8.7 | 7.1 | 7.2 | 5.5 | 7.2 |
| Drooms | 7.8 | 8.0 | 6.8 | 7.3 | 5.4 | 7.1 |
| DealRoom | 7.2 | 7.3 | 6.8 | 7.0 | 6.6 | 7.0 |
| SmartRoom | 7.3 | 8.0 | 6.9 | 6.9 | 5.4 | 6.9 |
| ShareVault | 7.0 | 7.3 | 6.6 | 6.5 | 6.3 | 6.8 |
| Digify | 6.0 | 5.9 | 3.9 | 7.0 | 8.9 | 6.3 |
| Venue by DFIN | 6.8 | 6.9 | 6.4 | 5.9 | 4.9 | 6.2 |
| DocSend | 4.9 | 4.6 | 3.9 | 7.9 | 8.7 | 5.9 |
Key facts
Price model, trial, certifications and where each company is based. Prices are list prices, indicative; quote-only rooms are marked.
| Data room | Founded | Headquarters | Price | Trial | Certifications |
|---|---|---|---|---|---|
| Ellty | 2020 | Australia | $149 a month | 14-day free trial | SOC 2 (hosting) |
| iDeals | 2008 | United Kingdom | Priced on request | Free trial available | SOC 2, ISO 27001, GDPR |
| Datasite | 1999 | United States | Priced on request | Demo on request | SOC 2, ISO 27001, GDPR |
| Ansarada | 2005 | Australia | Priced on request | Free trial available | SOC 2, ISO 27001 |
| SecureDocs | 2012 | United States | $250 a month | Free trial available | SOC 2 |
| CapLinked | 2010 | United States | $299 a month | Free trial available | SOC 2 |
| Box | 2005 | United States | $15 a user a month | Free trial available | SOC 2, ISO 27001, HIPAA, GDPR |
| Firmex | 2006 | Canada | Priced on request | Free trial available | SOC 2, ISO 27001 |
| Intralinks | 1996 | United States | Priced on request | Demo on request | SOC 2, ISO 27001 |
| Drooms | 2001 | Germany | Priced on request | Demo on request | SOC 2, ISO 27001, GDPR |
| DealRoom | 2012 | United States | Priced on request | Free trial available | SOC 2, ISO 27001 |
| SmartRoom | 2004 | United States | Priced on request | Demo on request | SOC 2, ISO 27001 |
| ShareVault | 2003 | United States | Priced on request | Free trial available | SOC 2, ISO 27001 |
| Digify | 2011 | Singapore | $120 a month | Free trial available | SOC 2 |
| Venue by DFIN | 2016 | United States | Priced on request | Demo on request | SOC 2, ISO 27001 |
| DocSend | 2013 | United States | $45 a user a month | Free trial available | SOC 2, GDPR |
Rankings by raise type
The same 16 rooms re-ranked for 92 kinds of raise. Each use case shifts the weights toward what its investors care about.
Company rounds and offerings
Equity raised by an operating company, from the first angel cheque to a registered or exempt offering.
- Pre-seed
- Seed round
- Series A
- Series B
Fund raises
Managers raising commitments from LPs for venture, buyout, credit, real assets and newer fund formats.
- VC fund raise
- First-time fund
- Emerging manager
- Private equity fund
Real estate and projects
Sponsors raising equity or project capital for buildings, land, energy and natural resources.
- Real estate syndication
- Development raise
- Multifamily raise
- Hotel raise
Debt and structured capital
Lenders read the room too: notes, credit facilities, refinancings and recapitalizations.
- Venture debt
- Note private placement
- Refinancing
- Recapitalization
Raise documents and process
The documents and stages every raise shares, from the teaser and DDQ to capital calls and LP reports.
- Fundraising DDQ
- PPM
- Subscription documents
- Side letters
Raises by sector
What investors ask for when the raise is a biotech, a fintech, a franchise, a film or a capital campaign.
- Biotech
- Medtech
- Life sciences
- SaaS
Feature table
Eight features that come up in almost every raise, listed or not listed in each vendor's documentation. More pairs on the comparison pages.
| Data room | Q&A module | Investor activity log | Dynamic watermarks | View-only files | NDA e-sign step | AI features | Built-in redaction | SSO for your team | Price |
|---|---|---|---|---|---|---|---|---|---|
| Ellty | $149 a month | ||||||||
| iDeals | Priced on request | ||||||||
| Datasite | Priced on request | ||||||||
| Ansarada | Priced on request | ||||||||
| SecureDocs | $250 a month | ||||||||
| CapLinked | $299 a month | ||||||||
| Box | $15 a user a month | ||||||||
| Firmex | Priced on request | ||||||||
| Intralinks | Priced on request | ||||||||
| Drooms | Priced on request | ||||||||
| DealRoom | Priced on request | ||||||||
| SmartRoom | Priced on request | ||||||||
| ShareVault | Priced on request | ||||||||
| Digify | $120 a month | ||||||||
| Venue by DFIN | Priced on request | ||||||||
| DocSend | $45 a user a month |
Questions and answers
What is the best data room for fundraising?
On our five raise criteria, Ellty scores 8.6 out of 10, followed by iDeals (7.8) and Datasite (7.6). The right pick still depends on the raise: see the use-case rankings.
Do I need a full data room for a seed round?
A deck link is enough for first meetings. Once a lead investor starts diligence and asks for the cap table, contracts and financials, a room with permissions, a Q&A module and an activity log saves time and keeps a record.
Which data rooms publish their prices?
6 of the 16: Ellty, SecureDocs, CapLinked, Box, Digify, DocSend. The other 10 quote each project; our planning bands give a range.
Can vendors pay for a higher place?
No, partners cannot buy a position. Scores come from the formulas on the scoring approach page.
How often is the ranking updated?
Provider facts are rechecked every month and when a vendor changes its pricing or features; scores recompute with each site build.