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02 August 2023·11 min read

Katarzyna Groszkowska

Editor, Vestbee

VC Tech Stack: Virtual Data Rooms For VC Funds

In the last weeks, we `have been uncovering all the reasons why a good VC tech stack is essential for efficient and optimal VC fund management. Not only did we cover why a well-crafted software- aided backoffice is incredibly advantageous for venture capitalists, but also made round-ups of the best platforms and tools for fund management on the VC market. Today, we will present some of the best virtual data rooms and describe why they are very useful for VC fund administration.  

What is a virtual data room? 

A virtual data room is an online data storage used for storing and sharing files with strict confidentiality. In big business transactions general file-sharing apps can often be too simplistic for large-scale document sharing and there is a higher risk of unauthorized access to sensitive data. VDR (virtual data rooms) are a more secure option, designed for handling large amounts of documents. 

In the deal-making process, a VDR is where companies will store all the important data needed for a due diligence, and where VC funds will store all their confidential documents and agreements. So a good data room will not only make the complicated process easier but can also greatly facilitate the information flow between all sides of the deal.

What about more general platforms such as Google Drive or Office365 for file-sharing purposes? 

Having said all that about VDRs, it's worth noting that a significant portion of the VC industry still relies on solutions like Google Drive and Office 365 for file sharing purposes. And whilst these platforms are familiar to users and often provide a wide array of interconnected features, they are very general in their functionalities and not all of them are specifically tailored for safely sharing confidential documents. VDRs can be much better at managing the data with higher security measures, they are also often equipped with reporting capabilities, providing users with full visibility into who accesses and uses their data. With this added layer of transparency and security, VDRs can be a great alternative tool to use instead of GD or Microsoft software for handling sensitive business information.

So without further ado, let’s dive into some of the best virtual data rooms for VCs. 

Virtual Data Rooms for VCs and startups: 

  • HelpRange
  • Box.com
  • Intralinks
  • Dock
  • Dealroom
  • Firmroom
  • iDeals
  • Ansarada
  • Drooms
  • Share File
  • Anduin Data Room
  • Docsend
  • Caplinked
  • Firmex
  • Secure Docs
  • Fordata
  • Onehub
  • Share Vault
  • Capboard
  • Digify
  • Netfiles

HelpRange

HelpRange is a next-generation document protection and analytics solution that offers advanced security controls and valuable insights for securely sharing and storing documents. It provides advanced access control features, allowing users to share documents only with specific email addresses, block downloading and printing, disallow forwarding, enable watermarking as well as update files after they have been sent. In addition, HelpRange also offers powerful tracking and analytics capabilities. Users can track IP, country, and referral links of document visitors, receive alerts when someone visits their file, and use heatmaps to track where people pay attention.

Box.com

One of the most popular solutions out there, Box is a platform that consolidates file storage and sharing, content management, collaboration, e-signature, publishing, and workflow into a single, secure, and easy-to-use application. It can be used in a whole variety of business scenarios and comes with many valuable features. 

Intralinks

Intralinks Virtual Data Room (VDR) offers a fast and intelligent solution for closing deals. With AI-assisted automated setup, preconfigured workflows, real-time insight,  intuitive user interface and mobile capabilities it enables seamless remote due diligence, even allowing Zoom video uploads within the data room. Unparalleled security features like AI Redaction, UNshare®, and Watermarking ensure compliance and safeguard sensitive information. 

Dock.us 

Dock.us is a virtual data room platform designed to empower founders in their fundraising efforts. With a focus on storytelling, Dock allows founders to showcase their company's story through multimedia content, including decks, videos, and embeds, all within one shared space. The platform facilitates personalized spaces for each investor, making it seamless to raise funds from institutional investors and angels simultaneously. Founders can also track who views their pitch deck, gaining valuable insights through analytics on their fundraising data room. 

Dealroom

Dealroom offers a secure and user-friendly virtual data room to store, share, and collaborate on confidential documents. It provides a convenient drag-and-drop upload for due diligence requests and allows users to control file accessibility and visibility. The platform's built-in Excel and document viewer reduces switching between platforms, while insightful analytics offer data on document activity and buyer engagement. With multi-factor authentication and customizable permissions, Dealroom ensures top-notch security. 

Firmroom

FirmRoom offers a very intuitive virtual data room, with fast setup in just 2 minutes and SOC 2® Type 2 certified security. The platform is designed to speed up processes and is easy to use, making it an award-winning data room. Users can easily manage confidential documents, benefit from drag-and-drop upload, automatic indexing, and advanced search. Control access with customizable permissions, watermarks, and NDAs, and gain valuable insights with detailed audit logs and document heatmaps to monitor data room activity effectively.

iDeals

iDeals provides a comprehensive Virtual Data Room (VDR) solution that simplifies secure confidential document sharing and corporate deal management during M&A and other transactions. It is praised for its intuitive dashboard, a plethora of useful functions and features as well as safety and security. 

Ansarada

Ansarada is a SaaS platform that companies, advisors, and governments rely on for securely managing critical information, workflow, and collaboration in high-stakes processes like deals, risk, compliance, board governance, and procurement. It provides a secure way to store and share critical information alongside features like creating dashboards, reports, optimizing workflow and notifications, compliance, security, and more. 

Drooms

Drooms is a very commonly used data provider in Europe, with functionalities that include: facilitating straightforward transactions, fundraising, simple and secure storage of documentation, with online support. They also offer an option for asset lifecycle management with full support and a dedicated project manager.

Share File

ShareFile Virtual Data Room offers a simple yet powerful platform for managing complex deals securely. Control access with view-only permissions, track login sessions, and monitor document activities for added insight. Dynamic watermarking ensures confidentiality, preventing unauthorized sharing of documents. Advanced analytics and reporting allow users to track usage and activity within the VDR. ShareFile VDR is HIPAA compliant, providing technical safeguards for compliance, and offers advanced security features such as bank-level encryption, two-factor authentication, and multiple data storage locations worldwide.

Docsend + Dropbox

Dropbox’s Docsend is a great platform for securely storing and sharing information as well as analyzing them and getting actionable insights. The platform has a link analytics feature, which allows users to precisely see who has watched their document and how they interacted with it. They also can share multiple documents in a personalized space with custom branding, sign NDAs with just one click, and more. DocSend can be used for fundraising, investor relations, sales, account management, team training, and new employee onboarding. 

Dropbox in of itself is also very often used for file sharing purposes. This leading cloud solution makes it easy to manage big amounts of documents, with groups and teams as well as share them with individual users. 

Anduin Data Room

Anduin’s motto is to empower lasting investor relationships, and the company develops a selection of products and services which aim to fulfill that goal. A data room is one of the key features, designed specifically for venture capital, private equity firms, and hedge funds. The platform allows investors to virtually promote and accurately showcase their offering, execute on investor excitement, and better the investor onboarding experience in the alternative market.

Caplinked

Caplinked is yet another service offering a VDR for securely managing confidential information, mergers & acquisitions activity, performing due diligence, and handling contract negotiations. It has many features which are tailored specifically to the needs of venture capitalists - it facilitates financial due diligence - which makes raising capital easier and keeps all stakeholders in the loop. CapLinked workspaces also help make large file structures searchable and secure, which is essential to stay organized when browsing through a wide selection of documents.

Onehub

Onehub is an application that allows for a secure way to store business files in the cloud. When transferring into Onehub, the clients can maintain their existing folders and file structures whilst accessing more secure and collaborative data rooms. Moreover, their essential features include stealth collaboration, non-disclosure agreements, document watermarking, automatic indexing, and complete audit trails of all activity..

Secure Docs

Secure Docs’s data rooms can be set up very easily and quickly. They are chosen by both smaller and larger companies alike, and feature maximum security and an intuitive, user-friendly interface for storing, managing and sharing confidential documents. 

The platform is also designed to provide valuable insight into the activity in the data rooms. Audit trail reporting, activity alerts, dashboards, and Q&A provide the visibility needed to gauge buyer or investor interest.

Capboard

Capboard is a multifunctional platform for investors and founders. It streamlines equity management for businesses and increases visibility for all agents regarding their holdings, through a variety of features such as access to digitized cap tables, equity plans and timelines as well as portfolio management. Virtual data room and a document repository are also some of the key features of the platform. They allow for better and more efficient dealmaking and facilitate the flow of information. 

SecureDocs

SecureDocs offers a reimagined virtual data room software experience with an easy-to-use interface, 24/7 dedicated support, and transparent, flat-fee pricing. Its rapid self-setup allows you to have your data room running in 10 minutes, and the intuitive design makes it deal-ready without the need for technical training. The platform ensures security with granular user permissions, watermarking, customizable NDAs, and an exportable activity log. With customizable dashboards and real-time user statistics, SecureDocs enables valuable insights into buyer and investor interest, making it an efficient and secure solution for managing sensitive corporate documents.

Fordata

Fordata is the top-rated Virtual Data Room (VDR) in Europe, offering a fully mobile platform with 24/7 access for Due Diligence, Mergers and Acquisitions, audits, fundraising, and other confidential processes. The VDR ensures industry-leading security standards, protecting various file formats with features like blocking saving and printing, read-only mode, dynamic watermarks, and more. With Fordata VDR, users can experience intuitive data rooms, advanced analytics, and activity reports, as well as secure and controlled communication through a built-in Q&A module. 

Share Vault 

ShareVault offers enterprise-grade document protection with advanced tools and features for efficient organization and collaboration. It provides unparalleled control over document security, including remote shredding, granular access controls, secure printing, dynamic watermarking, and more. Detailed activity analytics, interactive reporting, and enforceable agreements ensure comprehensive insights and audit trails. The platform's user-friendly experience includes high-performance document viewers, secure A/V player, inter-document hyperlinks, Q&A, and secure batch download/print.

Firmex

Firmex is the most trusted and widely used virtual data room, offering value, versatility, security, and control for confidential sharing needs. Its advanced user management, easy document uploading (up to 50 GB), and seamless auto-indexing ensure efficient organization. With digital rights management, redaction, Q&A management, and "View As" feature, data security and user experience are enhanced. Expert in-house support and Single Sign-On (SSO) further streamline operations for successful data room management.

Netfiles

Netfiles provides secure cloud solutions for data exchange, due diligence, and board management. With more than 20 years of reliable service, netfiles offers easy-to-use virtual data rooms with AES-256 encryption for secure transmission and storage. Users can define access permissions, ensure up-to-date document versions, and maintain full control with an audit-proof activity log. The platform facilitates secure data exchange and collaboration for various processes, including due diligence, M&A transactions, construction projects, research and development, real estate management, asset transactions, board communication, and cross-location cross-company collaboration.

Digify 

Digify is a comprehensive virtual data room provider designed for all stages of the investment process. Its ISO27001 certification ensures top-tier information security, with features like encryption, dynamic watermarking, and one-click NDAs. The platform offers advanced branding options, allowing users to personalize their data rooms and documents, and offers detailed insights into investor interactions.

If you want to gain more insights on the VC Tech Stack topic, make sure to check out our latest articles from the series: 

 

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