September 19, 2023

As you mature as a company, it is likely that you will pretty much always be in fundraising or selling mode. Therefore it makes sense for you to create Due Diligence folders and keep updating those on a regular basis in order to be “always ready”.

With that in mind, here is what we believe should be in your data room: 

1. Company Formation Documents (Articles of Incorporation, Founder Agreements, Stock Purchase Agreements, IRS Letters, State Certificate of Incorporation and/or Good Standing)

2. (Co)Founder & Team Information (Bios and Resumes for Key Employees, Any Published Academic Works, Indemnification Agreements,  Employment Contracts, NDA/Confidentiality Agreements, ESOP, vesting schedule) 

3. IP Portfolio (Patent or Trademark Applications and Awards, IP Licensing Agreements, Any Legal Agreements Surrounding IP, Any IP Valuation Docs)

4. Fundraising Documents (Term Sheets, Cap Table, Cap Table Models, All Signed Fundraising Agreements w/ Investors, SAFE and/or Convertible Note, Pitch Deck (Short & Long-Versions), Wire Information, Accelerator or Incubator Documents)

5. Product, Marketing & Sales Materials (Product and company Marketing Materials, Any Advertising Used and results, Any Sales or Customer Pipeline Documents, Copies of Waitlists, Information on Products/SKUs, Any Applicable Information on How the Product Works, Product FAQ, Usage Data, Acquisition Channels, LTV/CAC, Engagement, Retention: key metrics summary)

6. Financials (P&L Statements, Financial Projections, Financial Assumptions Used, Financial Statements, Budgets, Burn)

7. Legal Documents (Letters of Intent, Memoranda of Understanding, Signed Contracts, Letters or Legal Communication re: Potential Future Matters or Current/Pending Litigation, Signed NDA/Confidentiality Agreements, Board of Director Meeting Materials, Board of Directors Actions, Regulatory/Compliance Documentation, Risk Management Policies, Legal Memoranda)

8. Press & Media (Any Press or Media re: Company/Team/Founding Team, Awards)

9. Clinical/Research Documentation – If Applicable (Information Re: Clinical Trials, Academic Studies, Research)