You’ve had an excellent meeting with an VC however, they would like to see more detailed information about your business’s structure and financials. Instead of http://dataroomreview.org/what-database-is-right-for-my-business/ delivering them an email with a link to a spreadsheet, you could set up a secure data room and invite the person to review it.
A data room is a virtual repository of files that allows users to access documents from different locations at the same time without the need to copy or expose sensitive information. This is essential during due diligence, as it reduces the risk for both parties. It is also easier to share information externally to stakeholders who may not have access to internal employees.
Start by establishing an organization structure that is compatible with the needs of your company or transaction. You can also use the search function to help users locate files using keywords and other characteristics. Version control is an additional useful feature that lets you keep track of changes made to documents in the dataroom. This can help you avoid any miscommunications that might occur when you provide users with an old version of the document.
Upload your documents when you are satisfied with the structure of your folder. Then, you can begin the due diligence. Make sure you provide the appropriate access level to each party by adjusting access rights and viewing history in the settings menu for the data room. This will help to speed up the process and increase the chances of closing a deal.