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data-room

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Translation

Chinese

Data Room

Data Room

When to Use

使用场景

  • The founder is mid-fundraise and investors are requesting due diligence materials.
  • The founder wants to proactively prepare a data room before starting outreach.
  • The founder received a term sheet and needs to prepare for confirmatory due diligence.
  • 创始人正在融资，投资人正在要求提供尽职调查材料。
  • 创始人希望在外联之前主动准备 Data Room。
  • 创始人已收到 term sheet（条款清单），需要为确认性尽职调查做准备。

Context Required

所需上下文

From 
startup-context
: stage, legal entity type, founding date, team composition, fundraising history, cap table basics, revenue/metrics, and any existing legal or financial documents.
From the user: current round stage (pre-term sheet vs. post-term sheet), which investor is requesting materials, and any specific document requests received.
从 
startup-context
获取：融资阶段、法律实体类型、成立日期、团队构成、融资历史、cap table（股权结构表）基础信息、收入/指标，以及现有的法律或财务文件。
从用户处获取：当前轮次阶段（term sheet 前或 term sheet 后）、请求材料的投资人，以及收到的具体材料要求。

Workflow

工作流程

  1. Read startup context — Pull company details from 
    .agents/startup-context.md
    to understand stage, entity type, and what documents should already exist.
  2. Assess the DD stage — Determine if this is proactive prep (pre-pitch), initial DD (post-first meeting), or confirmatory DD (post-term sheet). The scope differs significantly.
  3. Generate the checklist — Produce a stage-appropriate checklist using the master framework below. Mark each item as: Exists, Needs Update, Needs Creation, or Not Applicable.
  4. Audit existing materials — Review documents for completeness, staleness (financials older than 1 month), and red flags (missing signatures, inconsistent cap table).
  5. Draft missing items — Provide templates or drafts for documents the founder needs to create (financial summary, KPI dashboard, org chart).
  6. Organize the room — Recommend a folder structure and set access controls for what to share pre- vs. post-term sheet.
  1. 读取创业公司上下文 — 从 
    .agents/startup-context.md
    拉取公司信息，了解当前阶段、实体类型，以及应已存在的文件。
  2. 评估 DD 阶段 — 判断属于主动准备（路演前）、初步 DD（首次会面后）还是确认性 DD（收到 term sheet 后）。不同阶段的范围差异显著。
  3. 生成清单 — 使用下方的总框架生成适合当前阶段的清单。将每个项目标记为：已存在（Exists）、需要更新（Needs Update）、需要创建（Needs Creation）或不适用（Not Applicable）。
  4. 审计现有材料 — 检查材料的完整性、是否过期（财务资料超过 1 个月未更新），以及风险项（缺少签名、cap table 不一致）。
  5. 起草缺失材料 — 为创始人需要创建的文件提供模板或草稿（财务摘要、KPI 仪表板、组织架构图）。
  6. 整理 Data Room — 建议文件夹结构，并设置 term sheet 前后的材料访问权限。

Output Format

输出格式

A structured checklist in markdown, organized by category:
undefined
一份按类别组织的 Markdown 结构化清单：
undefined

Data Room Checklist — [Company Name] — [Round]

Data Room Checklist — [Company Name] — [Round]

Section 1: Corporate Documents

Section 1: Corporate Documents

  • Certificate of Incorporation — exists, current
  • Board consent for fundraise — needs creation
  • 409A valuation — needs update (last done 14 months ago)

Followed by a recommended folder structure and access-level guidance.
  • Certificate of Incorporation — exists, current
  • Board consent for fundraise — needs creation
  • 409A valuation — needs update (last done 14 months ago)

之后给出推荐的文件夹结构及访问权限指导。

Frameworks & Best Practices

框架与最佳实践

Master Due Diligence Checklist

尽职调查总清单

1. Corporate Documents: Certificate of Incorporation (and amendments), bylaws, board minutes (last 12 months), board consent for fundraise, stockholder agreements, QSBS eligibility docs, state registrations, any pending litigation.
2. Cap Table & Equity: Fully diluted cap table (Carta/Pulley export, not a manual spreadsheet), option plan and grant ledger, SAFEs/convertible notes with terms, pro forma post-round cap table, current 409A valuation (<12 months old), secondary sale history.
3. Financials: P&L, balance sheet, cash flow — actual, last 12 months (monthly). Bank balance and burn rate. 18-36 month projections with stated assumptions. Revenue breakdown by customer/cohort. Unit economics (CAC, LTV, gross margin, payback). AR/AP aging. Outstanding debt.
4. Metrics & KPIs: Monthly KPI dashboard (MRR/ARR, growth, churn, NRR, DAU/MAU). Cohort retention. Sales pipeline (B2B) or funnel conversion (B2C/PLG).
5. Product & Technology: Product roadmap (6-12 months), architecture overview, IP ownership confirmation, patent filings, open source license audit, SOC 2 or security summary.
6. Contracts & Customers: Top 10 customer contracts, customer concentration analysis (<20% per customer is ideal), key vendor/partner agreements, exclusivity or non-compete clauses, churn log.
7. Team & HR: Org chart, founder/key employee bios, employment agreements (confirm IP assignment), contractor agreements, option grant summary, HR disputes, benefits summary.
8. Legal & Compliance: Privacy policy and GDPR/CCPA status, regulatory licenses, trademarks, terms of service, insurance (D&O, E&O, cyber).
1. Corporate Documents（公司文件）：Certificate of Incorporation（公司注册证书）及其修订文件、bylaws（章程）、过去 12 个月的 board minutes（董事会会议记录）、board consent for fundraise（融资董事会决议）、stockholder agreements（股东协议）、QSBS eligibility docs（QSBS 资格文件）、state registrations（州级注册），以及任何 pending litigation（未决诉讼）。
2. Cap Table & Equity（股权结构与股权）：完全稀释后的 cap table（应从 Carta/Pulley 导出，而不是手动维护的电子表格）、option plan（期权计划）和 grant ledger（授予台账）、附相关条款的 SAFEs/convertible notes（可转换票据）、融资后的 pro forma cap table（备考股权结构表）、当前有效的 409A valuation（估值，距今不足 12 个月），以及 secondary sale history（二手份额出售记录）。
3. Financials（财务资料）：P&L（损益表）、balance sheet（资产负债表）、cash flow（现金流量表）——最近 12 个月的月度实际数据。银行余额和 burn rate（资金消耗率）。附明确假设的 18–36 个月财务预测。按客户/cohort（同期群）划分的收入。Unit economics（单位经济效益），包括 CAC、LTV、gross margin、payback。AR/AP aging（应收/应付账龄）。未偿债务。
4. Metrics & KPIs（指标与 KPI）：月度 KPI dashboard（仪表板），包括 MRR/ARR、增长、churn（流失率）、NRR、DAU/MAU。cohort retention（同期群留存率）。B2B sales pipeline（销售管道），或 B2C/PLG funnel conversion（漏斗转化率）。
5. Product & Technology（产品与技术）：未来 6–12 个月的产品路线图、架构概览、IP ownership confirmation（知识产权归属确认）、专利申请、open source license（开源许可证）审计、SOC 2 或安全摘要。
6. Contracts & Customers（合同与客户）：前 10 大客户合同、customer concentration analysis（客户集中度分析，理想情况下单一客户占比低于 20%）、重要供应商/合作伙伴协议、排他或不竞争条款、churn log（流失记录）。
7. Team & HR（团队与人力资源）：组织架构图、创始人/关键员工简介、雇佣协议（确认包含 IP assignment）、承包商协议、option grant summary（期权授予摘要）、HR 争议、福利摘要。
8. Legal & Compliance（法律与合规）：隐私政策及 GDPR/CCPA 合规状态、监管许可、商标、服务条款、保险（D&O、E&O、网络保险）。

Stage-Specific Scoping

按阶段确定范围

  • Pre-seed / Seed: Focus on sections 1, 2, 3 (lighter — 3-6 months of financials), and 7 (team). Product and legal can be thinner. No 409A yet is fine.
  • Series A: All sections expected. Monthly financials for 12+ months. Solid metrics dashboard. Airtight IP assignment. Current 409A required.
  • Post-term sheet DD: Everything above, plus items the lead investor's counsel specifically requests. Corporate governance gets scrutinized here.
  • Pre-seed / Seed：重点关注第 1、2、3 部分（可从 3–6 个月的财务数据入手）以及第 7 部分（团队）。产品和法律部分可以从简。尚未完成 409A 也没问题。
  • Series A：应提供所有部分的内容，包括至少 12 个月的月度财务数据、完善的 metrics dashboard、严密的 IP assignment，以及当前有效的 409A。
  • Post-term sheet DD：除上述所有内容外，还需纳入领投方律师特别要求的材料。此时 corporate governance（公司治理）会受到严格审查。

Folder Structure

文件夹结构

/01-Corporate           /05-Product-and-Technology
/02-Cap-Table-Equity    /06-Contracts-Customers
/03-Financials          /07-Team-HR
/04-Metrics-KPIs        /08-Legal-Compliance
                        /09-Pitch-Materials
/01-Corporate           /05-Product-and-Technology
/02-Cap-Table-Equity    /06-Contracts-Customers
/03-Financials          /07-Team-HR
/04-Metrics-KPIs        /08-Legal-Compliance
                        /09-Pitch-Materials

Access Control

访问控制

  • Pre-term sheet: Share pitch materials, metrics dashboard, financial summary, team bios. Hold back contracts, full cap table, legal docs.
  • Post-term sheet: Open the full room. Require an NDA before sharing customer contracts or detailed financials.
  • Watermark PDFs with the investor's name. Use link-level analytics (DocSend) to track what gets opened.
  • Pre-term sheet：分享路演材料、metrics dashboard、财务摘要和团队简介。暂不分享合同、完整 cap table 和法律文件。
  • Post-term sheet：开放完整 Data Room。在分享客户合同或详细财务数据前，要求签署 NDA。使用投资人姓名对 PDF 添加水印。使用 link-level analytics（链接级分析，DocSend）跟踪哪些文件被打开。

Red Flags That Kill Deals

可能导致交易失败的风险项

  • Cap table inconsistencies between the table and signed documents.
  • Missing IP assignment agreements for contractors who built core product.
  • Stale or missing 409A when options have been granted.
  • Financial statements that don't reconcile with bank statements.
  • Non-standard founder vesting without board approval documentation.
  • cap table 与已签署文件之间不一致。
  • 构建核心产品的承包商缺少 IP assignment agreements。
  • 已授予期权，但 409A 已过期或缺失。
  • 财务报表与银行流水无法对账。
  • 创始人采用非标准 vesting（股权归属）安排，且缺少董事会批准文件。

Related Skills

相关 Skills

  • pitch-deck
    — the deck is the top-of-funnel; the data room is the supporting evidence
  • investor-research
    — knowing which investors are in the pipeline helps prioritize what to prepare first
  • pitch-deck
    — deck 是营销漏斗的顶端，Data Room 则是支持性证据
  • investor-research
    — 了解投资管线中有哪些投资人，有助于确定准备材料的优先级

Examples

示例

Example prompt: "We just got a term sheet for our Series A. What do I need in my data room?"
Good output approach: Generate the full 8-section checklist scoped for confirmatory DD. Cross-reference against startup context to pre-fill what likely exists. Flag highest-risk items (cap table accuracy, IP assignments, 409A currency). Recommend a folder structure and 2-4 week timeline.
Example prompt: "I'm about to start fundraising for our seed round. Should I set up a data room now?"
Good output snippet:
Yes — a proactive data room signals operational maturity. For seed, focus on:
  • Clean cap table export (Carta or Pulley, not a spreadsheet)
  • Certificate of Incorporation and amendments
  • 6-month financial summary (revenue, burn, bank balance)
  • IP assignment agreements for all founders and contractors
  • Monthly KPI dashboard (MRR, user count, growth rate)
示例提示词：“我们刚收到 Series A 的 term sheet。Data Room 里需要准备哪些材料？”
良好的输出方式：生成按确认性 DD 范围调整的完整 8 部分清单。结合 startup context 进行交叉核对，预先填充可能已经存在的材料。标出风险最高的项目（cap table 准确性、IP assignment、409A 时效性）。建议文件夹结构以及 2–4 周的时间安排。
示例提示词：“我准备开始 seed round 融资。现在应该建立 Data Room 吗？”
良好的输出片段：
是的——主动准备 Data Room 能体现运营成熟度。对于 seed 阶段，重点关注：
  • 清晰的 cap table 导出文件（Carta 或 Pulley，而不是电子表格）
  • Certificate of Incorporation 及其修订文件
  • 6 个月财务摘要（收入、burn rate、银行余额）
  • 所有创始人和承包商的 IP assignment agreements
  • 月度 KPI dashboard（MRR、用户数、增长率）