Data rooms

Virtual data room software for issuers

Virtual data room software is a secure online space where an issuer shares confidential documents with investors and sees who reads what. Issuers gives each raise a data room with folder permissions, dynamic watermarks, NDA click-through and view analytics per investor, inside your IR workspace.

Series C private placement

Northwind Industrial, 46 documents, 7 investors

Watermark on

212

Views, 7 days

9h 40m

Time in room

6 of 7

NDA accepted

Harbor Ridge Capital NDA accepted

Top: Financial model v3 64 views 3h 12m 2h ago
Calder Point Partners NDA accepted

Top: Audited accounts 2025 41 views 1h 55m Today 09:14
Westlake Income Fund NDA accepted

Top: Term sheet 18 views 0h 37m Yesterday
Ostrava Lane Capital NDA pending

Top: Not opened 0 views 0h 00m Invited Oct 6

01 The raise today

Diligence still runs on email attachments and a shared drive nobody audits

When a company starts a private placement, the CFO usually sends the deck by email, then a link to a shared folder once a fund asks for more. Within two weeks there are four versions of the model in circulation, nobody knows which fund saw the cap table, and a departing analyst still has access in March.

The alternative has been a standalone virtual data room bought per deal, set up by a provider, and disconnected from the investor list the team actually works from. Activity sits in a separate portal, so the CFO cannot see in one place that the fund asking for a second meeting is also the one that read the model three times.

Issuers puts the room next to the raise. Each room belongs to an offering in your capital raising software workspace, invitations go to contacts already in the CRM, and every view lands on the investor record.

Chief financial officer reviewing investor activity in a data room on a laptop in a glass meeting room — Room activity lands on the investor record in the CRM.

02 Permissions

Decide folder by folder which investor group sees what

Investors rarely get the whole room on day one. Lead investors see the model and the material contracts, the wider group sees the teaser, the deck and the audited accounts. You set access per folder and per group, and the matrix shows the whole room at a glance before you send a single invitation.

Folder permissions by investor group
Folder	Lead investors (2)	Second round (5)	Advisers (3)
01 Corporate and cap table	View	View	Download
02 Financials and model	Download	View	Download
03 Material contracts	View	No access	View
04 Intellectual property	View	No access	View
05 Offering documents	Download	Download	Download
06 Board minutes	No access	No access	View

Moving a fund from the second round to the lead group changes its access immediately and writes the change to the audit trail with the user and the time. View only folders open in the browser viewer with download and print disabled.

03 What goes in

The documents investors expect to find in a data room for a raise

Every new room opens with this folder structure. Rename, delete or add folders, and the completeness bar shows what is still empty before the first invitation goes out.

Corporate

Articles and bylaws, certificate of incorporation, fully diluted cap table, shareholder agreements, board and shareholder minutes from the last three years.

Financial

Audited accounts, monthly management accounts, the operating model and budget, debt schedule, revenue by customer and cohort, tax returns.

Offering

Term sheet, offering memorandum, subscription agreement, use of proceeds.

Legal and IP

Material contracts, patents and trademarks, licences, litigation and claims.

People

Organisation chart, key employment agreements, option plan and grants.

Listed issuers add public filings

Recent 10-K, 10-Q and 8-K filings link straight from SEC EDGAR, so the room never holds an outdated copy. Anything not yet public stays under your insider list and disclosure rules.

Room completeness38 of 46

04 Security

Every page carries the reader's name and every open leaves a record

Encryption

Files are encrypted in transit and at rest. Previews render in the browser viewer, so view only documents never reach the investor's disk.

NDA click-through

Each contact accepts your NDA text before the first document opens. The acceptance, with name, email and time, is stored on the room.

Dynamic watermark

Name, email, date and time are stamped across every page at the moment of viewing or download, so a leaked page points to its reader.

Revoke and expire

Remove a fund or a single contact in one click, or set the room to close on a date. Access ends at the next request.

Audit trail

Invitations, permission changes, views, downloads and revocations, kept 12 months on Growth and 7 years on Public and Enterprise.

Question log

Investors ask questions inside the room. Answers are reviewed before release and visible to the group you choose.

Hosting, access control, single sign-on on Enterprise and data residency in the EU or US are described on the data room security page. Issuers is software for issuers. It is not a placement agent or broker dealer, does not place securities, and you decide what goes into the room.

05 Plans and alternatives

A published price per plan instead of a quote per deal

2 rooms

Growth, $999 a month or $499 billed yearly. For a private issuer running one raise.

10 rooms

Public, $2,999 a month or $1,499 billed yearly. Several offerings and standing diligence rooms.

50 rooms

Enterprise, $7,999 a month or $3,999 billed yearly. Multiple entities, SSO and custom roles.

Providers such as Datasite, Intralinks and Ideals are built for large M&A and capital markets transactions and price per deal or through a sales process. Email attachments cost nothing and leave no control at all. The table compares the three on the points that matter in a raise.

Issuers data rooms compared with a standalone virtual data room and with email attachments
Point	Email attachments	Standalone VDR	Issuers
Pricing	Free	Per deal, per page or quoted	Published, from $499 a month billed yearly
Who saw what	Unknown	Per document analytics	Per document and per contact, on the CRM record
Revoke access	Not possible	Yes	Yes, with expiry dates
Watermark and NDA	None	Yes	Yes, dynamic watermark and click-through NDA
Link to investor list	None	Separate system	Same workspace as targeting and outreach
How you start	Today	Sales call, project setup	Checkout from the pricing page

Compare plans

Questions

Questions issuers ask before they start

What is a virtual data room?

A virtual data room is a secure online space where a company shares confidential documents with a defined group of outside parties, such as investors in a raise or buyers in a sale. Unlike a shared drive, it controls who sees which folder, records every view, marks each page with the reader's identity and lets you revoke access at any moment. In Issuers the data room sits inside the same workspace as your capital raising software, so the investors you invite are the same records you target and meet.

How secure is a virtual data room?

Security depends on what the room enforces, not on the label. Issuers encrypts files in transit and at rest, requires each invited investor to sign in and accept the NDA before the first document opens, stamps a dynamic watermark with name, email and time on every page, and can block download or printing per folder. Access can be revoked or set to expire on a date. Every open, page view and download goes to the audit trail, kept 12 months on Growth and 7 years on Public and Enterprise. Details are on the security page.

How much does a virtual data room cost?

Standalone data room providers usually price per project, per page or per user, and many quote only after a sales call. Issuers publishes its prices. Growth costs $999 a month, or $499 a month billed yearly, and includes 2 active data rooms. Public costs $2,999 a month, or $1,499 billed yearly, with 10 rooms. Enterprise costs $7,999 a month, or $3,999 billed yearly, with 50 rooms. There is no per page or per viewer charge, and yearly billing saves 50 percent. The full table is on the data room pricing page.

What documents go into a data room for investors?

For an equity or debt raise, investors usually expect corporate documents (articles, cap table, board minutes), audited and management financials, the model and budget, the offering memorandum or term sheet, material contracts, intellectual property records, employment and option plans, regulatory licences, litigation and tax files. A listed issuer adds recent filings and any agreed disclosure under its insider rules. Issuers opens each room with a folder template for this checklist, and you delete or rename what does not apply. Our guide on the best data rooms for capital raising covers what to compare.

Can we see which investor opened which document?

Yes. The analytics view shows, for every investor and every contact at that investor, which documents they opened, how many minutes they spent, which pages they read and when they last came back. You can sort the room by engagement to see who is doing real diligence and who has not opened anything since accepting the NDA. The same activity appears on the investor record in the CRM, so the next meeting brief already knows that a fund spent forty minutes in the financial model last Tuesday.

Open your first data room today

Growth includes 2 active data rooms with permissions, watermarks, NDA click-through and view analytics, from $499 a month billed yearly. Public raises the limit to 10 rooms.