Investor Data Room

Why Use Based for Your Data Room?

Most startups use Google Drive folders or paid data room software. Based gives you a better option: your data room lives in the same workspace where you run operations, backed by your own S3 bucket with full audit trail. Every view an investor gets, every document you share, every change — logged in the oplog.

Page Structure

💰 Fundraising
│
├── 📊 Round Overview
│   ├── Callout: Round name, target, raised, instrument, lead
│   ├── DataTable: rounds/ (all rounds history)
│   │   Columns: name, type, status, target, raised, instrument, closeDate
│   └── Progress bar or callout with % raised
│
├── 🎯 Investor Pipeline
│   ├── Kanban: investors/ grouped by status
│   │   researching → warm_intro → meeting → diligence → term_sheet → committed → wired
│   ├── DataTable: investors/ (full list view)
│   │   Columns: name, firm, type, check range, status, lastContact, nextFollowUp
│   └── Passed Investors (DataTable filtered by status=passed)
│       Track reasons — some say "not now" and come back later
│
├── 📁 Data Room Documents
│   ├── Company Overview
│   │   ▶ Pitch Deck (file block: latest PDF)
│   │   ▶ One-Pager / Executive Summary
│   │   ▶ Company Fact Sheet
│   │
│   ├── Financials
│   │   ▶ Financial Model / Projections (file block: spreadsheet)
│   │   ▶ Historical P&L (if applicable)
│   │   ▶ Current MRR / Revenue Dashboard
│   │   ▶ Burn Rate & Runway Calculation
│   │   ▶ Unit Economics (CAC, LTV, payback period)
│   │
│   ├── Product & Traction
│   │   ▶ Product Demo (embed block: Loom or live URL)
│   │   ▶ Key Metrics Dashboard
│   │   ▶ User/Customer Growth Chart
│   │   ▶ Retention Cohorts
│   │   ▶ Competitive Landscape
│   │   ▶ Product Roadmap
│   │
│   ├── Team
│   │   ▶ Founder Bios & LinkedIn Links
│   │   ▶ Org Chart
│   │   ▶ Key Hires Planned
│   │   ▶ Advisory Board
│   │
│   ├── Market
│   │   ▶ TAM / SAM / SOM Analysis
│   │   ▶ Market Research / Reports
│   │   ▶ Customer Testimonials or Case Studies
│   │   ▶ Press Coverage
│   │
│   ├── Legal
│   │   ▶ Certificate of Incorporation
│   │   ▶ Articles / Operating Agreement
│   │   ▶ Cap Table (current)
│   │   ▶ Existing Investor Agreements (SAFEs, notes, priors)
│   │   ▶ IP Assignment Agreements
│   │   ▶ Employee/Contractor Agreements (template)
│   │   ▶ Material Contracts (customers, vendors)
│   │   ▶ Pending Litigation (if any)
│   │
│   └── Technical (for deep-tech / infra investors)
│       ▶ Architecture Overview
│       ▶ Security Practices
│       ▶ Compliance Certifications (SOC2, etc.)
│       ▶ Open Source Strategy (if applicable)
│
├── 💬 Due Diligence Q&A
│   ├── Business Model Questions (toggle blocks)
│   │   ▶ "How do you make money?" → [answer]
│   │   ▶ "What's your pricing model?" → [answer]
│   │   ▶ "Who is your ICP?" → [answer]
│   │   ▶ "What's your sales cycle?" → [answer]
│   │
│   ├── Market & Competition Questions
│   │   ▶ "Why now?" → [answer]
│   │   ▶ "Who are your competitors?" → [answer]
│   │   ▶ "What's your moat?" → [answer]
│   │   ▶ "How big is the market?" → [answer]
│   │
│   ├── Team Questions
│   │   ▶ "Why are you the team to do this?" → [answer]
│   │   ▶ "What's your unfair advantage?" → [answer]
│   │   ▶ "Who do you need to hire next?" → [answer]
│   │
│   ├── Financial Questions
│   │   ▶ "What are your key assumptions?" → [answer]
│   │   ▶ "How long does this round last?" → [answer]
│   │   ▶ "What milestones will you hit?" → [answer]
│   │   ▶ "What's the use of funds?" → [answer]
│   │
│   └── Technical Questions (if applicable)
│       ▶ "How does the technology work?" → [answer]
│       ▶ "What's your tech stack?" → [answer]
│       ▶ "How do you handle security?" → [answer]
│
├── 📊 Cap Table
│   ├── DataTable: cap-table/ entities
│   │   Columns: holder, type, shareClass, shares, ownershipPct, vested
│   ├── Summary callouts: Founders X%, Investors Y%, Pool Z%
│   └── Dilution modeling notes for this round
│
├── ✅ Commitments & Closing
│   ├── DataTable: commitments/ filtered by current roundId
│   │   Columns: investor, amount, instrument, status, signedDate, wiredDate
│   ├── Closing Checklist (toggle blocks)
│   │   ▶ Lead investor term sheet signed
│   │   ▶ Legal docs finalized (SAFE/SPA/SHA)
│   │   ▶ All commitments at verbal or better
│   │   ▶ Side letters negotiated
│   │   ▶ Wire instructions distributed
│   │   ▶ All wires received and confirmed
│   │   ▶ Board consent obtained
│   │   ▶ 409A valuation ordered (if equity round)
│   │   ▶ Announcement drafted
│   └── Round close notes
│
└── 📬 Investor Relations
    ├── Monthly Update Template
    │   (See template below)
    ├── Past Updates Archive
    │   ▶ January 2026 Update
    │   ▶ December 2025 Update
    │   ▶ ...
    └── Board Meeting Notes
        ▶ Q1 2026 Board Meeting
        ▶ Q4 2025 Board Meeting

Entity Schemas

Add these to your .worm/schema.json to power the DataTable and Kanban blocks:

{
  "Investor": {
    "path": "@investors/(id:nanoid)",
    "file": "[data].json",
    "fields": {
      "name": { "type": "string", "required": true },
      "firm": { "type": "string" },
      "type": { "type": "string", "required": true },
      "contactName": { "type": "string" },
      "contactEmail": { "type": "string" },
      "contactTwitter": { "type": "string" },
      "contactTelegram": { "type": "string" },
      "stageFocus": { "type": "array" },
      "sectorFocus": { "type": "array" },
      "typicalCheckMin": { "type": "number" },
      "typicalCheckMax": { "type": "number" },
      "portfolio": { "type": "array" },
      "status": { "type": "string", "default": "researching" },
      "relationship": { "type": "string", "default": "cold" },
      "source": { "type": "string" },
      "introducedBy": { "type": "string" },
      "lastContact": { "type": "string" },
      "nextFollowUp": { "type": "string" },
      "meetings": { "type": "array" },
      "feedback": { "type": "string" },
      "walletAddress": { "type": "string" },
      "notes": { "type": "string" }
    },
    "oplog": true,
    "softDelete": true
  },
  "Round": {
    "path": "@rounds/(id:nanoid)",
    "file": "[data].json",
    "fields": {
      "name": { "type": "string", "required": true },
      "type": { "type": "string", "required": true },
      "status": { "type": "string", "default": "planning" },
      "targetAmount": { "type": "number" },
      "raisedAmount": { "type": "number", "default": 0 },
      "currency": { "type": "string", "default": "USD" },
      "preMoneyValuation": { "type": "number" },
      "postMoneyValuation": { "type": "number" },
      "instrument": { "type": "string" },
      "terms": { "type": "object" },
      "openDate": { "type": "string" },
      "targetCloseDate": { "type": "string" },
      "actualCloseDate": { "type": "string" },
      "leadInvestor": { "type": "string" },
      "legalCounsel": { "type": "string" },
      "notes": { "type": "string" }
    },
    "oplog": true,
    "softDelete": true
  },
  "Commitment": {
    "path": "@commitments/(id:nanoid)",
    "file": "[data].json",
    "fields": {
      "investorId": { "type": "string", "required": true },
      "roundId": { "type": "string", "required": true },
      "amount": { "type": "number", "required": true },
      "currency": { "type": "string", "default": "USD" },
      "instrument": { "type": "string" },
      "status": { "type": "string", "default": "verbal" },
      "signedDate": { "type": "string" },
      "wiredDate": { "type": "string" },
      "sharesOrTokens": { "type": "number" },
      "sideLetterTerms": { "type": "string" },
      "notes": { "type": "string" }
    },
    "refs": {
      "investor": { "model": "Investor", "field": "investorId", "type": "belongsTo" },
      "round": { "model": "Round", "field": "roundId", "type": "belongsTo" }
    },
    "oplog": true,
    "softDelete": true
  },
  "CapTableEntry": {
    "path": "@cap-table/(id:nanoid)",
    "file": "[data].json",
    "fields": {
      "holderId": { "type": "string", "required": true },
      "holderType": { "type": "string", "required": true },
      "holderName": { "type": "string", "required": true },
      "shares": { "type": "number" },
      "shareClass": { "type": "string" },
      "ownershipPct": { "type": "number" },
      "vestingStart": { "type": "string" },
      "vestingSchedule": { "type": "string" },
      "vestedPct": { "type": "number" },
      "exercisePrice": { "type": "number" },
      "roundId": { "type": "string" },
      "notes": { "type": "string" }
    },
    "oplog": true,
    "softDelete": true
  }
}

Investor Pipeline Stages

Use a Kanban block grouping investors by status to visualize your fundraising pipeline:

Pipeline Stages:

researching    — Building target list, reading their portfolio
warm_intro     — Got an intro, scheduling first meeting
meeting        — Pitch meeting scheduled or completed
in_diligence   — They're reviewing your data room
term_sheet     — Reviewing or negotiating terms
committed      — Verbal or signed commitment
wired          — Money received
passed         — They said no (track the reason)
ghosted        — No response after follow-ups

Pro tip: keep passed investors in the system. Many come back for later rounds. Track their feedback — it tells you what to improve.

Monthly Investor Update Template

Create a page for each monthly update. Copy this structure:

# Investor Update — [Month Year]

Hi [First Name],

Quick update on [Company]. Reply anytime with questions or intros.

## Highlights
- [Biggest win]
- [Second highlight]
- [Third highlight]

## Key Metrics

| Metric              | This Month | Last Month | MoM     |
|---------------------|-----------|------------|---------|
| MRR / Revenue       | $XX,XXX   | $XX,XXX    | +XX%    |
| Users / Customers   | X,XXX     | X,XXX      | +XX%    |
| Burn Rate           | $XX,XXX   | $XX,XXX    |         |
| Runway              | XX mo     | XX mo      |         |
| [Core Metric]       | XXX       | XXX        | +XX%    |

## Product
- What shipped this month
- What's coming next month

## Team
- Hires, departures, notable changes

## Challenges
- Be honest. Investors respect transparency.

## Asks
1. Intros to [type of person/company]
2. Hiring: looking for [role]
3. Advice on [strategic question]

Data Room Checklist

Use toggle blocks on your Data Room Documents page. Check off each item as you prepare it:

• Must have — Pitch deck, financial model, cap table, incorporation docs, team bios
• Should have — Product demo, metrics dashboard, customer references, competitive analysis
• Nice to have — Market research, press clips, technical architecture, security docs
• Prepare on request — Detailed employee agreements, vendor contracts, IP filings

Tips

• Keep your pitch deck as a file block — update it in place and the oplog tracks every version
• Use the investor feedback field religiously. Patterns in objections reveal what to fix.
• Set nextFollowUp on every investor. Filter the DataTable to see who needs attention today.
• After closing, convert the Data Room into an Investor Relations hub — same pages, new purpose

Related Templates

Based ships built-in templates that complement this playbook:

• Fundraising Hub — round planning and investor tracking
• External Reviewer Dashboard — read-only board/investor view
• Board Update Memo — written board update doc