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Fundraising and capital markets

Data room for a Series A round

Short answerA Series A lead investor runs proper legal and financial due diligence. Your room needs a reconciled cap table, every previous financing document, material contracts, metrics with definitions, financial statements and employment and IP records, all answering the lead's request list.

How it works in Singapore

Series A rounds in Singapore are led by regional VCs and corporate venture funds, often with participation from global investors. The lead appoints counsel to review the company and drafts the shareholders' agreement.

Regional expansion means subsidiaries in other ASEAN markets, which the investor will want to see.

Best data rooms for series a

Our five measures re-weighted for this use case, with a small bonus for rooms built for it. Prices before 9% GST.

  1. 1 Ellty ~S$191/mo 9.5 Visit Ellty
  2. 2 iDeals On quote 8.7
  3. 3 Datasite On quote 8.5
  4. 4 Ansarada On quote 8.5
  5. 5 Firmex On quote 8.3
  6. 6 Drooms On quote 8.2
  7. 7 Intralinks On quote 8.1
  8. 8 Box ~S$19/user/mo 8.0
  9. 9 SecureDocs ~S$320/mo 8.0
  10. 10 DealRoom On quote 7.9
22%Security23%Deal tools17%Permissions20%Ease of use18%Cost

Folder index for series a

01
CorporateACRA records, constitution, subsidiaries.
02
Cap table and financingsCap table, prior rounds, convertibles, ESOP.
03
FinancialsAudited or compiled accounts, management accounts, model.
04
MetricsRevenue, cohorts, CAC, churn with definitions.
05
CommercialTop customer and partner contracts.
06
PeopleOrg chart, key contracts, ESOP grants, work passes.
07
IP and techIP assignments, open source use, security.
08
LegalLicences, disputes, PDPA policies.

Singapore rules that apply

Companies Act

Conversion of SAFEs and notes, new preference shares and constitution changes must be authorised and lodged with ACRA.

Employment and work passes

Investors check key staff contracts and work pass compliance for foreign hires.

More detail: Companies Act and ACRA.

Features you need

FeatureWhy it matters hereRooms in our top 10 that list it
Q&A workflowBidders post a question against a file; your team drafts, approves and publishes the reply, and the whole thread is kept.9 of 10
Audit trailTime-stamped history of who opened, printed or downloaded each document, exportable for a dispute, insurer or regulator.10 of 10
Dynamic watermarksThe reader's name, email and time are stamped across each page as it opens, so a photographed page can be traced.10 of 10
View and download controlEach file can be set to view-only, print or download, and the setting can be changed later.9 of 10

How to set it up

  1. Ask for the lead's request listBuild the index around it.
  2. Reconcile instrumentsModel conversion of every SAFE and note.
  3. Define metricsWrite down how each metric is calculated.
  4. Use Q&ARoute the lead counsel's questions through the room.

Mistakes to avoid

  • Metrics that change definition between deck and data room.
  • Unsigned ESOP grants.
  • Subsidiaries without proper records.

Questions people ask

How long does Series A due diligence take?

Typically three to six weeks after the term sheet, depending on how ready the room is.

Do I need audited accounts?

Many Singapore startups qualify for the small company audit exemption; investors may accept compiled accounts but often ask for an audit before or after the round.

Should existing investors get access?

Existing investors may need access for consents and their own review; use separate groups.