Data Room

BLUEPRINT — every business spun up from the factory inherits this template. Instance data lives in .invisible/ventures/{slug}/finance/data-room/. Never hardcode a business name, document, or investor in this file.

Most raises die in diligence, not in the pitch meeting. A strong pitch earns a data room request. A weak data room turns a soft yes into a polite pass. This template structures the room, names the red flags, and sequences the Q&A drills that rehearse founders for the questions that actually land.

Business Alignment

Question	Answer
Venture name	[instance: name]
Raise stage	pre-seed / seed / Series A
Data room status	Draft / Ready / Active / Closed
Conviction	HIGH / MEDIUM / LOW / NONE
Who owns this room?	[diligence-auditor agent / fractional CFO]

Directory Structure

Every data room follows the same shape. Investors expect it. Deviation costs time.

data-room/
├── 01-company/
│   ├── pitch-deck.pdf
│   ├── one-pager.pdf
│   └── executive-summary.pdf
├── 02-team/
│   ├── founder-bios/
│   ├── cap-table.xlsx
│   ├── option-plan.pdf
│   └── key-hires-plan.md
├── 03-product/
│   ├── demo-video.mp4
│   ├── product-roadmap.md
│   └── technical-architecture.md
├── 04-market/
│   ├── market-sizing.md
│   ├── competitive-analysis.md
│   └── customer-interviews/
├── 05-traction/
│   ├── kpi-dashboard.pdf
│   ├── customer-list.xlsx
│   ├── revenue-by-cohort.xlsx
│   └── case-studies/
├── 06-financials/
│   ├── historical-pnl.xlsx
│   ├── three-year-projections.xlsx
│   ├── unit-economics.md
│   ├── cash-flow-projection.md
│   └── roi-analysis.md
├── 07-legal/
│   ├── incorporation-docs/
│   ├── shareholder-agreements/
│   ├── ip-assignments/
│   ├── material-contracts/
│   └── compliance-certificates/
└── 08-references/
    ├── customer-references.md
    └── advisor-references.md

Readiness Gates

Before opening the room to any investor:

Gate	Pass criterion	Kill signal
KPI integrity	Every metric has a single source of truth, owner, refresh cadence	Two dashboards show different numbers
Model reconciliation	Financial model matches pitch deck line-by-line	Deck claim missing from model
Cap table current	Reflects every SAFE, option grant, and vesting schedule	Last updated >30 days ago
Legal clean	All material contracts, IP assignments, employment agreements present	Missing founder IP assignment
Reference call ready	3+ customers willing to take reference call within 48h	Only one customer

Red Flag Catalogue

Anticipate the questions diligence will raise. Address before asked.

Category	Red flag	Pre-emptive answer
Team	Co-founder departure	One-liner with dates + equity treatment
Product	Open-source licence conflict	Licence audit report
Market	TAM claimed larger than category	Bottoms-up sizing with assumptions
Traction	Churn hidden in cohort averages	Cohort retention curves
Financial	Revenue recognition questions	Accounting policy document
Legal	Pending litigation	Explicit disclosure + resolution path
Cap table	Unissued option pool expansion	Pool math with post-round percentages

The rule: every red flag disclosed up front earns credibility. Every red flag discovered in diligence destroys it.

Q&A Drill

Founders should rehearse answers to the 20 questions that always come.

#	Question	Practised?
1	Why now?
2	Why you?
3	What's the insight no one else has?
4	What's your unfair advantage?
5	Who are your real competitors — not the obvious ones?
6	Walk me through your unit economics.
7	What's the path to $10M ARR?
8	What's the path to $100M ARR?
9	What breaks at scale?
10	What are you doing that won't work?
11	What keeps you up at night?
12	Who have you lost? Why?
13	What's your hiring plan for this round?
14	Where does the money go?
15	What milestones does this round get you to?
16	What do you need for the next round?
17	Who else is in this round?
18	What's the exit scenario?
19	What's the dilution you're willing to accept?
20	What happens if we don't invest?

Access Control

Investor stage	What they see
First meeting	Pitch deck + one-pager only
Second meeting	Adds demo video, case studies
Deep dive	Adds financials, competitive analysis
Term sheet signed	Full room access

Never open the full room before a second meeting. Partial access maintains pace and respects the work.

Receipt

On completion, diligence-auditor writes a receipt to .invisible/context/receipts/ with:

• factory_instance_id = parent factory
• business_id = this venture slug
• phase = pitch
• task_id = pitch.6
• Primary artefact = .invisible/ventures/{slug}/finance/data-room/

Context

• Pitch Deck — what opens the room
• Investor Map — who gets access
• Cap Table — the core legal doc
• Unit Economics · Cash Flow · ROI Analysis — the math behind the claims

Questions

• Which red flag in your business would a careful diligence process uncover first — and have you addressed it before the room opens?
• What's the one question you hope no investor asks? Why? What's your answer when they do?
• If a partner spends 20 minutes in your data room, what story do the files tell?