Guide, for the Deal team

Review your dataroom before investors do

Run the room review, work through what it finds, and run it again after fixing documents, so investors meet a room that agrees with itself.

Where: Raise hub, Review

1. 1

   Run the review

   Open the dataroom and choose the Review tab, then Run the review. It reads each document, checks the figures, then works down the checklist a section at a time: consistency across documents, financial statements, the financial model and budget, market rates, legal and corporate, what's in the room, and what's missing. A room of a few documents takes about five minutes. If AI search was only just turned on, it reads any scanned documents from their page images first, and the review waits for it: the progress line says how many it is waiting for.

   You can leave the page while it runs. The review carries on, and the findings are waiting when you come back.

2. 2

   Read the findings, worst first

   Fix these first, above the list, names the documents to work on in order, with how many findings each holds and how many need fixing; Show narrows the list to one. By document groups the whole list the same way, so you can fix one file in one sitting. Each finding says what is wrong, the question an investor will ask about it, and what to do. Needs fixing is what an investor would stop on; Worth a look is worth explaining before they ask; For your notes is context. Where two documents disagree, the figures sit side by side. Choose a document under a finding to open it at the passage it came from. Where the fix is in Struck rather than a document, Fix it in takes you straight there: the raise settings, the term sheet, the share register or the company details.

3. 3

   Fix, resolve or dismiss

   Fix the document and upload a new version, then choose Mark resolved and say what changed. If a finding is not a problem, choose Dismiss and pick the reason: Not a problem, Explained elsewhere, or The review misread the document. The reason is kept with the finding. A finding that says a document should not be in the room has Take it out: Remove from the dataroom puts it in the room's trash, and Move to company documents keeps a copy for the company first. Either way the finding is marked resolved.

   A dismissed finding stays dismissed when the review runs again, unless a document it points at gets a new version. A resolved finding comes back, marked as such, if a new version still shows the problem.

4. 4

   Run it again

   After changing documents, choose Run the review again. It reads only the documents that changed, and reviews again only the parts of the checklist they touch; the rest keeps its findings from last time, so a rerun after a small fix takes a minute or two. Review everything goes through every section again, which is worth doing now and then. The band says how many documents have changed since the last review, so you know when it is out of date. When Struck improves the review itself, the room is reviewed again overnight, so you do not need to run it again for that.

5. 5

   Check what it could not check

   What the review checked, at the foot of the tab, lists every check with its result. Nothing found and Couldn't check are different answers: a room with no financial model cannot be checked for missing costs, and the list says so rather than showing a clean result. The list also says which stage the review judged the room against, worked out from the raise's name and size, and marks checks investors do not expect at that stage, such as audited accounts at pre-seed, as Not expected.

   To set the stage, name the round in the raise's name, for example Seed or Series A.