Every raise reaches the point where an interested investor asks for "the data room." Peony is a virtual data room built for exactly that moment: founders and deal teams put their fundraising and diligence documents in one place, control who sees what, and see how each investor reads them. This post explains what Peony does, what it costs, and how it fits next to the tools you already use to run a raise.
What Peony is
Peony is a virtual data room (VDR) from Peony (US) Inc. Its own pitch is a deal-grade data room that is live in about five minutes. It serves startups raising capital as well as M&A, private equity, real estate, biotech and legal teams that run diligence. According to Peony, its founders come from investment banking (Moelis, Nomura, Barclays and Houlihan Lokey) and venture investing, which shows in how the product is built around the way investors actually review a deal.
What you get
- Permissions that match a real process. Access can be set at the folder, file and even page level, with unlimited share links, link expiry, passwords and one-click revocation. You can give a lead investor the full room and a first-meeting VC only the deck and the summary metrics.
- Page-level analytics. Peony tracks engagement by file and by page and logs visitor activity. Knowing that a partner spent ten minutes on your unit economics and skipped the team slide is useful signal for your next conversation.
- Security controls. AES-256 encryption and two-factor authentication on every plan, with dynamic watermarks, NDA-gated access, screenshot blocking, redaction and audit logs on higher tiers.
- AI for the questions investors ask. Document chat and Q&A that answer from the room's contents with cited pages, automatic indexing and natural-language search. This cuts down on the "where is the latest cap table?" emails during diligence.
- Built-in e-signatures with audit trails, so NDAs and closing documents can be signed without a separate tool.
- Branding with your logo, colors and personalized links.
Pricing
Peony prices per admin, per month. As listed on peony.ink on October 30, 2026:
- Free: $0, no credit card required
- Business: $30
- Data Room: $52
- Deal Team: $64, with a four-admin minimum
- Enterprise: custom pricing
Peony says there are no per-page, storage or setup fees on its Free, Business and Data Room plans, which is a real difference from legacy VDRs that bill by the page. Check Peony's site for current plans before you choose one.
What to put in a fundraising data room
Whatever tool you use, a seed or Series A data room usually holds:
- The deck and a one-page summary
- Financial model and historical financials
- Key metrics, with definitions (see our free calculators for runway, dilution and SAFE conversion math)
- Cap table and the terms of outstanding SAFEs and notes
- Corporate documents: charter, bylaws, board consents
- Material contracts, customer references and IP assignments
- Team bios and the hiring plan
Start with a lean "first look" folder for early conversations and open the full diligence folders only to investors who are moving toward a term sheet. Page-level permissions make that staged approach easy to run.
How Peony fits with Raziel
A raise has two parallel tracks: the documents investors review, and the relationships you manage. Peony handles the first. Raziel's investor CRM handles the second: a pipeline of every investor conversation from first email to wired, with target check sizes and next steps, plus investor updates once the round closes. A practical workflow:
- Track each investor's stage in Raziel and share the Peony room when they move into diligence.
- Use Peony's analytics to decide who gets a follow-up, then log the outcome on the investor's card in Raziel.
- After the close, keep sending updates from Raziel so the same investors stay close for the next round. Our investor update template is a good starting point.
On the investor side, the same split applies. Diligence happens in the company's data room; once you invest, Raziel keeps the position, the SAFE or preferred terms, and the documents in your portfolio, with MOIC and IRR calculated from your real cash flows. For a deeper look at what to review before you invest, see our due diligence checklist.
Who Peony is a good fit for
Founders preparing a priced round or a large SAFE round who want to control access and see real engagement data, and deal teams that need a fast, affordable VDR without per-page fees. If you only need to send a deck to a handful of friendly angels, a free plan or a simple shared folder may be enough to start, and you can move to a full data room when diligence begins.
Disclosure: Peony and Raziel mention each other on our websites. Product details and prices above come from Peony's public website as of October 30, 2026 and may change.
