A well-prepared data room can make or break your fundraising round. But what exactly belongs in one and how does it evolve as your startup grows?

In this episode of P&L, we speak with Neil Cheong and Alvin Chin, Co-Founders of GUIDE, an early-stage venture studio and advisory firm, to demystify the startup data room. Whether you're pitching angels, preparing for seed, or targeting a Series A raise, your data room is a critical tool to build investor trust and showcase your business’s growth trajectory. We break down:

• What to include at each stage: from pitch decks to financial models

• Why having a narrative for the underlying numbers (good and bad) is critical

• Common mistakes founders make, and how to avoid them

• Why understanding your business model, revenue model, and cash flow is vital

• How your data room signals traction, readiness, and operational maturity

• How to balance transparency with investor relevance

If you're preparing for fundraising or want to sharpen your financial storytelling, this episode is your guide to building a data room that delivers.