Most founders build one data room and use it for everything. A second room solves the problems the first one creates.
The investor room is opened for a raise. It holds what you choose to give investors, and it tracks who opened what.
The company room is your permanent record. It serves the company, the board and shareholders on request.
Documents move from the company room to the investor room when you decide, as a version rather than a copy. Drafts and working models stay where they are until you are ready. There is one history of what was issued and when.
I have run both kinds for my own companies and for clients. In the transactions I have worked on this year, buyers and investors asked for the same core documents. The companies with a permanent record produced them immediately. The others spent weeks rebuilding history from email.
Three questions to test your setup:
1. Can you show an investor only what you intend to show them?
2. Can you tell which version of a document each investor received?
3. Does a permanent record exist that is separate from any single raise?
If the answer to any of them is no, the fix is cheaper now than in the middle of a process.
General information only. Not legal, financial, tax or investment advice.