What should be in an accelerator data room? (5 published deals)
An accelerator data room is the small indexed packet that proves the published deal is on the cap table, IP is assigned to the company, and Demo Day numbers match the bank. Five programs publish their own terms. None of them publishes a 24-file list for Demo Day.
YC’s published list is a Series A diligence checklist. Techstars names the five checks it runs before it wires. Seedcamp, Antler UK, and Entrepreneur First publish the instrument. The room follows that paper.
Accelerator data room (definition). The indexed evidence file behind a batch raise.
It proves the program’s published deal is on the cap table, the company owns the work, and the numbers in the deck match the bank.
A Drive folder of drafts is not this room.
A 24-file vendor list is not a published requirement.
What should be in an accelerator data room?
The room is shaped by the instrument the program actually publishes: a SAFE, a convertible equity agreement, an advance subscription agreement, or an investment-committee offer. It is not a 24-file vendor checklist with the batch name swapped in. For the seed tool pick, see Best data room for a seed round in 2026 (6 we priced). For what stays out of the first share, see What should I leave out of a seed data room?.
| Program | Published investment | Instrument | File list they publish |
|---|---|---|---|
| Y Combinator | $500,000. No program fee. | $125,000 post-money SAFE for 7%, plus $375,000 uncapped MFN SAFE. | Series A diligence checklist, after a term sheet. No Demo Day list. |
| Techstars | $220,000 for most programs. Asia-Pacific: $100,000 MFN Safe. | $200,000 uncapped MFN Safe plus $20,000 post-money CEA for 5% common. | Five named pre-wire checks. No Demo Day list. |
| Seedcamp | First cheque usually $350,000 to $1.25 million. | Seedsummit-based ASA, or convertible or equity. | Process aims to finish in two weeks. No file list. |
| Antler UK | Up to £500,000. Day Zero is £210,000 including a £40k program fee. | £125k for 8.5% equity plus £85k convertible. Up to £330k more next round. | Location-specific terms. No file list. |
| Entrepreneur First (US), London | Up to $250,000. US Fellowship grant is $10,000, equity-free. | $125,000 post-money SAFE for 8%, plus optional $125,000 uncapped MFN SAFE. | US can invest on day one. London IC sits after FORM. No file list. |
Other programs exist. If a program does not publish terms on its own site, do not copy a number from a blog into the deck.
What should be in a YC data room?
Y Combinator’s standard deal, retrieved 30 September 2026, is $500,000 on two SAFEs at once: $125,000 on a post-money SAFE for 7%, and $375,000 on an uncapped MFN SAFE, plus the YC Agreement. YC invests in US, Canada, Cayman, and Singapore corporations. It does not charge a fee to join. SAFE forms live at ycombinator.com/documents.
That deal is already a cap-table event on acceptance. The Demo Day packet has to show both SAFEs, signed IP assignments, and metrics that match the bank. It does not have to look like a Series A archive. YC’s published list is the Series A diligence checklist. The page says to have it ready once you sign a term sheet, and that doing so will cut as much as a week off closing. That is not a Demo Day folder list.
YC also publishes A Guide to Seed Fundraising. The Demo Day FAQ, retrieved 30 September 2026, describes an invite-only audience of approximately 1,000 investors and media. The 2026 Demo Day dates post (18 December 2025) lists Winter 24 March, Spring 16 June, Summer 10 September, and Fall 2 December.
What Techstars checks before it wires
Techstars’ investment terms, dated 17 April 2025 and retrieved 30 September 2026, put $220,000 on most programs: $200,000 through an uncapped MFN Safe and $20,000 through a post-money convertible equity agreement for 5% common stock. Asia-Pacific programs offer a $100,000 uncapped MFN Safe. The Techstars FAQ on this investment was modified 8 April 2025.
Before Techstars commits, certain checks are required. The terms page says that as soon as those checks are completed (background, incorporation, ownership, IP check, and company bank account), Techstars will sign and wire the $20,000. There is no fee to join a Techstars accelerator program. Those five checks are the published diligence. A 20-file Demo Day list is not.
Seedcamp’s two-week process
Seedcamp’s FAQs, retrieved 30 September 2026, say the first cheque is usually between $350,000 and $1.25 million, and that they aim to run an end-to-end process within two weeks of meeting you. Diligence after the first call can be WhatsApp or email. A strong fit leads to a 45-minute partner pitch. For rounds they lead, documents are based on Seedsummit terms. They publish a standard pre-seed advance subscription agreement. They do not publish an 18-file room list.
When the company is new
Antler and Entrepreneur First often start before a company exists. The room starts when the company exists. Until then, a Drive folder of drafts is honest. An empty “financials” directory is not.
Antler UK, retrieved 30 September 2026, invests up to £500,000. Day Zero is £210k: £125k for 8.5% equity, an £85k convertible, and a £40k program fee. The London residency is an eight-week sprint. After investment, Antler describes another 10 to 12 weeks of build-and-raise. Terms change by city. Read the page for yours. Quote “program fee,” which is Antler’s word.
Entrepreneur First’s US FAQs invest up to $250,000 on day one for founders ready to build now: $125,000 on a post-money SAFE for 8%, plus an optional $125,000 uncapped MFN SAFE with Transpose Platform if the team relocates to San Francisco and incorporates as a Delaware C-Corp. The Fellowship grant is $10,000, equity-free. The London FAQs pay a £6,000 Talent Investment on joining FORM (12 weeks). The investment committee sits at the end of FORM, then the same $250,000 structure, with the optional MFN tied to LAUNCH in San Francisco.
What goes in the folder
First-look is the open room. Confirmatory is still gated. Keep-out is what does not belong in a first look. Put the program’s signed instrument on the cap table even if the wire has not landed. Do not invent a 24-file count.
| Folder | First-look | Confirmatory | Keep out |
|---|---|---|---|
| Deal + cap table | Fully diluted cap table that already shows the program's SAFE, CEA, or ASA | Signed instrument and side letters | A screenshot that omits the program's line |
| Company | Certificate of incorporation and charter | Minute book, subsidiaries | A personal bank account as the company account |
| IP and people | Signed assignment from every founder who built the product | Contractor chain, prior-employer note | Source code, unfiled invention disclosures |
| Deck + numbers | Current deck, metrics that match the bank | Statements, cohort export | Stale decks, a five-year model, an empty financials folder |
Teaser vs room vs banker VDR
DocSend and email win the deck. Drive wins an application folder. This room wins the packet once many investors open the same files. Datasite and Intralinks win once a banker is running a sale. For the deck-versus-packet split, see Should a seed founder use DocSend or a data room?. For an AI packet, see What should be in an AI startup fundraising data room?.
| Job | Who wins | Why |
|---|---|---|
| Send the deck, see who read which slide | DocSend / email | One file. Not this room. |
| Application folder for one reviewer | Google Drive | Fine until the link is forwarded. |
| Prove the published deal, IP, and numbers during Demo Day week | This room | Indexed folders. 1-2 clicks from the question to the file. |
| Banker-led process, later M&A | Datasite / Intralinks | A later tool. Not a batch packet. |
See What is Cashpian?, how much a seed data room costs, and pricing.
FAQ
Do YC or Techstars publish a Demo Day file list?
No.
YC's published list is a Series A diligence checklist to have ready once you sign a term sheet.
Techstars names five pre-wire checks: background, incorporation, ownership, IP, and a company bank account.
Neither page is a Demo Day folder list.
How many files belong in an accelerator room?
Enough current files to prove the published deal, IP assignment, and that the deck matches the bank.
That is usually a small packet, not a 24-file vendor list.
Add files when a named investor asks.
Is Google Drive enough for Demo Day week?
For friends-and-family, yes.
Once many investors open the same packet, Drive has no watermark and no per-viewer log.
That is when a dedicated room earns the line.
Does the accelerator's SAFE belong in the first share?
The cap table has to show the program's line.
The signed instrument can wait for a named investor if you are still early.
Demo Day week is not early.
Sources
- Y Combinator, The Y Combinator Deal, retrieved 2026-09-30. $500,000 = $125,000 post-money SAFE for 7% plus $375,000 uncapped MFN SAFE. No program fee. US, Canada, Cayman, Singapore corporations.
- Y Combinator, SAFE documents, retrieved 2026-09-30. Redirects to ycombinator.com/safe.
- Y Combinator, Series A diligence checklist, retrieved 2026-09-30. Have it ready once you sign a term sheet. Cuts as much as a week off closing.
- Y Combinator, A Guide to Seed Fundraising, retrieved 2026-09-30. Title confirmed. Body is JS-rendered, so this page does not quote it.
- Y Combinator, Demo Day FAQ, retrieved 2026-09-30. Invite-only audience of approximately 1,000 investors and media.
- Y Combinator, 2026 Demo Day Dates, 18 December 2025, retrieved 2026-09-30.
- Techstars, An update to our investment terms, 17 April 2025, retrieved 2026-09-30. $220,000 = $200,000 uncapped MFN Safe plus $20,000 CEA for 5% common. Pre-wire checks: background, incorporation, ownership, IP check, company bank account. No fee to join.
- Techstars Support, What investments does Techstars make in its Accelerator Portfolio companies?, modified 8 April 2025, retrieved 2026-09-30.
- Seedcamp, FAQs, retrieved 2026-09-30. First cheque usually $350K to $1.25M. End-to-end aim two weeks. Standard pre-seed advance subscription agreement.
- Antler, Antler in UK, retrieved 2026-09-30. Up to £500,000. Day Zero £210k including a £40k program fee.
- Entrepreneur First, U.S. FAQs and London FAQs, retrieved 2026-09-30. Up to $250,000. Optional MFN SAFE if relocate to San Francisco and incorporate as a Delaware C-Corp.
If the files are already in a folder, grade which row they are on. Cashpian is a gated room for that packet. It is not a listing portal. It does not sell the company or run the deal.