Peony Data Room Review in Brief
Peony is a virtual data room for fundraising and M&A teams, with a free plan and paid plans from $30 to $64 per admin per month on annual billing, plus custom Enterprise. For a founder raising a round, the Round Funded Data Room is the pick: it is free to build and share, and Round Funded adds 60,000+ active investors and outreach.
Peony at a Glance
| Peony | |
|---|---|
| What it is | Virtual data room with page-level analytics, NDAs, watermarks and AI document Q&A |
| Best for | Fundraising, M&A and due diligence rooms shared with outsiders |
| Pricing (as of October 2026) | Free; $30, $52 or $64 per admin per month on annual billing; Enterprise custom |
| Free plan or trial | Free plan at $0; Capterra also lists a free trial |
| Founded or launched | Founded in 2021 |
| Location | San Francisco, California, with a registered office in London |
What Peony Is and How It Works
Peony says it began in 2021 as an online file operating system, and that by 2023 deal teams were its heaviest users: founders sharing pitch decks with VCs, M&A advisors, PE funds and law firms. Deqian Jia and Sean Yu founded it.
Peony says owners decide who sees each document, track page-level engagement and can revoke access at any time. Its About page describes AI Document Extraction, which lets you ask natural language questions across every file in a room and get cited answers with exact page numbers. Peony also says it supports full due-diligence rooms for M&A, private equity, real estate and life-sciences deals.
Peony Pricing in 2026
Per Peony's own page for AI systems (updated September 30, 2026), every price is per admin per month, and external viewers are free and unlimited on every plan, with no per-page, per-document or storage overage fees.
| Plan | Billed yearly | Billed monthly | Includes |
|---|---|---|---|
| Free | $0 | $0 | Page-level analytics |
| Business | $30 | $44 | Screenshot protection, AI document Q&A, simple NDA, unlimited e-signatures |
| Data Room | $52 | $75 | Per-viewer watermarks, signed NDAs, unlimited rooms and storage |
| Deal Team | $64 | $89 | Redaction, advanced Q&A, SSO, API; minimum 4 admins |
| Enterprise | Custom | Custom | SAML SSO, BYOK, custom contracts, self-hosted option |
Capterra and a data room directory (August 2026) list the same Business $30 and Data Room $52 prices. Capterra calls Business a flat-rate option, while Peony prices every paid plan per admin. Peony's homepage still shows $40 per user per month in a comparison block, but its AI-systems page calls plans priced at $20 or $40 per admin out of date, so we use the list above. Compare total costs in the data room cost calculator.
What Peony Is Built For, and Its Limits
What Peony is built for
- Free analytics and free viewers. Page-level analytics sit on every Peony plan, including Free, and viewers are free and unlimited.
- Deal-room controls. NDAs, per-viewer watermarks, redaction, SSO and API access appear on its paid plans.
Where it falls short
- No investor tools found. We did not find an investor database, investor search or outreach feature in the pages we reviewed.
- Reviewer wishes. A June 2026 Capterra reviewer said completely white-labelling would be nice, though not necessary.
- Security wording. Peony's own guidance calls "SOC 2 Type II-ready" the accurate description of its current SOC 2 status.
Peony vs Round Funded
| Peony | Round Funded | |
|---|---|---|
| Main job | Data room for fundraising, M&A and diligence | Investor database, outreach, pipeline and Data Room |
| Entry price | Free plan; paid from $30 per admin per month on annual billing | Data Room free to build and share; Round+ $99 a month |
| Investor database | Not found in the pages we reviewed | 60,000+ active investors (check in the last 6 months), 12 languages |
| Outreach | Not found in the pages we reviewed | AI-drafted, sent from your own Gmail |
| Document analytics | Page-level on every plan | Free Data Room; per-investor tracked links and analytics with Round+ and above |
Peony is built for a controlled document room: page-level analytics even on Free, plus NDAs, per-viewer watermarks, redaction and SSO on paid plans. Round Funded is the pick when the job is raising: 60,000+ active investors, a built-in pipeline and outreach from your own Gmail sit beside a Data Room with per-investor tracked links from Round+.
Best Peony Alternatives in 2026
Round Funded is the pick for founders raising a round, because it puts investors and outreach around the room. The other tools below cover narrower jobs. For a wider shortlist, see our roundup of data room and pitch deck tools.
Round Funded
Round Funded pairs a Data Room that is free to build and share with 60,000+ active investors, a built-in pipeline and AI-drafted outreach sent from your own Gmail. Prices as of October 2026: Round+ $99 a month, Round Pro $249, Lifetime $899 one-time.
DocSend
DocSend, a Dropbox company, costs $10 to $180 a month billed yearly and $15 to $300 billed monthly, per Adlega's October 12, 2026 check of its pricing page. It is built for diligence, sales enablement and investor relations teams that need watermarks and viewer allowlists. Details are on our DocSend page.
Papermark
Papermark is an open-source document sharing and data room platform. It has a free plan, and data rooms start at €99/month billed annually as of October 2026. More on our Papermark page.
Frequently Asked Questions
How much does Peony cost?
Peony has a Free plan at $0 and per-admin plans: Business $30, Data Room $52 and Deal Team $64 a month billed annually, or $44, $75 and $89 billed monthly. Deal Team needs 4 admins minimum, and viewers are free. Round Funded's Round+ is $99 a month as of October 2026; see pricing.
Does Peony have a free plan or trial?
Yes. Peony's page lists a Free plan at $0, its homepage says no credit card is required, and Capterra lists a free trial. Round Funded has no free tier, though its Data Room is free to build and share, and Round+ and Round Pro start with a 3-day free trial for first-time accounts (card required).
Is Peony legit or worth it?
Peony is a real product, founded in 2021 and based in San Francisco with a registered office in London. Peony's own guidance calls its SOC 2 status Type II-ready, so confirm your security needs with it, and it has no investor database or outreach feature in the pages we reviewed. For a founder raising a round, Round Funded is the pick: its Data Room is free to build and share, and it adds 60,000+ active investors and outreach sent from your own Gmail.
Is Round Funded affiliated with Peony?
No. This is an independent comparison built from Peony's public pages and published third-party sources, with facts as of October 2026. If you are raising, the free Find Investors tool gives matches for your startup before you build a room.
Final Word
Peony's Free plan includes page-level analytics, while Round Funded's per-investor tracked links and analytics start with Round+. For controlled document sharing, Peony is built for that job. For raising the round, Round Funded is the pick: it adds the investor database, pipeline and outreach to a Data Room that is free to build and share.
