I'm now raising a seed round for a new company. A few investors have asked for access to the Data Room, which I haven't set-up, one asked for an "Investor Memorandum", and other such things.

In our previous company, we were only raising $350k, we now have a hardware company and are raising $2M.

Is it common to have a Data Room and other supporting documents when raising your first Safe Note? Is it a function of the amount we are currently raising? Or is it a sign of the types of investors we are speaking with? I know one of them has not done very many investments, and is very quite green.

To be clear, most investors are not asking for a Data Room, it's only a few, so I'm just trying to understand what is special about these investors?

Do I need to change my expectations, or watch out for something with the investor?

When did you set-up your first Data Room?