PandaDoc automates documents.Peony secures your data room.
PandaDoc is great for proposals, contracts, and e-signatures. But when you need secure data rooms with screenshot protection, dynamic watermarks, NDA gating, and AI-powered document chat, you need Peony.Set up in under 5 minutes. No credit card required.
No credit card required
Side-by-side comparison
PandaDoc is a document automation and e-signature platform built for proposals and contracts. Peony is a complete virtual data room with analytics, security, and AI built in — designed for fundraising, M&A, and investor relations.
PeonyWhy teams choose Peony over PandaDoc for data rooms
PandaDoc excels at document creation and contract workflows. But when you need to securely share confidential documents with investors, buyers, or partners, you need a purpose-built data room — not a proposal tool.
Full data rooms
PandaDoc has no data room functionality — it is designed for individual proposals and contracts. Peony lets you organize hundreds of files into structured, branded data rooms with folder hierarchies and granular permissions — built for fundraising and M&A due diligence.
Screenshot protection
PandaDoc has no screenshot protection or dynamic watermarks. Peony blocks screen captures, stamps every page with the viewer's identity and timestamp, and gates access behind NDAs to keep your deal documents confidential.
AI document chat
Peony lets investors and partners ask questions about your documents and get instant AI-powered answers around the clock. PandaDoc offers no document intelligence — viewers must read everything on their own.
Page-level analytics
PandaDoc tracks document opens and completion rates for proposals. Peony shows you which pages were read, how long each investor spent per slide, and total viewing time — page-by-page granularity that helps you prioritize follow-ups.
Pricing comparison
Peony gives you unlimited data rooms, page-by-page analytics, screenshot protection, and AI document chat — at a lower price than PandaDoc, which offers none of these data room features.
Peony
Free
$0
2 GB storage, unlimited data rooms
Pro
$20/admin/mo
200 GB storage
Business
$40/admin/mo
1 TB storage
Data rooms, analytics, screenshot protection, watermarks, NDA gating, AI chat, and e-signatures included on all plans.
PandaDoc
Free
$0
E-signatures only, no documents
Essentials
$35/user/mo
Proposals and templates
Business
$65/user/mo
CRM integrations and approval workflows
No data rooms. No screenshot protection. No dynamic watermarks. No NDA gating. No AI features. No page-by-page analytics.
When to use each platform
PandaDoc is built for document automation — creating proposals, sending contracts, and collecting signatures. Peony is the better choice when you need secure data rooms for sharing confidential documents with investors, buyers, or partners.
Choose PandaDoc when you need
Document creation with drag-and-drop templates for proposals and quotes
Contract management with approval workflows and CRM integrations
High-volume e-signature collection for sales and HR workflows
CPQ (configure, price, quote) functionality for sales teams
Choose Peony when you need
A secure data room for fundraising, M&A, or due diligence
Page-by-page analytics to see exactly which slides investors care about
Screenshot protection, dynamic watermarks, and NDA gating to protect confidential deal documents
AI document chat so investors get instant answers without waiting for your team
Built-in e-signatures for NDAs, term sheets, and closing documents within the data room
A free tier to share your first data room without a credit card
What Peony gives you that PandaDoc does not
Keep your confidential documents from being captured
PandaDoc has no screenshot protection — anyone viewing your documents can capture and forward them. Peony blocks screen captures and stamps every page with the viewer's identity and timestamp. Combined with NDA gating, your deal documents stay confidential from first view to close.
Screenshot protection
Block screen captures of sensitive documents. PandaDoc has no equivalent — once a document is viewed, it can be screenshotted and shared freely.
Dynamic watermarks
Every page stamped with the viewer's email and timestamp. Trace the source of any leak instantly — something PandaDoc simply cannot do.
NDA-gated access
Require investors to sign an NDA before they see a single page. Built-in e-signatures make it seamless — no separate signing tool needed.
Know exactly which slides your investors care about
PandaDoc tracks whether a proposal was opened and how far the recipient scrolled. Peony shows you page-by-page analytics — which pages were read, how long each investor spent per slide, and their total viewing time. Prioritize your follow-up calls based on real engagement data, not guesswork.
Let investors ask questions and get instant answers
PandaDoc has no AI capabilities. Peony's AI document chat lets investors and partners ask questions about your data room and receive instant, accurate answers pulled directly from your documents — 24 hours a day, 7 days a week. Close deals faster by removing information bottlenecks.
"The team at Peony put craft into everything they do; from the product to their support, they shine through how much they care."
Germain Brion
Founder, Veritai
Frequently asked questions
Is Peony a good alternative to PandaDoc?
It depends on your use case. PandaDoc is a document automation platform built for proposals, contracts, and e-signatures. Peony is a full-featured data room built for secure document sharing, fundraising, and due diligence. If you need data rooms with screenshot protection, dynamic watermarks, NDA gating, and page-by-page analytics, Peony is the better choice — and it includes a free plan ($0).
Does PandaDoc have data room features?
No. PandaDoc is focused on document creation, proposals, and e-signatures — it does not offer virtual data rooms, folder-based document organization, or the security features required for fundraising and M&A. Peony provides unlimited data rooms with structured folders, granular permissions, screenshot protection, dynamic watermarks, and NDA gating built in.
How does Peony pricing compare to PandaDoc?
Peony starts free ($0) with 2 GB of storage, then scales to Pro at $20 per admin per month (200 GB) and Business at $40 per admin per month (1 TB). PandaDoc offers a free plan for e-signatures only, Essentials at $35 per user per month, and Business at $65 per user per month — but none of these plans include data room features, screenshot protection, or page-by-page analytics that Peony provides.
Can I use PandaDoc for fundraising or M&A?
PandaDoc is not designed for fundraising or M&A workflows. It lacks data rooms, screenshot protection, dynamic watermarks, NDA gating, and page-by-page document analytics that deal teams need. Peony is purpose-built for these use cases, letting you organize hundreds of documents into secure, branded data rooms with full audit trails and AI document chat. Peony also generates AI-powered due diligence checklists tailored to your deal type, so teams know exactly which documents to upload.
Does Peony have e-signature capabilities like PandaDoc?
Yes. Peony includes built-in e-signatures for NDAs, term sheets, and closing documents — integrated directly into the data room experience. You can require viewers to sign an NDA before accessing any documents, all without leaving Peony. PandaDoc has stronger document creation and template workflows, but Peony's e-signatures are purpose-built for deal workflows.
Does Peony offer screenshot protection?
Yes. Peony includes screenshot protection on all plans, blocking unauthorized screen captures of confidential documents. Combined with dynamic watermarks that stamp every page with the viewer's email and timestamp, Peony provides leak-proof document security. Peony also supports controlled redaction, letting teams black out sensitive sections before sharing. PandaDoc does not offer screenshot protection, dynamic watermarks, or redaction at any tier.
Can I track document engagement with Peony?
Yes. Peony provides page-by-page analytics showing exactly which pages investors or partners read, how long they spent on each page, and their total viewing time. PandaDoc tracks document opens and completion rates for proposals, but does not provide the page-level granularity that Peony offers for data room analytics.
What is the biggest difference between Peony and PandaDoc?
The biggest difference is purpose. PandaDoc is a document automation platform optimized for creating proposals, contracts, and collecting e-signatures. Peony is a complete virtual data room platform with unlimited data rooms, page-by-page analytics, screenshot protection, dynamic watermarks, NDA gating, AI document chat, and built-in e-signatures — all designed for secure document sharing in fundraising, M&A, and investor relations. Peony also includes enterprise-grade encryption (AES-256 at rest, TLS 1.3 in transit) and SOC 2-ready, GDPR, CCPA, and HIPAA compliance on every plan, with no per-viewer or per-link limits.