Handbook
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Fundraising
Writing Great Investor Updates
Regular investor updates build trust and unlock help. Here's how to write updates that actually get read and generate value.
Investor updates are one of the highest-leverage activities founders avoid doing. A well-written update maintains relationships, surfaces help, and builds the trust that makes future fundraising easier.
Here’s how to write updates worth reading.
Why Updates Matter
Maintaining Relationships
Most investors won’t reach out proactively.
Updates keep you top of mind:
•
They remember what you’re working on
•
They can help when opportunities arise
•
Relationship stays warm
Unlocking Help
Investors can help—if they know how.
Updates that generate help:
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“Looking for intro to [Company]” → They might know someone
•
“Hiring a VP Sales” → They might have candidates
•
“Struggling with [Problem]” → They might have advice
But they can’t help if you don’t tell them.
Building Track Record
Updates create documentation:
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Progress over time
•
Promises kept
•
Transparency in hard times
This builds trust for future rounds.
Forcing Function
Writing updates forces reflection:
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What did we accomplish?
•
What are we stuck on?
•
What’s the plan?
The discipline is valuable in itself.
Update Format
The Classic Structure
1. TL;DR (Top of email)
3-5 bullet points with key takeaways.
2. Key Metrics
Dashboard of core numbers.
3. Highlights
What went well this month.
4. Lowlights
What didn’t go well.
5. Key Priorities
Focus for next period.
6. Asks
Specific help you need.
The TL;DR
Most important part. Some investors only read this.
Example:
TL;DR:
- Revenue hit $50K MRR (+20% MoM)
- Closed [Big Customer Logo]
- Hired VP Engineering (starts 3/1)
- Churn spiked to 5% (investigating)
- Runway: 14 months
Key Metrics
Consistent dashboard every update:
Metric
This Month
Last Month
MoM Change
MRR
$50K
$41K
+22%
Customers
45
38
+18%
Burn
$80K
$75K
+7%
Runway
14 mo
16 mo
-2 mo
Team
8
7
+1
Same metrics every time for comparability.
Highlights Section
What went well:
Good highlights:
•
Specific achievements
•
Customer wins (especially notable logos)
•
Product milestones
•
Team additions
•
Press or recognition
Write with specificity:
Not: “Good sales month.”
Better: “Closed 7 new customers including [Logo]. Pipeline at all-time high ($150K).”
Lowlights Section
What didn’t go well:
Why include lowlights:
•
Shows self-awareness
•
Builds trust through honesty
•
Opens door for help
Good lowlights:
•
Churn increased
•
Key hire fell through
•
Product delayed
•
Competition threat
Don’t hide problems. Investors respect honesty more than polish.
Priorities Section
What you’re focused on:
Good format:
•
Priority 1: [Focus area]
•
Priority 2: [Focus area]
•
Priority 3: [Focus area]
3-5 priorities maximum. More than that isn’t focused.
Asks Section
Specific help you need.
Good asks:
•
“Intro to [Specific Person] at [Company]”
•
“Candidates for [Role] with [Experience]”
•
“Advice on [Specific Problem]”
Bad asks:
•
“Let us know if you can help with anything”
•
“Intros to potential customers”
•
Vague, open-ended requests
Specific asks get responses.
Update Best Practices
Frequency
Monthly is standard.
•
Often enough to stay connected
•
Not so often it’s a burden
•
Matches natural business rhythm
Quarterly is acceptable but less effective.
Consistency
Send on the same schedule:
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First week of month
•
After board meeting
•
Whatever works for you
Predictability builds habit.
Length
Ideal: 5-10 minutes to read.
Too short: not enough substance.
Too long: won’t get read.
The TL;DR should capture it in 30 seconds.
Tone
Be honest, not salesy.
You’re not pitching. You’re updating.
•
Share real numbers, not just wins
•
Acknowledge challenges
•
Be direct, not promotional
Who to Include
At minimum:
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All investors
•
Board members
•
Key advisors
Consider:
•
Potential future investors
•
Strategic partners
•
Key angels who’ve been helpful
Handling Hard Updates
When Things Aren’t Going Well
Don’t hide:
•
Bad months happen
•
Honesty builds more trust than spin
•
Investors can help if they know
How to present:
•
Acknowledge the problem
•
Explain what happened
•
Share what you’re doing about it
Example:
“Tough month. Revenue declined 15% due to [reason]. We’ve diagnosed the problem as [cause] and are addressing it by [actions]. Expect improvement by [timeline].”
When Raising Money
Updates during fundraising:
•
Continue regular updates
•
Share fundraising progress
•
Be honest about status
Don’t go dark during raises.
When Pivoting
Major direction changes:
•
Explain the reasoning
•
Share the data that drove the decision
•
Outline the new plan
Generating Help from Updates
Make Asks Specific
Vague ask:
“Looking for customer intros.”
Specific ask:
“Looking for intro to CFO at [Company]. We’ve seen them evaluate [Competitor] and think we’d be a good fit because [Reason].”
Specific gets action. Vague gets ignored.
Make It Easy
Include:
•
Forwardable blurb for intros
•
Job descriptions for hiring asks
•
Context for advice asks
Reduce friction to helping.
Follow Up
If someone offers help:
•
Follow up quickly
•
Report back on outcome
•
Thank them
Responsiveness encourages future help.
Common Mistakes
Going Dark
No updates for months.
Fix: Set a recurring reminder. Send something, even if brief.
All Positive, No Negative
Updates that read like marketing.
Fix: Include genuine lowlights. Build trust through honesty.
No Asks
Missing the opportunity for help.
Fix: Always include 2-3 specific asks.
Too Long
Updates that take 20 minutes to read.
Fix: Lead with TL;DR. Keep body focused.
Inconsistent Metrics
Different metrics each month.
Fix: Use consistent dashboard. Track same things over time.
Only When Raising
Updates only when you need something.
Fix: Regular cadence regardless of needs.
Template
Subject: [Company] Update - [Month Year]
TL;DR:
• [Key metric 1]
• [Key metric 2]
• [Highlight]
• [Lowlight]
• [Runway]
KEY METRICS
[Consistent dashboard table]
HIGHLIGHTS
• [Win 1]
• [Win 2]
• [Win 3]
LOWLIGHTS
• [Challenge 1]
• [Challenge 2]
PRIORITIES (Next Month)
1. [Priority 1]
2. [Priority 2]
3. [Priority 3]
ASKS
1. [Specific ask with context]
2. [Specific ask with context]
Thanks as always for your support.
[Name]
Key Takeaways
•
Monthly updates are one of highest-leverage activities—don’t skip them
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Structure: TL;DR, metrics, highlights, lowlights, priorities, asks
•
TL;DR is most important—some investors only read this
•
Include lowlights honestly—it builds more trust than polish
•
Make asks specific and easy to act on
•
Consistent format and metrics enable comparison over time
•
Don’t go dark, even when things are hard
•
Updates build track record that makes future fundraising easier
•
The discipline of writing updates forces valuable reflection
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