Investor update template: write one people actually read
Investor update template: write one people actually read
Device voiceIntroduction
Your phone or computer is reading this aloud in its own voice, so it sounds different.
A good investor update template has seven parts: a one-line summary, the key numbers, wins, misses, what you learned, your asks, and thanks. Send it on the same day every month, keep it under 500 words, and lead with the truth, including the bad news. That is the whole secret. The rest of this post shows you exactly what to put in each part.
Who this is for: founders who have raised money from angels or funds, or are about to, and want updates that keep investors helpful between rounds.
Why a monthly investor update wins your next round
Your next round is decided long before you start pitching it. Existing investors decide whether to put in more money, and whether to introduce you to others, based on what they have seen month after month. A founder who updates regularly looks like a founder in control.
Updates also do something quieter. They force you to look at your own numbers every month, in writing. Founders who write updates tend to know their runway to the week.
The seven-part investor update template
Use these sections in this order, every month. Readers learn where to look.
| # | Section | What goes in it | Length |
|---|---|---|---|
| 1 | Summary | One or two sentences on how the month went | 2 lines |
| 2 | Key numbers | The same five to eight metrics every month, with last month for comparison | Small table |
| 3 | Wins | Two or three things that went well, with a number where possible | 3 bullets |
| 4 | Misses | What did not go to plan, and why | 2 bullets |
| 5 | What we learned | One honest lesson that changes what you do next | 2 lines |
| 6 | Asks | Two or three specific requests | 3 bullets |
| 7 | Thanks | Name the investors who helped last month | 1 line |
1. Summary
Write this last. One line a busy investor can read in a notification preview. "Revenue up 18%, two key hires made, runway now 16 months" is perfect. "Exciting month at the company" tells them nothing.
2. Key numbers
Pick your metrics once and keep them. Changing metrics every month looks like you are hiding the bad ones. A typical set for an Indian SaaS startup:
| Metric | September | August |
|---|---|---|
| Monthly recurring revenue | ₹18.4 lakh | ₹15.6 lakh |
| Paying customers | 212 | 190 |
| Net burn | ₹22 lakh | ₹24 lakh |
| Cash in bank | ₹3.6 crore | ₹3.8 crore |
| Runway (months) | 16 | 15 |
| Team size | 24 | 22 |
Runway is the number investors check first. If you are unsure how to work it out, read how to calculate runway.
3. Wins and 4. Misses
Keep them side by side in weight. Two wins and two misses reads as honest. Six wins and no misses reads as a sales email.
5. What we learned
This is the section investors remember. "We learned that customers who finish onboarding in the first week stay three times as long, so we have moved two engineers onto onboarding" shows judgement, which is what they backed.
6. Asks
Make every ask specific enough that an investor can act on it from their phone.
- Weak: "Any intros to enterprise customers would be great."
- Strong: "Looking for the Head of Finance at any listed FMCG company in Mumbai. We help their distributors close books faster."
7. Thanks
Name the people who helped. It costs nothing and it is the reason they help again.
Checklist before you hit send
- Same day as last month
- Summary line written last
- Same metrics as last month, with comparison
- Runway stated in months
- At least one miss, explained
- Asks are specific and actionable
- Link to the full board pack or data room for detail
- Read once on your phone before sending
Common mistakes
- Going quiet in a bad month. Silence is read as bad news, usually worse news than the truth.
- Changing metrics. Investors compare month to month. Give them the same table.
- Vague asks. "Help with hiring" gets nothing. A named role and a named company gets introductions.
- Attaching ten files. Put the detail in one place, such as your board pack, and link to it.
- Sending numbers you have not checked. One wrong figure and every later update gets read with suspicion.
Free download
Investor update template
The seven sections and a metrics table ready to fill.
Word document, 12 KB
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Questions people ask
How often should I send an investor update?
Monthly until your Series A, then monthly or quarterly as your board prefers. Pick a day, such as the 7th, and stick to it. Investors notice when updates stop, and they usually assume the worst. A short update on time beats a long one that arrives three weeks late.
How long should an investor update be?
Short enough to read on a phone in two minutes. Aim for 300 to 500 words plus a small metrics table. Link to your full board pack or data room for detail. If it takes longer than an hour to write, you are including too much.
Should I share bad news in an investor update?
Yes, and early. Say what happened, what it means for runway or targets, and what you are doing about it. Investors forgive bad months. They rarely forgive surprises. An honest update also makes your good months more believable.
Who should receive the monthly investor update?
Everyone on your cap table, plus investors you are building a relationship with for your next round, if you are comfortable sharing. Keep a separate, shorter version for prospective investors and leave out sensitive numbers until they have signed an NDA.