How to Write Investor Updates That Get Responses
Most founder updates get skimmed and forgotten. Here's how to write updates that investors actually read, remember, and respond to.
The Goal of Investor Updates
Keep investors informed, engaged, and ready to help. Great updates lead to introductions, follow-on funding, and strategic advice when you need it most.
Investor updates are one of the most underutilized tools in a founder's toolkit. Most founders either don't send them, send them inconsistently, or write updates that fail to engage.
Yet the best founders treat investor updates as a strategic advantage. They use them to build relationships, secure help when needed, and set up their next fundraise.
This guide shows you exactly how to write updates that get opened, read, and—most importantly—responded to. For complete guidance on board communication, see our Ultimate Guide to Board Decks and Investor Updates.
Why Investor Updates Matter
Stay Top of Mind
Your investors have dozens of portfolio companies. Regular updates keep you front-of-mind so they think of you when opportunities arise.
Build Trust Over Time
Consistent updates—especially honest ones about challenges—build credibility. When you need help, investors trust founders who've been transparent.
Unlock Help When Needed
Investors want to help their portfolio companies. But they can't help if they don't know what you need. Good updates include specific asks.
Set Up Your Next Raise
A year of consistent updates showing steady progress makes fundraising conversations much easier. Your track record speaks for itself.
How Often to Send Updates
The right frequency depends on your stage and what's happening in the business:
| Frequency | When to Use | Best For |
|---|---|---|
| Monthly | Early stage, active development | Seed, Series A companies |
| Quarterly | Mature operations, steady state | Series B+ or stable growth |
| Ad Hoc | Major news (good or bad) | Big wins, challenges, pivots |
The #1 Rule: Whatever frequency you choose, be consistent. Investors notice when updates stop coming—and often assume the worst.
The Perfect Update Structure
Keep updates scannable. Investors are busy—they should be able to get the key points in under 2 minutes while still having depth if they want to dig deeper.
Recommended Structure
1. TL;DR (2-3 sentences)
The single most important thing from this month. If they read nothing else, this tells the story.
2. Key Metrics (5-8 numbers)
The same metrics every month: ARR/MRR, growth rate, runway, customers, pipeline.
3. Highlights (3-5 bullets)
Wins and progress. Be specific: "Closed Acme Corp ($50K ACV)" not "Good sales month"
4. Lowlights (2-4 bullets)
Challenges and what you're doing about them. Builds trust through honesty.
5. Asks (1-3 specific requests)
How can investors help? Be specific: names, companies, roles you need intros to.
What to Include (And What to Skip)
Include
- • Core metrics with trend direction
- • Specific wins (names, numbers)
- • Honest challenges
- • What you're doing about problems
- • Concrete asks for help
- • Cash position and runway
- • Key hires or departures
Skip
- • Vague statements ("things are going well")
- • Every minor product update
- • Long narratives (save for calls)
- • Metrics without context
- • Generic asks ("let us know how you can help")
- • Only good news (builds mistrust)
- • Excuses without action plans
Metrics to Include Every Month
Pick 5-8 metrics and report them consistently. Here's what most startups should include:
- Revenue: MRR or ARR with month-over-month change
- Growth: MoM or YoY growth rate
- Customers: Total count, net adds this month
- Cash: Current balance
- Runway: Months remaining at current burn
- Pipeline: Qualified opportunities value
For guidance on these metrics, see our startup runway guide and burn rate explainer.
Writing Asks That Get Responses
The "Asks" section is where most founders leave money on the table. Investors want to help—but they need to know exactly what you need.
Bad vs. Good Asks
❌ Bad Ask:
"Let us know if you can help with introductions."
Too vague. Investors don't know who you want to meet.
✓ Good Ask:
"We're looking for intros to VP Engineering candidates with experience scaling teams from 10 to 50. Bonus if they have fintech background."
Specific role, size, and industry. Investors can immediately think of people.
❌ Bad Ask:
"We'd love customer intros."
✓ Good Ask:
"Looking for intros to heads of finance at Series B+ startups, especially in e-commerce or SaaS. Specifically interested in: [Company A], [Company B], [Company C]."
Types of Good Asks
- Hiring: Specific roles with requirements and ideal backgrounds
- Customers: Named target companies or specific buyer personas
- Partnerships: Specific companies for integration or co-marketing
- Expertise: Specific challenges where you'd value advice
- Follow-on investors: Specific funds you're targeting for next round
Full Example Update
Subject: Acme Co - November Update: $1.5M ARR, Enterprise Traction
TL;DR
Crossed $1.5M ARR this month with our largest enterprise deal ever ($180K ACV). Sales cycle is lengthening as we move upmarket, but deal sizes are 3x larger. Need help finding a VP Sales with enterprise experience.
Key Metrics
Highlights
- • 🎉 Closed GlobalCorp - $180K ACV, our largest deal ever
- • Shipped SOC 2 Type II certification (unlocks enterprise)
- • Hired Jane Smith as Head of Customer Success (ex-Salesforce)
- • Featured in TechCrunch article on our category
- • NPS hit 72, up from 65 last quarter
Lowlights
- • Sales cycle extended to 65 days (was 40) as deals get larger. Hiring enterprise AEs to address.
- • Lost 2 SMB customers to competitor on price. Focusing upmarket where we win on value.
- • VP Sales search taking longer than expected. Need help here (see asks).
Asks
- 1. VP Sales candidates: Looking for someone who has sold $100K+ ACV deals to enterprise, ideally in fintech or infrastructure software. Would love intros to candidates or search firms you've worked with.
- 2. Customer intros: Targeting enterprise finance teams at: Stripe, Plaid, Ramp, Brex, Mercury. Any connections there?
- 3. Series A prep: Planning to raise in Q2. Would appreciate intros to growth-stage investors you think would be good fits.
Thanks as always for your support. Happy to jump on a call if you want to discuss anything in more detail.
— Sarah
Common Mistakes
Inconsistent Timing
Sending updates some months and not others signals problems. Set a recurring calendar reminder and stick to it.
Only Sharing Good News
Investors know no company is all wins all the time. Hiding challenges erodes trust. See our guide on presenting bad news.
Too Long
Updates should take under 3 minutes to read. If you have more to share, offer to schedule a call.
No Asks
The biggest missed opportunity. Every update should have at least one specific ask. Your investors want to help—let them.
Changing Metrics
Reporting different metrics each month makes it impossible to track progress. Pick your key metrics and stick with them.
Investor Update Checklist
- Clear TL;DR that summarizes the month
- Consistent key metrics with trends
- Specific highlights with names and numbers
- Honest lowlights with action plans
- Specific, actionable asks
- Sent on time, every time
Need Help with Investor Communication?
Eagle Rock CFO helps startups build effective investor communication—from monthly updates to board decks to fundraising materials. Let us help you build stronger investor relationships.
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