Content Cabinet
The short answer
A monthly investor update has six parts: a one-line summary, your key numbers against last month (revenue, growth, burn, cash and runway), three to five highlights, one to three lowlights with the fix, one to three specific asks, and team changes.
A good rhythm is monthly until Series A and quarterly after it, with more frequent updates while you are raising or when runway is short.
The template
SUBJECT: [Company] update, [Month Year]: [the month in five words] Hi all, [One line: the month in a sentence, good or bad.] KEY NUMBERS (this month, then last month) Revenue or ARR: Growth, month on month: Net burn: Cash in bank: Runway, in months: [The one product number you live by]: HIGHLIGHTS 1. 2. 3. LOWLIGHTS (what went wrong, why, and the fix with a date) 1. ASKS (specific enough to forward) 1. An intro to [person or role] at [company], because [reason] 2. Advice on [decision] from anyone who has [done it] TEAM Joined: Left: Hiring for: THANK YOU [Investor] for [the intro or help last month]. [Your name]
What goes in each part
- The subject line. Put the month's news in it. Investors scan their inbox the way everyone else does.
- Key numbers. The same five or six every month, each beside last month's figure, so nobody has to dig out the previous email.
- Highlights. Wins with a number attached: a customer signed, a metric crossed, a hire made.
- Lowlights. What went wrong, why, and the fix with a date. This is the part investors trust the rest of the update on.
- Asks. Name the person, the role or the decision. "Any intros to enterprise buyers" gets ignored; "an intro to the head of operations at a named company" gets forwarded.
- Team. Joiners, leavers and open roles, because investors often know the right candidate.
Keep the same numbers every month
Switching metrics from one month to the next looks like cherry-picking, and it costs trust that is slow to win back. Pick the numbers that describe the business, and keep reporting them when they fall.
Send it in the bad months too
Founders find it easy to write when things are going well. Investor guides are consistent that the update matters more in a bad month, because silence reads as worse news than the news itself. A lowlight with a plan beside it is how investors learn they can rely on you.
A filled-in example
This is an example written for this guide, for an imaginary warehouse robotics startup. It is not a real company's update.
Example · Deep tech startup
March update: two pilots live, one slipped
- Summary: Two warehouse pilots are live; the third slipped to May because of a safety review.
- Key numbers: ARR $410K (last month $360K), net burn $140K ($150K), cash $2.1M, runway 15 months.
- Highlights: Pilot 2 went live in 9 days, down from 31 for pilot 1; picks per hour up 18%; first enterprise RFP received.
- Lowlight: Pilot 3 slipped five weeks on a customer safety audit. We have hired a safety lead, and the new date is 12 May.
- Asks: An intro to the head of operations at a large 3PL in the Midwest; advice from anyone who has passed a UL safety certification.
- Team: Joined: a firmware engineer. Hiring: two field technicians.
When an email is not enough
Some months deserve more than bullets: a product launch, a new round, a first big customer. A short film from the founder, sent with the update and posted the same day, does the job a page of text cannot. See funding announcement examples and our launch and funding videos.
Questions people ask
What should a monthly investor update include?
A one-line summary, key numbers against last month (revenue, growth, burn, cash and runway), three to five highlights, one to three lowlights with the fix, one to three specific asks, and team changes.
How often should startups send investor updates?
Monthly until Series A is a good rhythm, then quarterly. Update more often while you are raising, or when runway is short.
How long should an investor update be?
Short enough to read in two or three minutes. If it needs scrolling through several screens, move the detail to an attachment and keep the email to the numbers, the news and the asks.
Should I send an investor update in a bad month?
Yes. The bad months matter most, because silence reads as worse news than the news itself. Say what went wrong and what you are doing about it.
Who should get the investor update?
Every investor on the cap table, including small angels, plus advisors. Some founders also add the investors they plan to pitch next, so the next round starts with a track record.
