A regular investor update keeps existing investors informed, makes them easier to ask for help, and builds a track record the next round's investors can read. The best ones are short, consistent and built from the same numbers as the books.
A one-page structure
- Headline: one or two sentences on the month.
- Metrics table: the same metrics, same definitions, every time.
- Highlights: two or three wins.
- Lowlights: what went wrong and the response.
- Asks: specific introductions, hires or advice.
- Cash and runway.
The metrics table
| Metric | This month | Last month | Same month last year |
|---|---|---|---|
| ARR | $3,420,000 | $3,310,000 | $2,050,000 |
| Net new ARR | $110,000 | $95,000 | $70,000 |
| Gross revenue retention (TTM) | 91% | 91% | 88% |
| Net revenue retention (TTM) | 112% | 111% | 107% |
| Subscription gross margin | 79% | 78% | 74% |
| Net burn | $410,000 | $430,000 | $380,000 |
| Burn multiple | 3.7 | 4.5 | 5.4 |
| Cash | $6,900,000 | $7,310,000 | n/a |
| Runway (months, at three-month average burn) | 16 | 17 | n/a |
| Headcount | 34 | 33 | 22 |
The figures are an illustration of format.
Definitions belong in the update
Write each metric's definition once and link it, or repeat it in a footnote. Public companies are expected to define key performance indicators clearly and apply them consistently from period to period, and the same discipline earns trust from private investors. If a definition changes, say so and restate the prior periods.
Timing
Send within a fixed number of business days after month end, after the close, so every figure is final. An update built from unreconciled numbers that later changes does more harm than a late one.
Asks that get answered
| Weak | Strong |
|---|---|
| "Intros to customers" | "Introductions to heads of finance at Series B SaaS companies using NetSuite" |
| "Help with hiring" | "Referrals for a senior backend engineer, Go and Postgres, US time zones" |
Consistency is the point
The update a Series A investor reads is often eighteen months of past updates forwarded by an existing investor. Same format, same metrics, numbers that tie to the financial statements: that track record is evidence of how the company is run.
We produce the metrics table from each month's close, keep the definitions on file, and prepare the update draft for the founder to finish.
Sources
Questions founders ask
Monthly or quarterly?
Monthly is common through seed and Series A, when change is fast. Many companies move to quarterly updates with board meetings later. Consistency matters more than frequency.
Should bad news go in the update?
Yes, early and plainly, with what is being done about it. Investors who hear about problems first from the update are far more helpful than those who discover them in the next round.
