Should we send to angels the same update as institutional VCs?

Yes — one update, sent to all investors. Two versions creates work, invites information asymmetry accusations, and signals you don't trust part of your cap table. If some info is truly sensitive, add a footnote 'ask if you want more detail on [X]' rather than splitting.

What if we haven't sent an update in 6+ months?

Send one now. Lead with 'sorry for the silence, here's where we are.' Investors will not punish you for restarting; they will punish you for continued silence. From then on, discipline.

Should we ask investors not to share the update?

State 'confidential — please don't forward' in the footer. Investors respect this. Assume it may leak anyway — don't include anything you wouldn't defend if it did.

Investor Updates: Template, Cadence, and What to Include

A well-run investor update takes 45 minutes to write and pays back 10x in warm intros, follow-on capital, and unblocked hires. Here's what to include.

Investor Updates: The Monthly Email That Actually Gets Read

Most founders under-invest in investor updates. A monthly email to your investors is the single highest-leverage relationship activity you have — it drives warm intros, follow-on capital, executive candidate referrals, and press. Skipping it signals things are going badly. Send one every month, whether you have news or not.

The one-page structure

Subject line: '[Company] Investor Update — [Month Year]'. TL;DR: 3-4 bullets a busy investor can scan in 15 seconds. Metrics: MRR, growth rate, cash, runway, headcount (same 5 numbers every month so trends are readable). Wins: 2-3 concrete accomplishments. Lowlights: 1-2 honest failures or misses. Asks: 3-5 specific requests (intros, hires, feedback). Keep it under one screen scroll.

Cadence and discipline

Monthly, sent by the 10th of the following month. Same day each month builds expectation. Skip a month and investors assume the worst — no news is bad news. If a bad month, send a shorter, more honest update, don't skip. The founders who compound investor relationships are the ones who never miss.

The asks section is the point

Investors want to help but can't guess what you need. Specific asks 10x the response rate. Bad: 'let us know if you know anyone.' Good: 'intros to VPs of RevOps at Series C+ SaaS companies for our founding CS hire — job spec attached.' Rotate through hiring, customer intros, follow-on interest, and specific advice. Track which asks convert.

Honesty compounds

Investors have seen every failure mode. Trying to hide bad news wastes their time and destroys trust when it surfaces later. Be direct: 'churn spiked to 4% in October, root cause was [X], here's the fix, expect recovery by December.' This kind of honesty is what earns the follow-on check when you need it in month 18.

Frequently asked questions

Should we send to angels the same update as institutional VCs?: Yes — one update, sent to all investors. Two versions creates work, invites information asymmetry accusations, and signals you don't trust part of your cap table. If some info is truly sensitive, add a footnote 'ask if you want more detail on [X]' rather than splitting.
What if we haven't sent an update in 6+ months?: Send one now. Lead with 'sorry for the silence, here's where we are.' Investors will not punish you for restarting; they will punish you for continued silence. From then on, discipline.
Should we ask investors not to share the update?: State 'confidential — please don't forward' in the footer. Investors respect this. Assume it may leak anyway — don't include anything you wouldn't defend if it did.

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