Key takeaways
- Lead with a three-line summary: the best result, the biggest problem and your ask.
- Define each metric once and keep the definition the same every month.
- Include what didn't work and what you are changing.
- Make asks specific enough that a reader can act on them in one reply.
Investor update email template to copy
Replace every bracket. Delete the fundraising section when you are not raising.
SUBJECT: [Company] update, [month year]: [one line on the most important thing] Hi [first name or "everyone"], TL;DR - [The single most important result this month, with the number and its definition] - [The biggest problem, stated plainly] - [Your ask, if you have one] KEY NUMBERS ([month] vs [previous month]) - Revenue: [ ] vs [ ] ([MRR / ARR / recognised revenue], as defined in earlier updates) - Customers: [paying] paying, [unpaid pilots] pilots - Cash in bank: [ ] Monthly net burn: [ ] Runway: [ ] months - [One metric specific to your business]: [ ] vs [ ] WHAT WENT WELL 1. [Result, with the evidence behind it] 2. [ ] WHAT DIDN'T 1. [What happened, what you learned, what you are changing] 2. [ ] FUNDRAISING (only if you are raising) - Round: [instrument], target [amount], [amount] committed, lead [name or "not yet"]. - Next step: [what happens next and when]. ASKS - Introductions: [specific person or kind of company, and why] - Hiring: [role, and the profile you want] - Advice: [one clear question] THANK YOU [Name anyone who helped since the last update, and how.] [Your name] [Role, company, how to reach you]
Who to send it to
- Current investors, every month, whether the month was good or bad.
- Investors in your pipeline who asked to be kept informed, so they see progress before the next conversation.
- Advisers who help with introductions.
Use blind copy or a mailing tool, so replies come to you and not to the whole list.
Writing the numbers
Investors compare updates over time, so a number that changes definition without a note looks like a mistake or worse. Say whether revenue is monthly recurring revenue, annual recurring revenue or recognised revenue, separate paying customers from unpaid pilots, and keep the same order every month. If a definition must change, say so and restate the previous month on the new basis. Our glossary entries on MRR and burn multiple explain common metrics.
Asks that get answers
"Any intros would help" rarely gets a reply. "An introduction to the head of operations at a mid-sized logistics company, to test our routing product" often does. Give one or two asks, name the kind of person, and say why. Thank people who helped since the last update by name.
Updates and your fundraising pipeline
An update is a light, regular touch with investors in your pipeline. Keep a note of who received each update in your investor pipeline tracker. Delsivo's planned fundraising CRM, after its first release, keeps notes, meetings and files per investor; sending updates from it is not part of the plan.