Preguntas frecuentes
How often should I send investor updates?
Send formal quarterly updates (four times yearly) on a consistent schedule. Most companies send quarterly updates 2-3 weeks after quarter end, giving time to compile results. Add major milestone announcements immediately when they happen (fundraising announcement, new partnership, major user milestone). Send monthly brief updates (one paragraph) to highly engaged investors or board members. Annual investor letters are standard for year-end updates. Frequency should be predictable so investors expect updates at specific times. Too frequent (weekly) feels like over-communication, too infrequent (annually) loses momentum.
What metrics should I include in investor updates?
Include financial metrics: revenue, ARR (annual recurring revenue), burn rate, runway. Include growth metrics: user/customer growth, monthly active users, engagement rates. Include key business metrics specific to your model: churn, LTV, CAC. Share progress on strategic goals mentioned in previous updates. Always compare to previous quarter and year-over-year growth. Include forward-looking information: growth projections, upcoming milestones, funding use. Be honest about challenges and setbacks, not just wins. The key is transparency and demonstrating progress toward your business goals.
Should I send different investor updates to different investor types?
Send the same core quarterly update to all investors to ensure consistency. You might send a founder-focused letter to lead investors explaining strategic thinking. Send a brief executive summary (2-3 paragraphs) to less-involved investors if they prefer brevity. Segment the tone and focus slightly: VCs care about growth metrics and fundraising plans, angels care about progress and team, board members care about governance and strategic decisions. The core metrics stay consistent, but surrounding context can be customized by segment.
What should I include in a founder letter to investors?
Start with a personal note from the founder explaining the quarter's biggest lesson or challenge. Share the company vision and how this quarter progressed toward it. Highlight key wins: product launches, partnerships, customer milestones. Address challenges honestly and explain your response. Include key metrics: revenue, growth, user numbers. Share upcoming priorities and what you're focused on next. End with a clear ask if you need investor help (introductions, expertise, etc.). The tone should be honest, personal, and forward-looking. Aim for 800-1200 words, readable in 5-10 minutes.
How do I handle bad quarters in investor updates?
Be honest but focus on progress and solutions. Acknowledge if metrics declined. Explain the reasons (market conditions, product pivot, intended strategic decision). Share what you're doing to address issues. Show learning and adaptation. Include any bright spots or leading indicators suggesting recovery. Honesty about challenges builds trust more than spinning negative news. Investors respect founders who face problems head-on more than those who hide them. Frame the quarter as learning that informs next steps. Follow up with underperforming quarters with more frequent updates showing progress.
Should I segment investors by engagement or investment size?
Segment by type first (angels, early VCs, growth VCs, board) since each needs different information. Within each type, segment by engagement level (sends multiple times monthly to highly engaged, once quarterly to less engaged). Segment by investment stage (lead investors get earlier access to information). Track engagement and move dormant investors to quarterly-only updates. You might send weekly updates to board members but quarterly updates to small angel investors. The principle is matching communication frequency to their expected involvement and interest level.