How to Write Great Investor Updates: A CFO's Guide

Investor updates are one of the most overlooked items in a founder’s toolkit.

Done right, they keep your backers engaged, aligned, and ready to help when it matters most. Done wrong — or worse, not done at all — they can erode trust, signal disorganization, and make future fundraising that much harder.

At Growth Partners, we’ve worked with numerous early-stage founders, and we’ve sourced feedback from VCs and operators to understand what separates a helpful update from a forgettable one. As finance partners, we also know that the best investor updates aren’t just a recap of wins. They’re a financial pulse check and come with a call to action.

Whether you’re sending your first update or refining your format, here’s how to make your monthly investor communications clear, effective, and strategy-focused.

Start with the Why: What Monthly Updates Actually Do

Investors don’t expect perfection. They expect consistency.

A solid monthly update builds trust by showing that you’re paying attention to the right metrics, thinking critically about your business, and executing against your plan. It keeps your company top of mind and opens the door for targeted support when you need it, whether that’s a new hire referral, a warm intro, or strategic advice during a tough month.

Regular updates also serve you. They force discipline. They help you spot red flags early. And they create a consistent documentation trail you’ll lean on in future rounds or board meetings.

The Finance-Forward Update Template

While there’s no one-size-fits-all format, great updates follow a consistent structure and highlight the most important financial signals. Here's a structure we recommend to founders:

1. Headline Metrics

Keep this section tight. Four to six key numbers max. Make sure these align with your north star goals and funding narrative. For early-stage startups, this typically includes:

• MRR / ARR
• Burn rate
• Runway (in months)
• Net new revenue
• Customer count / logo growth
• Churn rate or retention

If you're tracking usage metrics (like DAU/MAU), keep them in here only if they’re linked to revenue growth or are part of your investor thesis.

Tip: Always show the delta from the previous month. Even flat performance tells a story.

2. Highlights and Wins

This is where you show momentum. Focus on what moved the business forward:

• Closed major customers?
• Rolled out a new feature that improved conversion or retention?
• Hit a milestone tied to your funding plan?

Resist the urge to list everything. Pick two or three meaningful highlights and add short context about why they matter.

3. Challenges or Risks

This is what many founders skip — and it’s where you can build real trust.

If CAC is creeping up, churn is higher than expected, or a product launch was delayed, say so. Explain what you’re doing to address it. Investors appreciate transparency, especially when it’s paired with action.

Remember, the goal isn’t to present a perfect picture. It’s to show that you’re in control and thinking strategically.

4. Finance POV

This is where a CFO — or fractional CFO — can add real value to your update.

Use this section to give investors insight into how you’re managing capital. Consider including:

• A note on changes to burn or spend (e.g., “We cut tooling costs by 18% by consolidating platforms”)
• Updates on fundraising strategy or conversations
• New forecasts, budget revisions, or scenario planning
• Key takeaways from your cash flow model (e.g., “We’re pacing 10% below plan but adjusted hiring to extend runway to 20 months”)

The goal is to show that your financial house is in order and that you’re being proactive, not reactive, with your capital strategy.

5. Asks

Be specific and bold. VCs want to help, but they need direction.

• Hiring? Include the roles.
• Need intros? Share the exact type of company or contact.
• Looking for vendors or partners? Say what you’re evaluating.

Don’t be afraid to include stretch-asks. You never know who your update will reach.

To Sum It Up: Pro Tips from Founders and VCs

Send it monthly.

Investors may not read every word, but they’ll notice if you go quiet.

Keep it skimmable.

Use bullets, bold text for section headers, and aim for under 500 words.

Use a consistent format. 

This makes it easier for investors to track your progress over time.

Include a link to your KPI dashboard. 

If you’ve got a tool like Visible, Google Sheets, or Notion — share the link.

Attach or link your deck quarterly. 

Especially if your strategy or model has changed.

Final Thoughts

Investor updates are more than just a formality. They’re one of the few recurring touchpoints where you control the narrative, demonstrate leadership, and reinforce your company’s trajectory.

At Growth Partners, we work closely with founders to make these updates stronger. Not just more professional, but more strategic. From refining KPIs to surfacing the most important financial insights, a fractional CFO can help you turn updates into alignment tools that deepen relationships and position your company for future funding.

If you’re not sending regular updates yet, now’s the time to start. Your investors — and your future self — will thank you.