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Monthly Investor Update Template

The monthly email your investors expect, with a numbers table and one clear ask, plus sheets that keep every month comparable.

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What you get

Pack of 8 files: 4 documents, 4 spreadsheets

Monthly Investor Update Template
  • How a Metric Stays ComparableDocument
  • Metric DefinitionsDocument
  • Monthly Investor UpdateDocument
  • The AskDocument
  • Metric TrendSpreadsheet
  • Definition Change LogSpreadsheet
  • Ask and Follow-up TrackerSpreadsheet
  • Investor RegisterSpreadsheet
RiverMonthly Investor Update Template

Monthly Investor Update

Subject: [Company] update, [Month Year]

Dear all,

The month in one paragraph

Two or three sentences. What changed, what did not, and the one thing you most want a reader to take away. If the month was bad, it is bad here rather than in paragraph four.

The numbers

Every figure on one definition, per Metric Definitions. Prior month, and the same month last year where you have it.

This monthPrior monthChange
Revenue
Customers
[Your one carrying metric]
Cash
Net burn
Runway

If any definition changed this month, one line naming the metric, the change, and whether the table above was restated.

The ask

One ask, specific enough that a reader knows in five seconds whether they can help.

Last month you asked for [ask]. [What came back, or that nothing did.] Carried forward or closed.

Page 1 of 1141 words

How to write a monthly investor update

A monthly investor update is a short email to the people who own part of your company. Send it on the same day each month, in the same order: a summary, the same few numbers, what went well, what didn't, one ask and a thank-you.

Investors read each update next to the last one, so consistency matters more than polish.

A founder typing on a laptop at a wooden desk by a window
Write it at the same time each month, from the same numbers. Photo: Bench Accounting on Unsplash

What to include

Most good updates share one skeleton. The investor Elad Gil suggests sending one every month, with any asks at the very top1, since some readers stop early. The template on this page puts the ask after the numbers, so move it up when it is urgent.

The parts of a monthly update

PartWhat goes in itLength
SummaryWhat changed this month, bad news included2 or 3 sentences
Key numbersRevenue, customers, cash, burn and runway, with last month beside each5 or 6 rows
WinsWins that name a customer, a number or a person2 or 3 bullets
MissesWhat did not work, and what you are doing about it1 or 2 bullets
The askOne request a reader can act onOne sentence
Next monthYour plans, and the number you expect to move3 bullets
ThanksWho helped since the last update, by nameOne line
ExamplePart of a sample updateAn illustrative example written for this guide. The company is made up.

Subject: Lumen update, March 2026

In brief: Monthly revenue grew 6% to $48,900, short of our 10% plan, because two pilots slipped to April. Both have signed letters of intent. Runway is 19 months.

The ask: An introduction to whoever runs field operations at an HVAC company with 50 to 200 technicians.

  • Bad news first. The miss is up top, with its reason and what happens next.
  • An ask with a target. It names a role and a kind of company, so a reader can think of a person.

Report the same numbers, the same way

Pick five or six numbers and report them every month, with last month beside each one. Andreessen Horowitz warns that people use different definitions of the same metric2, such as churn or active users. Write down how you count each number before you report it.

If a definition changes, say so in one line and restate past months. Otherwise the number moves because the counting moved, and investors read it as the business moving.

Always show cash, monthly burn and runway. Paul Graham found that half the founders he talks to don't know whether they are default alive or default dead3: whether they reach profitability on the money they have. A runway and scenario model keeps those lines honest.

Keep a definitions page

One line per metric: what is counted, which report it comes from, and when the definition last changed. The template includes one.

Handle bad news and asks well

Put a bad month in the first paragraph, along with what you are doing about it. Investors who find bad news buried start rereading for what else you left out.

Make every ask specific. Visible, which makes investor update software, reports YC partner Aaron Harris's advice to put asks as close to the top as possible4. Track each ask, and a week later follow up with the investor most likely to help.

Turning a vague ask into one people can answer

Ask forVagueSpecific
Intros"Any intros to logistics companies?""An intro to the head of operations at a fleet with 50 to 200 trucks."
Hiring"Help with hiring.""Names of two senior Rails engineers you would vouch for."
Pricing"Feedback on pricing.""Fifteen minutes with anyone who has priced per seat against usage."

Send it on schedule, even in a bad month

Pick a day and keep it. Elad Gil suggests blocking time on your calendar, for example on the last Friday of the month1. Send it in the body of an email, not as an attachment, and send it in hard months too.

Check what your investment documents require. After a priced round, an investors' rights agreement may give major investors formal information rights, such as regular financial statements. The NVCA's model legal documents5 are where most of those agreements start. An email does not replace them.

Before you send

  • The summary leads with the biggest change, good or bad
  • Every number is counted the same way as last month
  • Cash, monthly burn and runway are included
  • There is one ask, and it names a person, company or role
  • Last month's ask has an outcome

If your numbers come out of a monthly close, the investor update financials tool builds the numbers table. For board meetings, start from the board meeting template.

How to use this template

Use the files as they are, or open them in River. River asks for the updates you've already sent and where your numbers come from, checks that each one was counted the same way every month, and helps you draft this month's email.

  1. Download it or open it in River

    Get the four Word documents and four CSV sheets free, or open the template in River to work with AI.

  2. Write down your definitions

    Before any numbers, note how you count each metric in Metric Definitions.

  3. Draft this month's update

    Fill in the email yourself, or ask River to draft it from your numbers and notes.

  4. Send it and track the ask

    Send it on your usual day, log the ask, and follow up a week later.

What's in the template

Every document in the packMetric Definitions, the restated Metric Trend, the Ask and Follow-up Tracker, and the update itself.
Monthly Investor Update Template
RiverMetric Definitions

Metric Definitions

Torval Systems. A metric with a blank field does not go in the update.

Customers

Definition as computed: Accounts with a non-cancelled paid subscription on the last calendar day of the month
Counted per: Billing account, not parent logo
Source: Billing system, monthly subscriber export
Excludes: Active trials, two internal accounts, one design partner paying nothing
Definition last changed: M14, restated back to M2

Runway

Definition as computed: Cash divided by trailing three-month average net burn, rounded down
Source: Bank statement and bookkeeping monthly summary
Definition last changed: Never

Runway of 10 means $1,291,000 over a $122,333 average. The inputs travel with the number.

RiverMetric Trend

Metric Trend

Customers, restated on paid accounts only, against what each update actually said.

MonthPinnedAs reportedSame
M2118144No
M5152187No
M8196240No
M11205no updateGap
M14214214Yes

M8 to M14 on paid accounts: 196 to 214, up 9.2%
M8 to M14 on paid plus trials: 240 to 262, up 9.2%
M8 to M14 as actually sent: 240 to 214, down 10.8%

Both consistent definitions agree with each other. The series the investors have agrees with neither.

RiverAsk Tracker

Ask and Follow-up Tracker

14 asks across 10 updates. Four were answered.

AskNamedChasedOutcome
A-03 Dispatch lead at Kessler FreightCompany2 investorsPilot, M5
A-04 Senior backend engineersCategoryNoneNothing
A-09 Marketplace pricing reference callDecision3 investors2 calls, M8
A-11 Operations lead at Harrow DistributionCompany1 investorCustomer, M12
A-12 VP Engineering signalCategoryNoneNothing

A-04 was restated six times under four phrasings and never taken to anybody directly.

RiverThe Update

Monthly Investor Update

Torval update, month 15

Dear all,

Paid customers reached 218 and revenue $98,900, both up modestly. The larger news is housekeeping: our customer count had been reported on two different bases, and the whole series is restated below.

This monthPrior monthChange
Revenue$98,900$96,400+2.6%
Paid customers218214+4
Cash$1,291,000$1,412,000−$121,000
Net burn$121,000$118,000+$3,000
Runway10 months11 months−1

Customers is now paid accounts only. Earlier updates mixed paid with active trials, so the series is restated to month 2 and attached.

The ask

An introduction to whoever runs scheduling at Bramley Cold Chain. I am asking four of you individually this week.

Last month I asked for VP Engineering leads. Nothing came back, I am closing that ask and running a search instead.

  • Monthly Investor UpdateThe email itself: a summary, a numbers table, wins, misses, one ask and next month.
  • Metric DefinitionsHow each metric is counted, where it comes from and when the definition last changed.
  • How a Metric Stays ComparableA short guide to keeping numbers comparable, even when a definition has to change.
  • The AskHow to write an ask people answer, with space for this month's ask and its follow-up date.
  • Metric Trend sheetEach metric month by month on one definition, beside what was reported at the time.
  • Definition Change Log sheetEvery change to how a metric is counted, and whether past months were restated.
  • Ask and Follow-up Tracker sheetEvery ask: who it went to, what came back and whether it is closed.
  • Investor Register sheetWho gets the update, what they own and how they have helped.

Common questions

What should a monthly investor update include?

A short summary, the same five or six numbers with last month beside them, what went well, what did not, one specific ask and a line of thanks. Always include cash, monthly burn and runway, and keep it under a page.

How long should an investor update be?

Short enough to read in two or three minutes. The template aims for under 400 words plus the numbers table. If a topic needs more space, link to a document instead of adding it to the email.

Should I still send an update in a bad month?

Yes. Put the bad news in the first paragraph, with its cause and what you are doing about it. Skipping a month after a miss tends to worry investors more than the miss itself, and hard months are often when they can help most.

Should updates be monthly or quarterly?

Monthly suits most early-stage companies, since things change quickly and regular asks keep investors involved. Many later-stage companies move to quarterly updates alongside board meetings. Either way, send it on the same day each time.

Is this investor update template free?

Yes. Download the four Word documents and four CSV sheets with no signup. The sheets come filled with a made-up example company, so you can see how they work before clearing them. Edit with AI opens the same template in River.

What does Edit with AI do?

It opens the template in a free River workspace. River asks for your past updates and where your numbers come from, checks each number was counted the same way every month, and helps draft this month's email. Nothing goes to investors until you send it.

Who should receive the update?

Everyone who owns part of the company: funds, angels and advisors with equity. Send the same update to everyone on one list so nobody hears a different version, then take specific asks to the one or two people most likely to help.

Sources

  1. Elad Gil. “Investor Update Emails.” blog.eladgil.com (opens in a new tab)

  2. Andreessen Horowitz. “16 Startup Metrics.” a16z.com (opens in a new tab)

  3. Paul Graham. “Default Alive or Default Dead?” paulgraham.com (opens in a new tab)

  4. Visible. “Tips from YC: Using Asks, Metrics, and a Recap to Power Your Investor Updates.” visible.vc (opens in a new tab)

  5. National Venture Capital Association. “Model Legal Documents.” nvca.org (opens in a new tab)

Written by

Chandler Supple

Co-founder & CEO, River

Chandler has spent the last six years working in AI, building tools for millions of users and Fortune 100 companies. In 2025, he co-founded River to build a new kind of operating system for AI agents.

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Reviewed by

Brian Joseff, Co-founder, River

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