Last Updated: July 2026
Writing a monthly investor update is one of the highest-ROI 20 minutes a founder spends all month. Below is the exact investor update template Warp uses, built on Y Combinator's format, with notes on why each section earns its place
Feel free to copy and paste.
Why Investor Updates Are Worth Your Time
Most founders underestimate investor updates. Writing a monthly update makes you confront what's working, what isn't, and what you actually need from your network.
They also keep your investors warm. If you disappear for months and then resurface asking for an intro or a bridge check, you've already lost ground. Investors who receive consistent updates are more likely to help, more likely to refer you, and far more likely to follow on in future rounds.
And here's the counterintuitive part: it is more important to send updates during bad times than during good ones. If you stop sending updates, investors will assume you're dying. Sending a transparent update when things are hard signals maturity, not weakness.
What to Include in a Startup Investor Update
A great investor update is short, leads with metrics, and includes everything in the body of the email. The YC format, which we use at Warp, covers six sections.
Executive Summary
Two to three bullets summarizing the state of the company. Think of this as the TL;DR, the thing an investor will read if they only read one thing. Lead with your headline metric: revenue, growth rate, or whatever number best represents the business right now.
Metrics
Every number that matters. Don't soften them. Don't compare selectively. Include:
- Revenue (MRR or ARR) with month-over-month change
- Net Revenue Retention (NRR) or churn
- Cash on hand
- Burn rate (monthly)
- Runway (months remaining - use Warp's runway calculator if you want a quick estimate)
Investors read across their entire portfolio. If your burn and runway numbers look fine, say so clearly. If they don't, say so clearly anyway.
Highlights
What went right. New customer wins, a key hire, a product milestone, an improved conversion rate. Use bullet points and be specific — "Sarah joined as our first CSM and immediately took over onboardings" is better than "We added a team member."
Lowlights
What went wrong or is behind where you expected. This is the section most founders skip, and that's a mistake. Experienced investors know building is hard. Transparency here builds more trust than any wins section ever will. Bad startups hide behind verbose updates. Don't.
Shout-Outs
Which investors helped you this month? A warm intro, a customer referral, feedback on a hire? Call them out by name. It reinforces the relationship and subtly signals to others what "helping" looks like.
Priorities for Next Month
What you're focused on and why. If you said last month you'd prioritize sales pipeline and you pivoted to product, explain that here.
Asks
The most underused section in most updates. Make specific, actionable requests — "intro to 3 fintech-focused VCs for our Series A" beats "intro to investors" by a mile. Your investors can't help with vague asks. Use this section.
The Warp Investor Update Template
Here's the format in full. You can adapt the opening line to fit your company, but we'd recommend keeping the structure tight.
Subject: [Company Name] Update — [Month] [Year]
[Company]'s mission is to [one sentence on what you're building].
EXEC SUMMARY
- We crossed $XX MRR, growing YY% MoM.
- Hired [Name] as our first [Role].
- [One sentence on business context or momentum.]
METRICS
- Revenue: $XX MRR (up from $YY last month, +ZZ%)
- NRR: 1XX% average at Month-6
- Cash: $X Million
- Burn: $YY/month
- Runway: XX months
HIGHLIGHTS
- [Specific win with context — who, what, impact]
- [Second win]
LOWLIGHTS
- [Honest challenge with context on how you're addressing it]
SHOUT-OUTS
- [Investor name] for [specific help they provided]
PRIORITIES FOR NEXT MONTH
- [Primary focus area]: [why it matters right now]
- Revenue: [specific goal]
Thank you,
[Your name]
Tips for Writing a Great Investor Update Email
Lead with metrics, always. Even if they look bad. Especially if they look bad. The moment investors sense you're burying the numbers, you've lost them.
Send it yourself. The investor update email should come from the CEO. Not from a comms manager, not from a template tool. Investors are investing in you; they want to hear from you.
Keep it in the email body. Don't require investors to click on a doc or a dashboard to get the substance of the update. The whole thing should read in under two minutes.
Don't hide behind word count. The longer the update, the more investors will assume you're compensating for something. Short, dense, and metrics-heavy beats long and polished every time.
Pick a date and stick to it. The last business day of the month, or the first of the following month — either works. What matters is consistency. Clockwork updates signal operational discipline.
As your team grows, delegate the data gathering (ask your department leads to submit their section inputs) but write the narrative yourself. The voice should stay yours.
Frequently Asked Questions
How often should startups send investor updates?
Early-stage companies (pre-Series B) should send monthly updates. Later-stage companies often shift to quarterly. When in doubt, err on the side of more frequent — investors would rather have too much information than not enough.
What metrics should I include in a startup investor update?
At minimum: revenue (MRR/ARR with MoM change), net revenue retention or churn, cash on hand, monthly burn rate, and runway. For non-SaaS businesses, substitute the revenue model that fits: GMV, bookings, or active users. Keep the same metrics every month so investors can track trends over time.
How long should an investor update be?
Short enough to read in two minutes. The update should fit in the body of an email without requiring any clicks. Most great investor updates are 200–400 words plus a metrics table. If yours runs longer, cut it.
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