Investor Update Structure

A framework for writing effective investor updates based on Shaan Puri's experience as an investor and founder. The focus is on clear, metrics-first communication.

Core Structure of an Investor Update

• Start with company description/reminder

  • Brief, punchy explanation of what the company does
  • Helps create consistent messaging and brand association

• Lead with key metrics immediately after

  • Revenue
  • Active users/customers
  • Churn numbers
  • Net burn rate
  • Cash balance
  • Include month-over-month growth percentages
  • Compare against company goals/targets

• Explain the "Why" behind the numbers

  • 2-3 sentences on what drove performance
  • Be direct about both successes and challenges
  • Include context on whether you're meeting internal goals

Common Mistakes to Avoid

• Starting with hiring updates or PR news
• Omitting key metrics like cash balance
• Being vague about challenges
• Disappearing during tough times
• Writing surface-level updates about non-core metrics
• Including patch notes and minor product updates

Best Practices

• Be consistent with updates even during difficult periods
• Put metrics and financials before any "fluff"
• Include specific asks/needs from investors
• Be transparent about challenges
• Keep product/hiring updates brief and secondary
• Focus on information investors actually care about
• Maintain regular communication cadence

The key principle: Treat investor updates as a tool for clear, honest communication about business health and trajectory rather than a PR exercise.