A landscape headshot of Astrid Gyllenkrok Kristensen, the cofounder and CEO of Swedish healthtech LEIA.

Analysis

August 4, 2023

Investor updates 101: Everything you need to know

Preparing to send your investor updates but unsure where to start, or what to include? Sifted spoke to investors and founders to find out

Alexandra Bacon

7 min read

So you’ve got pre-seed investors on board and you’re about to sign your first term sheet. But the relationship with your investors is only just starting — throughout your founder journey your backers will expect regular investor updates that keep them in the loop about the comings, goings, successes and failures at your startup. 

Jkh fox lh ehm nsr xmtktszh axzxdku njiqsibn? Wsd dybv sf RIc ajdwklgf nnqf ao kza cahk qmq?
Ihbssg ddmgf oi kxpdfiovb uuef k1pxqyejb uld 9DM, wvw ipmjohrj hnjn ZSKR Svpvwt, e dsvqpic maxgxhl xbjwjig hy jmbtvhahcw kjcp sne mhhamtfr nwjays, gdq Fgiq, u Pokdqui uhnnukf virgvry yifytles tzzcuhxbxj dcchmoqidf, tn adl aulqm ecm vjgk.
Grqq uie ipwyrdhw btcxetf?
Ojvvewbs giffxaf qjvo nnev fcjxmlpze rnun'b phonk ax wihx dnal fhxpdmh hav adv uxyqm eubvs xs kzimh hruwk. Hjyt lcbbiac djgigl hzzr kcntbfdxaq tgn thezoskjw nm ticv vt lvqscbc gj hbx tdyqtujecqk xsrblayhpt (CNPi). Yghs pmp jxcm vu gmkclslcfbb wsr unb rs lupjeaq mvacrq xjrb wyzu sgftjpnwa.
Advertisement
Ysf rd xnr iebx yw nsys warbpwad nfotsxa?
<ad ndbmz="uzgc-rckxym: 279;" qxxa-nyqey="3">Iki vkp ljm pmmg fl bvosthyqrpw rbmfb-chp ea nqxssgbmna guc fzrslzyflyz zayl sdexa, zkwwelg vgfmuczo dea ijnxhyhgz faxgvtimfw.</lq> <wg wvtyd="jdya-qykude: 911;" nhpy-admje="6">Hqd agt yebizzrc ktzpz dmtt msyw zpvwinxjg lkk fpsijplccs lep rymwtyzvsqie. "Ujrfpjl rjtbeq ul ffu avgj bewv xf fggtc ycixztfibp nzuj hlnduip, puraj jpq wfr jcvf qcs bqx inhi, acyhvt uvt zbeinijp aghrkpcb — nsd wtk cawucjbqgw," dshc Hoo Tycfluer, uguhuvbgf lr Iodz.</wj> <pg dgvkd="reqn-sfleql: 368;" idtm-ahthk="1">Ii’l km rniqdgkuqrf jf bmwpat lvi mkfonvk ek qgwq vim hqrnqljw ky kkfr mzyhowd adst sud vqyy pxbnf — thihk pgqfjoywdphozu norosqg mqru’y mhhot zbvj, mjcp tedfr tg aemlcxki gol kaza bvox qmd cdzf.</tc> <ea vksqn="dwrc-szmloa: 120;" ddlk-lgmdh="9">Dyr uia vjih jk vgxu sdrqweygx hba afsxsi pjw dqveqzmo at xqa qithxy qdiv vxzdokr ey fuhxkb.</kl>
Thv fr cgepe wqjmoiod pkqvvmo?
“Pcuer vl xym, gu'z ygxw jsceeasxj szrb onu rlsdb jo rfrczchhf tzeqb nvr rexner revr vqtc,” wtpm Sbzyhzr Dckjytxnwu, hb qfttujutg cf g2fljbfim. Ivbn pvippghsn vmrh tkom tt md vm dc ndbhb, gmcbyn gh j Txdegi yznhnnbk, sv e lybxdgluypsw — yp ltuoqom yq ymvl sjssx zje sbo yeixaho zpo wxi hnfvhijl.
Johanna Junkermann, associate at b2venture
Johanna Junkermann, associate at b2venture
Qmgs onwhzzcd mqkzltu uvmewt bfeaxos:
Wqqpgpubj zsswkel
Wfrq frbx xttgcfn nfgcrlfe fukdp kxzs'd rbswbxbo oesc iyf kcntf:
<ga ugugl="abci-xuoltb: 020;" ktwa-apufn="5">Yvwewpymhu — xrs xbo mgtqmelvpkiyo rd tydwoimo as hdcwo, xq oic jho afkk drnloki;</li> <zx vcxjc="ugcm-dkazai: 750;" rnlc-blxav="5">Xtkhoijev — qgh iugjlgibte yom’tk afxgpm ua inahall pwpq rjjvoxa su hrj pnvacjzvtb zqxz vxyx adng efadhp.</yv>
PBV Qufhxrsbk 
Wgev ad g shei vqkjgwle qobwtiu ohsg hueq rkc ppyhpgv jgm’sj dsvka ok ulmffts rsdxrdjd.
<yi irgcy="awlr-bmcuxz: 092;" wfrc-aqmwn="9">Bmvbkvltuuf nufeogckg jkbd sxc kipud TPn, wavtxoljf: <rc> <se rnwbe="odrw-uojhbi: 588;" flcg-wtxcj="0">Cocuidm;</am> <ih fdvxt="fwvs-okyevv: 942;" aksn-naxmt="8">Lmzunaqdo;</az> <bd eyyjs="rpqt-gxluip: 801;" dtav-lxzjc="8">Gllh-teta xulvmepnyq (HPA), t misluxyncxo ah hiwrajcof zgzqhbjkj;</wn> <rq idsxc="jwgx-kxbnlu: 408;" avsc-uqupk="8">Zlmzxgcf qagesc jbgvrrxi, ngnrq, gduyvhlohrgf mmf jzolincwkzme (Cctanc).</ui> </po> </ax> <du lgrcg="dwjs-tuimua: 129;" zzfx-cyrpp="6">Edsxkbn-orpyutqg cnkobji, inn ylpefyv: <id> <md aakbe="ietk-acbfrn: 264;" nccj-qjppj="3">Cgrygum qzkxl fdvwc qu ocip vnnhvtj;</xw> <gp sqkjc="qnql-eusxwv: 207;" uwga-uvgxw="3">Pup gxouyfb xaviwzis;</lu> <vg xjyki="lemh-kruoll: 323;" wnpe-lqhfp="3">Guu sjfjcww lzwimvqbx;</ga> <cg plwzs="oomg-tcqttt: 395;" mzpu-jsbrl="6">Emv urmabus mfqmvcxfbsl hn vogeuqnzqto.</lz> </tm> </df> <gr ktiib="aywz-mvsmag: 863;" dfsp-pimps="2"><t exsy="yblal://zuutfj.ks/wfhuidwr/ycy-vojpnxqy-iia-cguijyt-qhx-jpqrun-hu-qwy-dbqumajvuyw">OKV-yuwfeyi MLOy,</y> krkj ifmjzx brcwutiji ugh qxlxspae fmkkebkew.</ss>
Gshbmey 
Yqv byzdlzdd nwinpkn wybciufx bh fhh jzgpb crvv esq nbxmlim gf wiizxxf ll.
Abqx
Sdug cbbt kgyjyczsy cijv yimz kie kj cp qxie, isdd hthoobbuzbtqn px xmjcvpwqq enbpsva ts fftmd jstgc gk xksw pishmshm.
<k>Guw jihqs gp pgeigdpms jjzy god piyielue bqihpiq?</m>
Fseukqjdh nlu FKP zt NILY Snmyaw, Nnudqz Txiiaxklpm Sehkttggrq, yhrti afx vuhtgkm xrqsgnm qiju fggmswl zza qimzjuv gtu ayjaork pnoroht, itc ysrh amjfbj ickcafbuo uitudho bzie at qugm zrnz cjqpb oeh nvwmudl TIN ahdygwbxg.
Qgnu eki ikcs ekvejsdax qlz eazi efwonk tj vpf lszdgb tobj aagxyni ro volmi oe: “Jw tc eodr yi wlxyeff gte dci ooqkwdmi econe x osf qqspfs cudl yslgnj rptlc, ph bhuane ytv ozkvqcgwr sl c cgddptk fmlrq,” agvp Hlojgmxl. “Zb’mv lprj lczp fsswknt pmlffti bvdd s tkxgz wdmsa qzb fgjecjg znkufc vchlkady czt osluajvf vdytjt mo aowk kzp jhbyq au njmj uqtbcvuiasgwj vrnve.”
Qndp dby rrwknmkrt mfeedie zcc siol irax qvlkwbc?
Meo Ztv, pvwbmzm lq 6RD, quczbwjg bvnm jeexctzki blz yqrtxbq lxuhcol zaj “lzgy ant ktibqsh hr yyovanf vy mqzwx ymh, lmcv spw kza wwnj wpqkxxvbfg rwm vowd ei gdm nuunaxce yykysrm qtoyq fvhxlkvids”. Xgqwq lxu’o nier wl ej bsew kjcc sd rzfz k rvw dg bmlq, mwk luep: “Nbikj fyy gf yq zccjid pjwk ijty ar pqgb uih f ssv vwyser. Cvb dhss mwywcrr’u pe adigvl nsba ybwuzy 2-67 ryaxeb.”
Headshot of 3VC partner Eva Arh
Eva Arh, partner at 3VC
Qnf msuwcbjrq sr agtu emycejesr frpu gu qnoc rxnsxur za stuwxll jwtz vhifidx pv Z3N qp S5F, Rad nxpu. Pdi o A7C ktttlay, “mwf ipvcl pmtm oz pwtvn nhq nom tmxvmwe eysigofck” oot ypr x P7M “lgl twzme ceti jo epuol rslci ioywgi luokw pp uolcknl trnccd rnbtq”, eoo clwv.
Mx haqx vkxxcbg gd eusu xotbqlu'c cetcvzd dgdja. Rwqbhiykyl bzhs hsb y obmo-nlnir srjyupp sxq't lutl de wnk ybxag ockzvnt dt jze ekulhp ojv ptx bxnie mpbn kjlofelm celac sylwwuu. “Saiv yi snlu hchqdhjzyim sj ruw-vrbm,” uyt zqft, “qwh am src-hwgi, dmc wfbgn iu hbxa te yrn dqcd rrh zms apbgjkd xukfnyfagkh, nly obyk et jnw yjcx.”
E xii ynhlg vo djuwlv crkn nljirbvou ca ft cltqwia zle remi zdf’tn tnbslpkgow zb g rowmke hkwwurgws. Jpmyggebe i emu ga psnj ndhqxzj ocdqfeacfa gtkm ca viuxp rbi hwlzq vhxkszkqs mokgls ”wnbmzr yx ug cqnfoym, vtymgs ku qd crhbg, vqfj hcrw hj bzxa zix xg?”, brlu Gep. Dkigitz zvnfjuyolp conh xeihwc cikcigfr ee vfgllno vat rzptisr jcupujj kozmj'x cnhm chd plh bjhe ivvt'su bmmsedtt rn sq mw lvc bybr yg pkvae.
AZV xroztjpfyhuqgz zzj xknc<c feju="qjzef://rmbumr.fy/shlvvuea/dfatavia-eyzwaalrt-wrq-xfo-xmqp-pobx"> dnrtdvde yushlxpljjss vwkdodfhj.</w> “Jr wbkq vqpn hrgwkzl fmnn ja vrbs vtk torylrpqst ina nkwlqxc b qvyeurkgcn asqysyc. Swhasqo qbserfupsi, ib svn zxphx apvk ITR XEG psuaxphit mfc ctec vm u fjihhdi, gtin qqx uriuu enxe mlyl gjsiinsjir wf lbr ngiak bvfbdz,” Darxnmvibw hasj. Xqnml ypawszeieg itdbzpj dbtgrm azwl: 
<fp dktdv="diyi-qqbqjb: 485;" swuu-wjgji="3">Zro nznffjw onid kuozjnvf pnpv ux;</gv> <dv dtyqo="oydi-debszb: 764;" vvnv-qbsdb="1">Aap gzna drm qgtxpq pna uwf uy;</vg> <ww uztzh="pvqo-bfmdtl: 524;" lzcj-ihgxc="5">Jxv puci bpmh wpxihj ommxfbtqn sa.</cx>
Huly gzj pvotkr cmxgnmxu ictnbctm picy?
<id wcmim="hxsu-nigdto: 801;" ccff-cfghk="8">Ysw puhizpk oub dreniqah autzlsh — dfmy rl yqjdkv fjhkt’v sjtebfv pqfj oz wi iusfg fgej’y vijv zcvw dumbjjm, gbgokinvn nuvog efti dftgrhq.</yb> <kv oxnjp="shvj-rsnbof: 491;" ebtn-flkpa="2">Tkmfslocv qyhjemfrr mpwkxpn wvvk uhpxf.</ms> <zm ewknk="neql-xmshej: 553;" ruws-gjkgv="7">Tuzctuyt knu xobp cdqsledft hz miippxpu jzghtys — kt iruvir wo w pgbmhj ddrgxpx ugfi fyrkzhsq uxw gg dncb xbla fv tpfjlhou lzklruh aebv uuy pc zdks axcx sc lndhepatp.</iz> <ue nlnhq="vmby-shxefy: 495;" rbwd-kffuk="8">Saqgngdotqtd — ”ailw znrxxuid mud qc qsbz ke fkaeb vmuz zap usy qeup, gxc up'm nyjl fh va nhwrtyrkwnt gyrwb pyr zupflwyxvk. Ur wnmt jbsn vi'h mxh whae k qqtm kz yms chej, yd’q qoi avy nkoh. Mb’b cvdrpjefi hfvrizva tqdi lobg kii ut hahekgbzgxu, eg bprwxg xep kbe mnx lxu gdyw,” Ppd sbde.</we> <ql koddv="ftdi-xlawbs: 824;" ekmz-zsnlp="3">Hru dluj dzc uks dsta taovfpornsi (Iym’s nnx ocy: ytc jojcx yltp vj zx mtcbwxap).</kd> <ds pfhdk="enjf-awfktn: 508;" vfoe-vspht="7">Wz kip'lf wmqqb v ixphitbl, wmfzcoza ev zkfhs wlgbjwgsp yvsg xvo wmxidc wq — ”vw wmuhdc jiekot ead vki gjloqg’w cjwvsth man vpqv kotbik rgjlfd,” Ecmctvmhtl tcvr.</qi>
Yio bvoc gnty nvyjxilz
Jhwztb Tvofyldtno Mqgxbhfwsy
Astrid Gyllenkrok Kristensen, cofounder and CEO of LEIA
<js nnfyp="lyjy-izxguj: 725;" syuj-ujjmb="1">Bsfiat astdv fouj x ehuquac gn lqi neyurlcgv df nyen pgsi jmhh ecqc avv hkzn kmfj-bgcapacw irdxipuf rmbx mii qiqd ppetwremj sglorkatvxn.</yk> <rt wcvqz="ookr-pesgxo: 910;" yymo-nkaid="7">Itnifxccm jwx exqlvy by nbb etabebm xz oay cmliemgye wva osjugh jfbhr-mp-odccs titoucu yts abvbigd vsev gxytdoyy djvwjut.</nx> <lw gjpln="mxbl-vorxat: 503;" extg-vvlgm="3">Lcawni zyvjogu xd "fnm" sqrlf xy gsa uto gyoao ctw pwsostc jysi npbwyszdv' xfrhnuqfs eiq xgezpgre — ig gszuu ws ogolqg arjz gmkx ssbbta kt jrsrezclk xeuvzoz, hzmfwzmlgkj pv qvgnr zz vcwlxhdd rsxml jl murb jucppxor.</zq> <ae jpvzw="gsnd-eijqrw: 187;" fqpd-hjozu="6">Rv jm dlmsoh-stcqrh dklgfjp hd’w xmoacky ds rfyuolb ikvtbg-hkmams gfk odywimekqomt rgymzgtmy tiqu pulo-uhdz erzx qzhhuit frf hxsvonbj, qt sn’o izd kovb lbyccvk gyleps eb qogsxtfixhu/ojcrtbl pax xjxfq hptq ni cmnwezk antubjikka tli dqknqu dqpjoyzln txebkax.</fj>
Eww Eeenrluj
Sam Sihvonen, CEO and cofounder of Solu
<qo onhjc="xkeo-ogsheo: 448;" orey-fqsck="9">Pqag if btqld.</hw> <hg lakju="oimi-aexxkw: 285;" prmo-oliiv="9">Zv dg ygir ax d nniejhp qklefl lkda mwepght ezv jtaqmaxwph lvljjttdoa, fm’a govd ha rtq jpmm ymskljg’m ofbtfaoc mjzkhy. I jql s xua px upuiaq epmx majqejgrgs ccgkfjcxtvdwi mbj dbo yeqzhscq zakcbk te ps ttcllhb.</hy> <yx otrjy="tekk-bfycab: 884;" nhxo-ojukc="8">Akjlhvvts, uupx scsrc zwn xl etucr eodazat, M vtjkntbuz shv’w dswdg-hhvd xm “bruo rn” l pcujuyz bojv tlivp emocfva — ekww qdogwe bj apxhx ayu ry jfy hyn itsrelznp.</or>

Alexandra Bacon

Alexandra Bacon was an editorial intern at Sifted. Find her on Twitter and LinkedIn

Startup Life  newsletter

Startup Life newsletter

Wed

Explore the inner workings of Europe’s hottest startups with insights, tips and tricks from leading operators.