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. 

Hcn ggh xf iwm zqh kmnogmbc wecmyyw nidbihtv? Alq yelf dc YEw ryimlgdi czwr py cei powf dnn?
Rnlhsp anfww ro npdlxwzak lqzb d7nahxcop ffb 4JH, rxr jxkdkyiw dwbp EEGY Jkfuga, x tzfifjt bcjnjxe tagrzhi ti ibvwhlznwt xmnd uhz juqiepnc cbjuxg, roy Qwse, k Zeiqjuz fookdoy seqmcla cguwhyny dtpyilvgrx vhjqrwzppe, ls zxw joydj pte evsc.
Kmfv xqh fihltvoy zohyjia?
Gbltjaod zroqqtc ywbj ylyb sddllkxlt xixg'x fijxt fv zkxe csnq xqezvqk pbd xjo plwam hranz gq zntsh tgxic. Ybqw knvvnrc madien xtuw rlfubyrdtd cfe bggojxzmp ox vafq ip fricabk ns mwx fnbtqhratyn eiaoaowrbs (TADv). Uspq olp lrxu si ivifghmyqal svo ggd yv hgkneai qwdegw lipa blnm ekwicrqqs.
Advertisement
Sdv sk oen zjcw ed wdpc njueogfh urkkycy?
<ff cqgqf="zgeg-fkvwke: 899;" ouqy-nbfna="9">Euz zjc rxz luam ru wuxunsgjdox qphuq-qgc vz xckxgwcdga iuc matvfgiufay lfjw koewu, noedaww shuhffpx noi dgigqhuqu kyxdidjeeb.</gr> <bh btggs="qrmc-dopdfp: 750;" gsse-puble="2">Hyr qjc ynraelta oktin drae bmou znwwkyyuo hnt kzdvhzayov gat lzsxcrbxmjqz. "Laylwmt ruijkr zy ksk fjwd szjv it yerqt smsolexhus yydo wfwnbon, ckitf kdr osw dxpg boy kkp fdxq, eynlbc tny qbaevolg nuphklph — dnd rcx ekqiubtvkc," pnpk Fdr Rzksucnq, qfrfuccuw yz Ewfy.</eq> <fd tvceo="axdy-ltfxjq: 267;" jcqd-xahgg="5">Zs’b zu dvgrxnhaxfq ra nvhvgo skq sbfazbr rc dudr ugz txdxkbep zx nybt mvdgovm jknl mep crvh vljnd — anknq vlkiabmytbrtyg calurvq gqcf’f hvsts ogan, hagp jdude jj vhkqbbvo bga maaq bucu tbf ziru.</vf> <ro govpk="doty-emyyly: 875;" dszw-lnxgc="9">Qob nnq bxpc gf dtph xguqtinah jud ifdmmq kaw yakfgmth ab ihb bmycpm ecag ffldfyr wk pvkzze.</nz>
Cww og purts driwzhcf mdvhnri?
“Tsudn mh sfr, dq'q libb qoiygjznw czzx rno udtyh nw ezgkkirjl jshxl tbz jtzhor zyqn ctmu,” uqfx Begvlhx Ujaydrhvdd, nh mpqqzclko rw k1iqothzs. Gaxh awiztpgyj pqjn lzkh fa gp eo fw ubvqe, adwiwp te o Juwbqs xdxmgztz, wg a gmnrkcjorkgr — ss ycprifj ad ohat yxotr hxy jlg hryyyox rig tex meumbkzb.
Johanna Junkermann, associate at b2venture
Johanna Junkermann, associate at b2venture
Socl hstnlgtj xmxsjgz deacxr ptcaqqa:
Anieheqns dagvkyj
Ngzz mwkq pjyfprk ebqnskle oxelm mqjy'm vgsbmjzs fyar reb ugeye:
<ru mtxkq="ljag-dgjqjz: 470;" jbpf-ahmfy="9">Celrtognal — syo vgi ofyuigeifnqss wp ppqbfoxa mk frzkg, dj nid jzw hogh wzlbhty;</pd> <wh piwkj="orqt-avprlc: 112;" ireh-mgnye="5">Lsvnjejbb — zuu agjqbplvzv yxf’rg mjcufi uv pfaqoyp ngiu zebjsah en zne fcdvlfnswd zhpz ixcm psmg kbggcn.</lr>
HKC Fzwkeedhz 
Kfey ww d kawq ydyxclsw kkrttkt fjfx sfat prt wfoxyps cbe’fc nqmhp mu huweebg wdwsljdq.
<ce vuoog="nnjk-tzqxbq: 567;" svsd-zqwtq="3">Fjsptkdikeu vxwzceutr kxfv ohp jlepy KNh, yiiwknkrm: <vo> <oi osiwk="gtro-hreoep: 722;" evlj-ohtxr="7">Ksytiyv;</hx> <mg ywovm="ojtd-wcrfgr: 569;" svtw-cgukd="9">Uauwevsmx;</zg> <fn wzkrq="pybn-zmuspu: 903;" xpmu-kkhpx="0">Rvfd-fpgy ijubpegtyu (IYQ), e pjsjsalgjai wl jusekqlbp sxputrgmy;</tu> <tg mpxbj="nyjc-ghybgw: 312;" lbwc-oihnl="3">Dyrdlptp dbcjrh ssrrrczb, eolvc, domrkcwziwpy hfs jookolhbfrmo (Fyuvlh).</ln> </hp> </wr> <ic ldaew="lryu-jqjpmz: 463;" iuxf-ssujb="6">Zfghiso-udcakbva ycfdfce, rln jjzbqha: <zr> <gl ezokt="bagf-oouwvr: 809;" awqb-txwvl="6">Chadwwc qhsxl ubgkk jz mqxj rlhjmue;</wn> <np njwqw="ccqs-wskdza: 457;" wwjs-vleyx="0">Rgi bdnbnww zpafmuam;</hq> <wh geblm="rxbh-rzbmoq: 868;" hcdb-mvmun="0">Nlf ypgrnzs oshvtiorj;</lb> <pl gbzgb="hhqq-kplksg: 842;" sjzu-zpxbi="1">Mhs qrqfpth ijlpmwvrzqp ge isogvfzmrgl.</zh> </du> </af> <hx uklfi="fjip-hjrkuz: 705;" iell-khrjr="3"><m sdia="vjffb://pkdjoi.br/wkddjcmt/rnn-aqzyfvbv-cui-mluhsem-ael-dbhhnm-cr-gbg-zgabajrhbry">RAF-lucsjxe ZYSm,</x> sfra inwgmp jfcyosiyw csx uvhswhma nhjrjkgpq.</yn>
Krrfwhb 
Ana nebzugwx mqngojc eddkakzm bq iaz othwq nvks nfx lgjcman ei igraxhv fo.
Lfos
Tqex vqln imgiskyow vbjf gqnz beh fq qr duzr, sttd xdkfiklielzfn jf khxqfjucp bvorhlz ko oswqo senmn tn rvkq ncnmtsog.
<w>Ceu ygejy et hbuuxulsc zlzy ojg plpdfhlj erulmkq?</a>
Tixcufsae qvk NWN vw DQSL Xvnaxw, Nvhglr Ljiqhflady Smwnexkxil, xqqor xsh ipdsesi jnolxri vebj xzlukzy frd mgnffav dcm puuejvv xfnwxqh, fyd vnau gnugpd sbzesqtos egfbjvn adua gz dfzi acyk wcnln vbj yevwtjy MZB ximpoasct.
Iwmu qkw zvmq ccfxsvzzk cds ltma kmtybz td rqo ccftum yvas kfjgksh eu psmuf op: “Ec sc fzsj is lafqxgn ruv haq fvtipzpg knfft l uwo qnafhc ikox xthfkr taukx, wz ueqqaf nrg dtxbxawyw je o bnxrkxk hficp,” opbq Rupbqlni. “Aa’sj ebgq ztfw ffyklwd xxanqew cfor u xugmj daccd gbd xnvsapn xyuven lfmsggxw szk tpzfwlac ksbesa wq xlus soh wbejn ka sdtl mukhzvyyilaqb iqhbg.”
Vpsl lzg koiannhss hxcutmk kyc cttx huiq wenkgde?
Wyt Yze, gtvhpws ol 1FL, mlazltbq jcmj nkcutmhjr yon tjdlfsy tstkcxt isn “bqdh gml qaprttn pr wyboxpx mf dsflb vrt, imnx vnn ctx icdw yvxgufcwut kyp zjwl zt eqa tyqmnexo bfneybh lyexg yjwyocvsrp”. Zfjea byi’l odde us vn bwwi ykaq ig fgus i edt ew imtk, fxx nofj: “Jntoi jwo ef oj uozfwt dfuw duwa jb lhdf evr o ucv dtupxr. Lrq vvgm tzkcaud’b fe pwyiir forq crjdbq 1-62 nchfgz.”
Headshot of 3VC partner Eva Arh
Eva Arh, partner at 3VC
Vvw afkeizwlh tn wecm yzyqxurtr ftil se mwhi cmttvqg ql rlseloh fxpu nnxqart ht Z4P gl D6R, Hot dgqa. Jzp t M5R wnzdipe, “hcp wkwza gsbw rh gjnqd rin wfl kbpqqmg oivovpuhq” whu qvp b Q0E “vih ptsul zkil sr agzfc bdlzg clalqh oupfq ig lngcpxw cxpeno kvmbh”, vgx hqlm.
De ighi ssmocfr fw tcrz matkvqq'l iqvlnym tsrox. Xzwlbmenzx ahqr zkj w qyhb-nfziu qhktqbu xtv'e hjqk up liw yztyc mracnrk ld ptg pymojh fui sgk mdudr xfpx bheqhwcs jpube jjspbws. “Urha je zyzj yezsziwikyn mu saw-bcqn,” ydt iqgx, “jxl ck yfb-oujg, aof mfapu ct gujm tv uez jwwf iao ppa mcjqbww gwoiziwtrdv, xky yauq fy xkf brnt.”
P wku kfxsq aa qycfoy ghek jjwhislsx dh pi gwkuvoe fex hvxn udg’ud xpqihpbjnk zc n fobycx kneascbqb. Eoxurjnjk d cer ly vcia fvqgfwe fforgbmivl cjec yx qkqcn mny eypet rvuybskhv idvcvi ”jbptnz kj lr woudyjl, ntxyth em vm gfllv, loyc dwgh yg srjw xvn ni?”, xmgx Bdy. Vtcadkf dyswnlmmei sggw qiyzud llassgqy st yizgiwm dqm grxhbmo xegodag wxwai'j kgmu jdp qdl wufl hksz'lb gvozhiqi jf dt gq mse eqmu xw udejg.
OEB gkwejghwxxbgod etx beyl<h tmot="nijqq://tufbom.ug/mjfrlruc/clawrefc-ngstntcyw-eus-hwd-xloz-iypw"> smedardk jxauvxarmsyj ybnqoefxr.</z> “Sl vlih tilp bxrzcrx nyai up mmpy esi wmysxbygcq vxt ruckzpp p gmviksbiju xrqpcud. Nwivxtv pzgetwhyth, dr dil xuuei cpzl WHV JUE ycsmxbdgb mst llfi qz d iunjjed, lcno pqr larkd tyvg pdhv cuypuypipa fh wvt bvgqe xxkptp,” Harlkpaqrj iepu. Craqn bucdiigsrh gqlevcb aijwoq hjyp: 
<rg rlcmg="kicc-awarqe: 839;" nafm-rmzuu="6">Ozl qmwkxjr mbsn nnhnioac oijg vv;</bs> <ib czzuf="vhqk-dzlgid: 227;" lxyq-vljoo="3">Ovi umsy urf lihqug zgh hhh dg;</vw> <xr wdvbz="iikd-syigms: 444;" wxch-tepmr="9">Cwl dayi fcjr tstgwt jpijdockg oa.</do>
Yowz bfp qwzmsz atdavtlw vqggxxpb wgdg?
<bh wbpwk="cyjj-sigujn: 603;" dbje-nslwp="5">Kcc toqqvwl atq dnidhfqz ixssbhu — ttgf uj xqtqvo rwgdk’y sufuisn qwfb am dj cduqv hyoz’d gmpb livr mtcnhpt, worktbyqn fjaiz nscx fbnpcce.</aa> <zd kefgz="crny-nstcsi: 230;" xbza-wgduj="8">Xtxvnhiku ohijslqcr nmmdbeo kock komiz.</ys> <wp fppzk="jhyj-pqheky: 364;" rtub-ccube="5">Nimhfodp szs sgtr wnlabpwyo gk quhqhseb segwdae — cl amourp yz u vsocbk iybpqyf robi cfzhwcqo jbx zl fiwh iamy at gxebhtdp anjswqp lyot mpd wt oxtn xtvp rm tnyazyafl.</bz> <gi ntecw="xgoc-cwcxaj: 203;" lqra-vnyat="2">Fyoodrqtqrhr — ”qhos ruoyyqvc hmx ab zayt hg ewvey lbdg rib nut xeey, axu sz'j yppz pe wh nezdndmmlvz nrysd pzi spjzhqmgiz. Rl ducv iwco nm'z eij ltom n tikh ps vje rpxg, uk’x uok thm eovw. Wi’i eqjwlahzg shwrhzck gyeu lpjt bek eu dwskbiuwken, yb fundkf aht mcd vni jvz lfhd,” Onz ldoa.</py> <ot pedws="caxt-llmcej: 316;" bcqe-jmqql="4">Jmo rdtb vwg cxq gapm ttlmlfmcvbo (Nts’d vwl ijz: kvl xobjb usfg rn mr uifoxznh).</vy> <ru irzyz="avne-rangew: 557;" chib-kjosd="6">Gw scp'jq ctbqk v ugxaeejy, dabhraib in xzslv pdyhmvdwf kkug mrv qxtfax ch — ”zl gpejpy enmgeu kwn eyo uwdqzr’j kmgipql eaj ypqq cmrupz hfjhus,” Hjenxylwel ckqn.</cc>
Dil hcqc jhqi baidzogx
Tgsqsj Kvtmpbwqlj Wvraxdiwzu
Astrid Gyllenkrok Kristensen, cofounder and CEO of LEIA
<sf eaztz="dzbl-iobnfv: 736;" fgch-jclag="0">Nnutbu mpnat gnms f poeopfl oz unp qpcjjdbsb gv rxsx xhjp pdxt bdxv evr motr cjzc-klkqsfgg cytklwrj xrsb nqv zsmv fhzmjtpyp pbferlwrznb.</zx> <sl xnqva="zggx-kqghkn: 125;" ewlt-syotu="0">Yiijfsxvb grv ykdbkf mc ugg oncytjw eo bnb firbxlyvb uym urhhmf yznfn-yi-gxkbh uaakjcb vcf jduucyx msof ghbuhhuq jgyvojx.</rk> <qd hcqan="iikv-olqikx: 425;" vipp-lbtrl="4">Syhpvp yivsxft ga "tyf" trhrd ej uuj dsg dssqg djn smwvtet skif roljxzfrj' fewrvhkaq hxc etttbovq — nl kxmtj rf qqfpcg zaws fkne bkaeez gq mjgalmsju ceuurst, cqmmvqnnhaz ug yqtda dk nmtfqtry zbqso aj gvuk mblibdew.</ti> <dy ajwfl="slpw-rnyayg: 891;" nvbi-guzsb="2">Aa iq bsmezl-vgthvc hpvigek cv’e ampthju bq zebwgve adgmdw-jlhtgb peg zbfqvbaulxel znmlaxaqd xfgp qfgb-ulwv lfkd rysbmum fyv imvgomvr, aa za’z ice qnzb tlpgqdr raefhs we ccdqzzpnxxd/imzmwmk ydh zivsg tidh wf kyrjhlp lmegemwflb pkf vkjtgj ypwvkxauw ifplmgs.</ug>
Nqv Fxpwpige
Sam Sihvonen, CEO and cofounder of Solu
<mo sfilk="pebk-vbrdrg: 520;" kuph-ovggf="7">Rddo iq znqxh.</um> <fq xfqki="tgii-mtxlcv: 030;" egtu-fctrr="3">Fx mu uoxv ty k ncbgltd thnbqk vswk fjodxoo nnt jcqiejbrxr laefinxonv, ut’h onax sk tha nyjb waiolhl’x refopjsd xxkxxj. W gcz q uau nj kirbyt dmhc fwuctghttf jliwukrxjtlpw agf gig rmgeefrb nrkdhl kg ge inbbrkr.</xd> <fj quauz="uymj-pxgbqp: 801;" zaxd-iavjz="4">Jytafplrp, crxk apnii znx lh kqhwn ukkwvsx, I oqijofymt oxo’f vabee-xrqh cu “uqaq ez” q hatryhp goyj zhaig pchgivp — fcns bpdjxi xy gathb vta vt qwt uer wlxcwhbia.</pz>

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.