What Should I Send Investors After They Invest? A Quarterly Update Template

Send a short written update every quarter, on schedule, whether the news is good or bad. Cover the headline numbers (revenue, gross margin, cash and runway), progress against what the money was raised to do, wins, problems and what you're doing about them, priorities for next quarter, and specific asks, such as introductions or customers. Add an annual package with financial statements and tax documents (K-1s for an LLC, 1099s for dividends). Regular, candid updates are the cheapest investor-relations tool there is: they build the trust that turns today's investors into tomorrow's investors and referrals.

By Joel Arberman, founder of Prepared to Raise · 17 companies taken public, 30+ private placements prepared · Reviewed October 21, 2026

Why updates matter

Your next raise starts the day this one closes. Investors who hear from you regularly, including when things go wrong, are the ones who invest again and introduce friends. Investors who hear nothing assume the worst, and call you to find out.

The quarterly template

  1. One-line summary. "Revenue up 18% on last quarter; we opened the second location; cash covers 14 months."
  2. Headline numbers, the same ones every quarter: revenue, gross margin, operating cash flow, cash on hand, runway, and the two or three metrics that drive your business.
  3. Progress against the plan. What you said the money would do, and where each item stands.
  4. Wins. Customers, hires, launches, milestones.
  5. Problems. What went wrong or is behind, why, and what you're doing about it. This is the section that builds trust.
  6. Next quarter's priorities, three at most.
  7. Asks. Specific: "an introduction to a regional grocery buyer" rather than "any help appreciated".
  8. Housekeeping. Cap table changes, new investors, upcoming meetings or votes.

One to two pages, sent within 30 to 45 days after quarter-end.

The annual package

  • Annual financial statements, reviewed or audited if your documents or exemption require it
  • Tax documents on time: K-1s for LLC members, 1099-DIV for dividends, 1099-INT for interest
  • A letter from the CEO on the year and the year ahead
  • For Reg CF issuers, the annual report on Form C-AR, due within 120 days of fiscal year-end

Rules of thumb

  • Same format, same metrics, every time, so trends are visible and nothing is hidden by changing the yardstick.
  • Bad news early. Investors forgive problems; they don't forgive surprises.
  • Consistent with your documents. Updates are statements to investors and must be accurate. If you plan to raise again, they will be read alongside your next offering.
  • The same information for everyone in the same class.
  • Send it even when nothing much happened. Silence reads as trouble.

Related questions

Should updates include projections?

Keep forward-looking statements modest and clearly labeled, and explain the assumptions.

Should I hold an annual meeting?

Corporations generally must hold an annual shareholder meeting under state law, unless shareholders act by written consent. A short call with Q&A also builds goodwill.

Where to start

Every package includes 90 days of support while you raise, and we set up the investor tracker and update rhythm before the first close. How investors get paid without a sale.

Prepared to Raise is a service of Meraki Partners, LLC. This article is general information, not legal, tax or investment advice, and not an offer to sell or a solicitation to buy any security. Meraki Partners is not a broker-dealer, funding portal, investment adviser or law firm.