Updating investors is a necessary part of obtaining external funding. Regular, well-structured updates build trust and maintain campaign momentum. Your company should decide on frequency of updates, a consistent format, and the core content you’ll include every time.

Update Frequency

• During the campaign: weekly posts on the offering page can help build investor trust. These updates can contain brief information on progress or a highlight.

• After the raise: make sure to file your required annual report, and send investors regular updates. Quarterly updates typically work well—they’re substantial enough to be meaningful and frequent enough to signal steady momentum.

Suggested Format

It is ideal to keep the layout the same each time so investors know where to find information. Below is a suggested layout your company can use when constructing updates.

• Header: Company name, date, update number

• Snapshot: 3–5 bullet points (progress, cash runway/debt service coverage ratio, next steps)

• Detail: a short paragraph containing milestones, operational information, or financial metrics

• Asks: let the community know how they can help (introducing new customers, referrals, reviewing products)

• Attachments/links:  operational or financial metrics sheet, press releases, Form C / C-AR link

Style Guidance

• Consistent: try to keep formatting the same each time.

• Concise:  lead with a one-paragraph summary; then keep the rest of the information skimmable.

• Regular: stick to your update schedule—even a brief note maintains momentum.

What to include

Funding progress (campaign phase):
During the campaign, investors will be curious to know the progress. Showcase how much has been raised, total percentage left till target, number of days left, and what’s changed since last week. Some investors will wait to invest until a goal has been reached.

Behind the scenes:

Inform investors what day-to-day events look like at the company.  Share photos or one-liners from operational events including: hiring, production, delivery, and team meetings. Investors want to see how to company operates.

Social proof:
Showcasing social credibility the company has received will help build trustworthiness. You can inform investor of positive reviews, press mentions, and community shout-outs (with links). External validation can go a long way in boosting investor confidence.

Research and development / product:
Update investors on research and development or product advancements. Things like what shipped, what’s in testing, and what’s next. These updates can help an investor gauge how quickly progress is going forward.

Financial/operating metrics:

Financial metrics are essential for investors. When quarterly financials are complete, give  investors access. Showcase any metric the company has had success with or improvements the company has made.

• Pre-revenue: burn rate, how many months of runway, waitlist counts, and conversion tests.

• Revenue: Monthly sales, gross margin trend, unit economics, and debt service coverage ratio.

Market conditions:
Has your industry recently gained traction or has your strategy changed? Investors want to be informed any external shifts (seasonality, regulation, supplier changes) and how you’re responding.

Clear asks:
Take the opportunity to make the update work for you.  Existing investors are among your most motivated supporters. Give your investors the opportunity to send referrals, become beta users, write reviews, or attend company events.

Bottom line:

You should choose an update schedule, keep the format consistent, and share the numbers that matter. Consistency builds trust—and trust compounds.