A 25-person Series A SaaS startup in London with £1.8M ARR. The CEO sends a monthly investor update to 12 investors. The update covers key metrics, milestones, asks, and a brief narrative. This is the February update, sent on the 5th of March.
Example data
January dip was due to one enterprise customer churning (£4k MRR). February recovered with two new enterprise wins. Pipeline for Q2 is strong with £25k MRR in advanced stages.
Burn increasing from £105k to £112k reflects two new hires (one engineer, one SDR) who started in January. Expect burn to plateau at ~£115k through Q2 before the next hiring wave.
Runway declining from 68 to 54 months as the company invests in growth. This is intentional and healthy -- the goal is to reach £3M ARR before considering Series B in 18-24 months.
Formulas
Net Burn = MRR - Gross BurnNet burn of £39k per month means the company spends £39k more than it earns. At this rate, the £2.1M cash balance provides 54 months of runway.
Runway = Cash Balance / Net BurnRunway calculation assumes current burn rate continues. In practice, burn will increase with hiring, but revenue should grow too. The 54-month figure gives ample time before needing to raise.
ARR Growth Rate = (Current ARR / Prior ARR)^12 - 1 (annualised)Annualised ARR growth rate is approximately 80%, driven by strong new business and healthy expansion. This puts the company in the top quartile for Series A SaaS.
Analysis
Customisation
Add a "Milestones" section for product launches, key hires, or partnerships
Include an "Asks" section where you request specific help from investors
Add a pipeline or sales forecast section for revenue visibility
Include cohort retention data if investors are focused on product-market fit
Add a brief qualitative narrative (3-5 sentences) covering the month's highlights
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View exampleFAQ
Monthly is the gold standard for Series A and beyond. Pre-seed and seed investors are often fine with quarterly updates. Consistency matters more than frequency -- pick a cadence and stick to it. Never go dark during difficult months.
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