If you send a short monthly update that highlights traction, key numbers, what you need, and honest risks, your investors will actually help you. Use the fill-in-the-blanks nigerian investor update template below and hit send in under 20 minutes.

Why investor updates matter in Nigeria

Investors here usually back many companies at once. A clear, consistent update keeps you top of mind for intros, advice, and bridges. It also builds trust when the macro picture is noisy, from FX flunctuations to payment rails or policy shifts. Apart from having a detailed data room, maintaining communication between your startup and investors through regular investor updates is one way to win future investors as well as retain current ones. Luckily, we have just the resource you need to get started. Let’s dive right in.

Send cadence: Monthly is best. Quarterly is acceptable if very thorough.
Format: One email. Five to eight short sections. Link to a dashboard if you have one.

nigerian investor update template — Investor reading a startup update email

What to include

One-line snapshot
Progress in one sentence. Add a standout win or a clear challenge.
Top metrics
Pick 4 to 7 that fit your model. Examples:
- Revenue or MRR
- New customers or active users
- Retention or churn
- Burn and runway
- Collections and receivables
- Unit economics, CAC and LTV
- TPV or GMV if a marketplace or payments
- FX note if costs or revenue are multi-currency
Highlights
3 to 5 bullets on product, growth, partnerships, ops.
Low-lights and risks
1 to 3 honest bullets. What went wrong and the fix in motion.
Focus for next month
3 bullets that state priorities.
Asks
Be specific. Intros, hires, vendor contacts, regulation guidance.
Appendix links
Data room or dashboard, hiring list, press, compliance updates.

Fill-in-the-blanks Nigerian investor update template

Subject options

Month Investor Update — <Startup Name>
<Startup Name> Monthly Update for <Month>
<Month> Update: Revenue, Runway, and Hiring

Email body

Hello all,

Snapshot:
This month we <one sentence on growth or product>. The main challenge was <short challenge>. We are addressing it by <one-line fix>.

Key Metrics

Revenue or MRR: ₦<amount> (<% change MoM>)

Active customers: <number> (<% change>)

Churn: <rate>%

Burn: ₦<amount> per month

Runway: <months>

CAC payback: <months>

Collections: <rate>% within 30 days

FX update: <brief note if relevant>

Highlights

<Win 1>

<Win 2>

<Win 3>

Low-lights and Risks

<Issue 1 and the fix>

<Issue 2 and the fix>

Focus for <Next Month>

<Priority 1>

<Priority 2>

<Priority 3>

Asks

<Intro to bank or HMO or distributor>

<Senior backend engineer referral>

<Compliance or CAC filing advice on X>

Appendix

Dashboard: <link>

Hiring list: <link or short list>

Press or PR: <link>

Compliance note: <FIRS or LIRS or CAC update link or one-liner>

Thank you for the support. Hit reply if you want a deeper dive.

<Founder Name> <Title> <Phone> | <Calendar link>

One-page Google Doc outline

Copy these H2s into a doc for a repeatable structure.

Snapshot

Metrics

Highlights

Low-lights and Risks

Focus for Next Month

Asks

Appendix

Example filled template for a Lagos SaaS startup

Subject: September Investor Update — FinOps SaaS

Hello all,

Snapshot:
We crossed ₦5.8m MRR in September and launched a VAT calculator that drove 420 signups. Collections slipped due to two enterprise delays. We created a receivables desk and expect improvement in October.

Key Metrics

MRR: ₦5.8m (+11% MoM)

New logos: 32 (12 agency, 20 SME)

Net revenue retention: 106%

Gross churn: 2.1%

Burn: ₦7.2m

Runway: 13 months

CAC payback: 5.2 months

Collections: 84% within 30 days

FX update: 33% of infra costs in USD. We prepaid cloud for 6 months to limit exposure.

Highlights

Signed a reseller in Port Harcourt with 200 SME leads in pipeline

Product: VAT calculator and email alerts for PAYE deadlines

Ops: Migrated billing to direct debit for top 50 customers

Low-lights and Risks

Two enterprise invoices overdue by 15 days. New collections workflow and weekly check-ins

Intermittent Paystack settlement delays affected cash visibility. Added daily reconciliation script and buffer account

Focus for October

Ship QuickBooks and Wave import fixes

Close 3 pilot hospitals on the HMO integration

Improve collections to 92% within 30 days

Asks

Intro to a senior backend engineer with Laravel and Postgres

Warm intro to GTBank corporate for faster NIP settlement

Recommendation for a Lagos firm to handle CAC annual returns and FIRS liaison

Appendix

Live dashboard: <link>

Hiring list: Backend, Growth PM, SDR

Compliance: CAC annual returns filed. FIRS VAT schedule automated

Thanks,
Amina, CEO
+234 xxx xxx xxxx

Best practices for Nigerian context

Quote numbers in Naira first. Add USD in parentheses only if your investors are global.
Call out LIRS, FIRS, and CAC events that affect operations or cash.
Mention settlement and FX risks if they touch runway.
Keep the email body short. Put big detail in links.

Quick checklist before you send

One-line snapshot is clear
Metrics are accurate and comparable to last month
Three highlights and one honest issue with a fix
Three priorities for the next month
One or two specific asks
Links work

FAQ: Nigerian Investor Update Template

How long should an investor update be?
Aim for a 2–4 minute read on mobile. That is usually 300–600 words in the email body, plus links to dashboards or docs for deeper dives.

Monthly or quarterly?
Pre-seed to Series A: monthly. Later stage with a board rhythm: quarterly, with a brief monthly KPI email if numbers move.

Who should receive it?

All investors and key angels
Board members and board observers
Select advisors you actually want help from
Keep a separate “lite” version for a wider advisor list if needed.

What if I had a bad month?
Say it plainly, include the root cause, and show the fix already in motion. Add a specific ask. Investors fear silence more than bad news.

What if we are pre-launch with little data?
Share leading indicators and proof of motion: waitlist growth, signups, pilot LOIs, product milestones, partnerships, content reach, hiring progress, and runway.

What metrics should a Nigerian SaaS track in updates?

MRR, new MRR, churned MRR
Net Revenue Retention (NRR) and Gross Revenue Retention (GRR)
CAC, CAC payback
Burn and runway
Collections within 30 days
FX exposure if infra or revenue is multicurrency

How do I calculate churn, NRR, and payback quickly?

Logo churn % = churned customers this month ÷ customers at start of month
Gross revenue retention % = 1 − churned MRR ÷ starting MRR
Net revenue retention % = (starting MRR − churned MRR + expansion MRR) ÷ starting MRR
CAC payback (months) = CAC ÷ monthly gross margin per customer
Example: CAC ₦90k; ARPA ₦30k; gross margin 80% → margin per month ₦24k → payback 3.75 months.

How should I present burn and runway?
Burn is net cash out per month. Runway = cash on hand ÷ average monthly burn. If burn fluctuates, show 3-month average and note any large one-offs.

How do I talk about FX and settlement risk?
Create a brief “FX and Payments” line item: share percent of costs or revenue in USD, hedges or prepayments, and any settlement delays across Paystack, Flutterwave, banks, or NIP. Tie it to runway if material.

What if numbers changed due to reclassification or audits?
Call it out transparently. Add a one-liner: “We reclassified agency revenue net of fees from April; historical MRR restated in the dashboard.” Link to the corrected sheet.

Should I include screenshots or attachments?
Prefer links. Keep the email light. Attach only if a gatekeeper blocks links. If attaching, use a single PDF with sections bookmarked.

Do investors read long PDFs?
Some do, many skim. Lead with a tight email, then link to a Notion page or dashboard with the detail. Assume TL;DR first, depth on demand.

What tone should I use?
Direct, friendly, specific. Use active verbs, short sentences, and quantified outcomes. Avoid hype. End with a clear “Asks” list.

How many highlights and risks are ideal?
Three highlights, one to three risks. If you list more than three risks, group them under a theme and share the single mitigation plan.

We missed last month’s update. What now?
Send a combined update with a short apology, a clean KPI table for both months, and a brief highlight/low-light for each. Restart the cadence.

How do I show collections health in Nigeria?
Share “% collected within 30 days” and “DSO” (days sales outstanding).

DSO = (Accounts receivable ÷ revenue for the period) × number of days in the period
Add top overdue accounts and actions taken.

How detailed should financials be at early stage?
Show directional clarity. KPIs, cash position, burn, runway, and any debt. Defer line-item budgets to board meetings or an attached sheet.

What about confidential partnerships or deals?
Use redactions: “Signed an LOI with a Tier-1 HMO (50+ clinics). Paperwork in procurement.” Share names only when contracts allow.

Should I quote in Naira or USD?
Default to Naira. If you have global investors, add USD in parentheses at a reasonable FX rate and state the rate used.

Can I include hiring updates?
Yes. Add “Hiring” to the appendix: open roles, key hires made, and bottlenecks. Include one specific referral ask.

How do I structure the KPI table for clarity?
One compact table with prior month, current month, and MoM change. Example columns: MRR, New MRR, Churned MRR, NRR, CAC payback, Burn, Runway, Collections 30-day.

What if different stakeholders want different metrics?
Keep a standard core KPI set in the email. Create tailored dashboards by segment (SaaS, marketplace, fintech) and share links privately as needed.

How do I show product progress without sounding vague?
Use “shipped” verbs plus customer impact. Example: “Shipped QuickBooks import fixes; 18% faster onboarding; 42 new accounts migrated.”

Any legal or compliance notes to include in Nigeria?
If relevant that month, add a one-liner: “CAC annual returns filed,” “FIRS VAT filings completed,” or “LIRS PAYE reconciled.” Only add detail if it affects cash or risk.

How many links are too many?
Three to five is fine: dashboard, hiring doc, data room, a key product page, and press. If you need more, put them in a single Notion page and link that.

What subject lines get opened?
Keep it simple and consistent:

“September Investor Update — <Startup>”
“<Startup> September: MRR, Runway, Hiring”
Avoid clickbait. Consistency builds trust.

How do I ensure investors actually reply and help?
Use one to three specific asks. Tag owners by name when appropriate. Add context in one sentence. Follow up privately on the most time-sensitive ask.

Tools to make this fast every month?

Draft in Notion or Google Docs using a fixed template
Pull KPIs from your dashboard sheet
Use a short loom for product demos
Send via Gmail with a consistent BCC list; archive threads per month for continuity

Can I repurpose the update for PR or customers?
Yes, but create a sanitized public version. Remove sensitive metrics, customer names, and deal terms. Share the highlight narrative and product progress.

How do I handle board meeting content vs investor updates?
Investor update: brief and monthly.
Board pack: deeper narrative, metrics by cohort, budgets, risks, and decisions. Send 3–5 days ahead of the meeting.

What mistakes should I avoid in my nigerian investor update template?

Skipping a month without explanation
Hype without numbers
Vague asks like “introductions welcome”
Changing definitions silently
Attaching heavy files that trip email filters

Can you share a quick checklist before hitting send?

Snapshot is one sentence
KPI table has prior vs current vs MoM
One honest risk with a mitigation
Three priorities for next month
One to three specific asks with owners
Links tested on mobile

Conclusion and next step

Use this Nigerian Investor Update Template to send short, honest, numbers-first updates that unlock help and set up your next raise. Keep the cadence monthly, show ₦ and $ side by side, and always include clear asks.

Try Zaccheus free to automate your updates. Zaccheus connects your accounts, pulls revenue, burn, runway, and FX context, then drafts your monthly investor update in minutes. Explore Zaccheus and ship your next update today.

Free Nigerian Investor Update Template [2 Samples Inside]