imo, early stage startups should send succinct investor updates. 

Feels like most either send updates that are too long (with too much formatting) or don't send them at all.

Here's our template:
https://docs.google.com/document/d/1Y3SmneDvc11XLwPA8sPgci1HN5qNatRHkSNyGVcCJEU/edit https://i.imgur.com/PD8qqsR.png

FWIW I would suggest one small-in-length but high impact addition. Add one quote, nugget, or story to the shoutout section. Except flip the script and let others do the shouting out for the company/product. Stories resonate and are remembered when stats are not and convey momentum better when they come from others.