Some rough rules:
- For every 1% of a company an investor owns, they get one meeting a year. This includes both board meetings and informal coffee meetings. Until you are past $10m ARR, then you can scale this back in some cases.
- Every investor that owns >=1% should get a monthly update until $5m ARR, maybe $10m ARR.
- Every investor that owns >=3-5% should be fully in the loop on what’s happening in the company until you are so big you don’t need any capital anymore, or their capital is irrelevant. They deserve this, and you may get burned if they get out of the loop.
- Until you are at Initial Traction, every investor that can possibly help you should get a monthly update. Even if they only invested $10k. Otherwise, you won’t get the help.