Communication with VCs: Before and after the cheque

How founders communicate before reaching out, during conversations, while negotiating, and after closing the round often determines whether investors become real partners or remain passive shareholders.

Here’s how to approach communication with VCs throughout the entire process.

1. Before you reach out: do the work that earns a reply

Writing to every VC fund feels productive. It isn’t. The fastest way to look unprepared is to pitch a fund that doesn’t do your stage, cheque size or category. Do the basics: fund size, typical round, geography, the kind of companies they’ve backed before, who you know in their network.

That research earns you three strong openers:

• Why them, why now: reference a portfolio company or a theme they care about.
• Why you: your wedge or a concrete proof you’re onto something (customer, traction, insight) – framed in a way that matches what this investor looks for. For example, if they’ve backed companies scaling through product-led growth, highlight your built-in referral or sharing mechanism.
• Who can introduce you: The absolute best way to get a VC’s attention is a warm introduction. Find someone in their circle they trust and ask if they can introduce you. Make it easy for them: send over a short teaser about you and the company they can just drop into the email.

2. First conversations: be clear, honest and concise 

• First and foremost: Don’t lie. Most VCs I know are allergic to the feeling of being lied to and instantly lose interest. Lost trust doesn’t come back. I know I sound like a parent now, but I can’t stress this enough. One founder I know lost a deal because the numbers in his data room didn’t match his pitch. It wasn’t the metrics that killed the round – it was the loss of trust.
• If something’s off (higher churn, longer sales cycle, a key hire that slipped), say it early and pair it with your action plan: the accountable person, the concrete steps, timing. Investors don’t need perfection; they need to trust you’ll tell them the truth and fix what matters.
• Keep your deck skimmable. One idea per slide. Metrics that don’t require decoding. If a person needs three minutes to find ARR, you’ve already lost them. You can share a live link with the deeper data – ARR/MRR (new/expansion/churn), cohorts, pipeline, cash and runway. 
• Don’t use metaphors where metrics should be.

3. Negotiating

Serious investors expect negotiation. You’re not negotiating for fun, you’re protecting the company. 

If someone pushes for too much equity, explain calmly how that makes the next round harder to raise, which lowers the odds of the outcome both sides want. If terms appear that could box you in later, say why that’s a problem and offer a cleaner alternative. If they can’t move, they’ll say so.

       – You’re allowed to protect your company. Who will, if not you?

4. Read the signals (FOMO vs. no-go)

Sometimes, VCs just don’t want to miss out on a great opportunity, but they are not sure that it is a great opportunity. So they keep the door open, but don’t commit. And that’s ok, you also want the door open for the later rounds, but at this point, you would prefer the clear sign they are on board and committed. So if you feel they aren’t 100 percent on board (vague answers, long silences, unclear next steps…), be nice, appreciate the open doors, but feel free to ask clearly “What’s your timeline to a decision? Are you actively deploying capital right now? What would you need to move forward, and can we book the next step now?”

It doesn’t hurt to ask.

5. After the cheque: earn the right to ask for help

You are partners now. Keep them in the loop on wins, difficulties and crises. If they know early, they can actually help.

        a) Send a monthly update with the same structure every time so they can scan it fast: 

– What went well (3 bullets). – Closed a big customer, hit a milestone, had a great launch…

– What are the challenges (max 3). – Each with a dedicated person, actions, timing. 

– Numbers at a glance – MRR/ARR (and how it moved), retention, CAC/payback, gross margin, cash and runway. (One line, no tables.)

– Team – New hires, key members leaving, critical open roles. 

– Product – Shipped last month, in the next 30 days: feature A (by 15 Nov), feature B (by 28 Nov). 

– Go-to-market – Pipeline and coverage. GTM: Pipeline €880k (2.2x vs Q4 target).

– Asks (max 3, concrete) – “Intro to Heads of Ops at mid-market logistics companies”, “Invite to DACH Supply Chain Summit”.

        b) Keep the board rhythm simple. Quarterly deck + 45-60 min call. Same structure as your monthly, just deeper. No need to reinvent every quarter.

        c) Bad news early. Share issues as soon as they appear. The earlier you flag a problem, the higher the chance they can help, maybe even save the company. 

I sometimes even kept potential investors informed with a lighter update. It keeps you top-of-mind and builds trust ahead of the next round, so you’re in a stronger position when you start raising again.

Final Thoughts 

Great investor relationships are built, not signed. Communicate simply, consistently, and early. Do the basics well, tell the truth fast, and ask for specific help. That way, investors become allies – not another complication. Of course, this only works if you’ve chosen the right investor in the first place.

Laurent Decrue
Co-Founder & Co-CEO / CFO at Holycode

Laurent is a serial entrepreneur, investor, and board member with over 20 years of experience, building and scaling companies like Deindeal, MOVU, Bexio, and Holycode. He’s passionate about helping startups nail product-market fit and build a culture that can scale all the way to IPO. When he’s not busy with startups, he’s a dedicated dad and loves doing sports.