The update goes out on the first of the month. Two investors reply; the rest are silent. Silence can mean they read it and had nothing to add, or that it is still unopened. A gated link tells you which.
One link, kept all year
One gated link, and every investor appears by their own address; a separate link only for a fund that needs its own domain rule or end date.
See who reached your asks
Most updates put the asks last, and many investors never get there. The time on each section shows who did: an investor with a minute on the asks and three on the metrics read closely; one who left after the highlights did not reach them.
Why send it as a web page
A web page keeps its charts and links working and fits a phone screen. A PDF is a fixed page, frozen once it is sent. If you write the update with Claude or ChatGPT, it is often a web page already.
Correct a figure on the same link
Replace the file and every link already sent shows the corrected version, with the same settings. The reading so far stays, and no investor gets a second e-mail about a typo in the runway.
For founders and finance together
On the Team plan, the founders and the finance lead each keep their own account, and one admin sees every update, every link and who read which part. Work sent through the team stays with the company when someone leaves.