Northstem Investor Update, August 2026

Investor update deck

The update a funded founder sends every month to the people already on the cap table. This one is month fourteen for Northstem, an invented Boston company selling procurement software to research labs, and it is not a fundraise. Revenue beat plan, an engineer resigned, one customer went quiet and runway is fifteen months. All four of those are on the slides, because an update that only carries good news stops being read.

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AUG 2026

MONTH 14

Northstem Investor Update

Lab supply procurement. Fourteen months after the seed round.

Ines Marchetti, CEO

SENT MONTHLY TO 19 INVESTORS

Slide 1 · cover · Names the period and the sender, so the update files itself in an investor inbox.

The short version

A good month on revenue and a bad one on hiring, and the two are related.

What happened

Revenue reached $61K for the month, ahead of the $55K we told you to expect in July.

Two of the three institute deals closed. The third slipped to September on their side, not ours.

Catalogue coverage passed 400,000 items after the Fisher and VWR feeds went live.

Cash is $1.94M with a net burn of $126K, which is 15 months of runway at the current rate.

What it cost

We lost our second engineer to a larger offer, and the replacement search is now six weeks old.

Onboarding a new lab still takes eleven days of our time. It has to reach three before we scale.

One customer, Berkshire Bio, has not placed an order in six weeks and has stopped replying.

The September slip means Q3 lands at about $184K rather than the $205K in the plan.

02

Slide 2 · content · The month in two paragraphs, so an investor who reads nothing else still knows how it went.

Highlights and lowlights

Three highlights on the left, three lowlights on the right, in the order they matter.

HIGHLIGHTS

LOWLIGHTS

01
Two institutes signed

The Whitcombe Institute and Ardley Labs both signed three year agreements at $34K and $41K a year.

02
Coverage doubled

Catalogue coverage went from 190,000 to 402,000 items. A lab now finds 94 percent of a typical order.

03
Gross margin up 9 points

Renegotiated distributor rebates lifted margin from 38 to 47 percent with no change in price.

04

Engineer resigned

Our second engineer left for a larger offer. Six weeks of searching and no offer out yet.

05

Onboarding is too slow

Eleven days of our own time per lab. Until that reaches three, every new customer costs us a week.

06

One account gone quiet

Berkshire Bio, 6 percent of revenue, has not ordered in six weeks. We are treating it as churn.

Slide 3 · comparison · Highlights beside lowlights, because an update that only carries good news stops being read.

KPIS

August against plan

Metric
Target
Actual
Variance
Status
Monthly revenue
$55K
$61K
+11%
Ahead
Labs live
38
40
+2
Ahead
Gross margin
42%
47%
+5 pts
Ahead
Net revenue retention
118%
109%
-9 pts
Behind
Net burn
$120K
$126K
+5%
Watch
Days to onboard a lab
7
11
+4
Behind
Definitions unchanged since March. Revenue is billed, not booked.

04

Slide 4 · metrics · The same six metrics, defined the same way, against what we told you last month.

Cash for the month

Opening cash of $2,066K, everything that moved it, and a closing balance of $1,940K. Figures in thousands.

Opening cash
Collections
Payroll
Distributors
Everything else
0K550K1100K1650K2200K

05

Slide 5 · metrics · Cash walked from the start of the month to the end, so runway needs no explaining.

Pipeline

Twelve named accounts, with annual contract value wherever it has been agreed.

Closed in August

Whitcombe Institute

Three year agreement at $34K a year. Nine labs across two buildings.

Ardley Labs

Three year agreement at $41K a year. Our largest account to date.

Corran Diagnostics

Expansion from two labs to five. Adds $12K a year to an existing account.

Pelham Veterinary

First customer outside research. $9K a year and a very different order mix.

In contract

Sundale University

Slipped to September on their procurement calendar. $58K a year.

Merrow Therapeutics

Legal review of our data terms. Third week. $27K a year.

Kestrel Genomics

Waiting on a security questionnaire we have not answered before.

Bramwell Analytics

Verbal yes, contract sent 11 August. $19K a year.

Qualified

Northgate Hospital

Our first hospital pathology group. Different buying process entirely.

Aldermoor Institute

Introduced by Whitcombe. Same procurement officer, which helps.

Cavell Biosciences

Inbound from the catalogue coverage page. Fifteen labs.

Thorne Analytical

Met at the Boston lab managers meetup. Early, but they own their budget.

06

Slide 6 · process · The pipeline as three lanes, so nobody has to ask what closed and what is still moving.

What we shipped in August

Fisher and VWR feeds

Catalogue coverage went from 190,000 to 402,000 items overnight. This is the single change that made both August deals close.

Purchase order export

Orders now export straight into the four finance systems our labs use. It removes the one manual step that caused every complaint.

Reorder reminders

Consumables now prompt a reorder based on the lab actual burn rate. Early: 31 percent of prompts became an order in the first fortnight.

Onboarding audit

Not a feature. We timed every step of onboarding a lab and found six of the eleven days sit in one place: mapping their old part numbers.

07

Slide 7 · checklist · What actually shipped, and what each thing changed, rather than a release note.

People and news

Nine people. Two open roles, one of them urgent.

Who joined

Rosa Delgado

Customer success, started 4 August, came from a distributor inside sales team.

Nobody else

We paused the second sales hire until the onboarding time comes down.

Who left

Second engineer

Resigned 8 August for a larger offer. Handover was complete and generous.

The gap

Catalogue ingestion now has one owner, which is a real single point of failure.

Open roles

Backend engineer

Boston or remote. Six weeks open, eleven screens, no offer yet. This is the ask.

Onboarding lead

New role, created by the audit. Opens once the engineer is signed.

Outside

Press

Two trade pieces on lab procurement costs. Neither mentioned us, both helped.

Market

A distributor raised catalogue prices 4 percent, which makes our margin story easier.

08

Slide 8 · framework · People, hiring, press and the market in one quadrant slide, kept short on purpose.

Next 60 days

01

Close Sundale

The $58K university deal that slipped. Their procurement window opens 8 September and closes 26 September. If it moves again we will tell you rather than roll it forward quietly.

Date

02

Sign the engineer

Offer out by 12 September. We have raised the band by 12 percent after losing the last one, which lifts monthly burn to about $134K and shortens runway by roughly a month.

Date

03

Onboarding to five days

The part number mapping step gets automated first. Target is five days by the end of October and three by December. Every week of it is a week we cannot spend selling.

Date

04

Hold $70K a month

Revenue target for September is $70K and for October $78K. That is the number to hold us to in the next update, and it assumes Berkshire Bio does not come back.

Date

09

Slide 9 · timeline · What we will be judged on next month, written as targets rather than intentions.

ASKS

What we need this month

Specific enough to act on in ten minutes, which is all we are asking for.

1

A backend engineer who has worked on product catalogues or pricing data. Boston or remote.

2

An introduction to anyone in procurement at a hospital pathology group, for Northgate.

3

Twenty minutes with a founder who has cut onboarding time by automating data mapping.

4

A view on whether a veterinary customer is a distraction or a second market worth naming.

5

Reply to this email with any of the four. Ines answers every one within a day.

10

Slide 10 · takeaway · Four specific asks, which is the only section of an update that asks anything of the reader.

The structure

What each slide is doing, so you can reuse the order even with different content.

Slide 1cover
Names the period and the sender, so the update files itself in an investor inbox.
Slide 2content
The month in two paragraphs, so an investor who reads nothing else still knows how it went.
Slide 3comparison
Highlights beside lowlights, because an update that only carries good news stops being read.
Slide 4metrics
The same six metrics, defined the same way, against what we told you last month.
Slide 5metrics
Cash walked from the start of the month to the end, so runway needs no explaining.
Slide 6process
The pipeline as three lanes, so nobody has to ask what closed and what is still moving.
Slide 7checklist
What actually shipped, and what each thing changed, rather than a release note.
Slide 8framework
People, hiring, press and the market in one quadrant slide, kept short on purpose.
Slide 9timeline
What we will be judged on next month, written as targets rather than intentions.
Slide 10takeaway
Four specific asks, which is the only section of an update that asks anything of the reader.

What makes this deck work

Lowlights get equal space

Three good things on the left and three bad ones on the right, on the same slide, in the same type size. Investors read the second column first, and hiding it is the fastest way to lose the relationship.

The same six metrics, every month

Target, actual, variance and a one word status, with a footnote saying the definitions have not changed since March. An update is a serial document, and a metric that quietly changes definition is worse than a missing one.

The asks are small enough to act on

Four requests, each answerable in ten minutes: one hire, one introduction, one conversation and one opinion. A vague ask for help gets read and forgotten.

Questions people ask

What should an investor update include?

A two line summary, highlights, lowlights, the same KPIs as last month, cash and runway, pipeline, product, hiring, what happens next and your asks. Founder Collective calls the asks section the most important part of the whole document.

How often should I send one?

Monthly at pre seed and seed, quarterly once you are past a Series A. Consistency matters more than frequency: an update that arrives on the same date every month is worth more than a better one that arrives twice a year.

Should I share burn and runway?

Yes. These are the numbers a founder instinctively obscures during a raise and the ones an existing investor most needs. Give cash on hand, net burn and the months of runway both on plan and off it.

Should bad news wait until the next update?

No. Anything material goes out when it happens, and the update records it afterwards. The purpose of writing the lowlights down is that nobody is surprised later, which is the only reason an investor trusts the highlights.

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