Who Owns Investor Relations in a Start-up?

In start-ups, investor relations isn’t a ‘nice-to-have’, it’s much more important than that. And if you're stepping into a finance leadership role, whether that's Head of Finance, FD or CFO, you need to know where you stand. Who’s actually handling the investors? You? The founder? Or both?

Spoiler: it depends.

Let’s break it down.

Investor Comms: Who’s Actually Responsible?

In early-stage businesses, there’s rarely a formal IR department, so it usually falls to either the CEO or the CFO. Often both. But here’s the catch: no one talks about it upfront. So if you're the new CFO or just promoted internally, this is a conversation you need to have immediately with your founder.

Some CEOs love talking to investors and want to own the relationship end-to-end. Others would happily hand it over to you so they can get back to product and hiring. But if you don’t clarify who's doing what, you’ll either step on toes or leave gaps that confuse investors and erode trust. Neither is good.

Aligning with the CEO

If the founder wants to keep investor comms close, great. Support them behind the scenes. If you’re expected to lead investor updates, also great. Just make sure you’re aligned.

You both need to be on the same page about what’s being communicated, how often, and in what level of detail. You never want a founder telling investors one thing and you sending a different message in the update deck. That’s how confidence gets lost fast.

If You’re Handling It – What Does Good Look Like?

If the investor relationship is in your court (or shared), here are some ground rules that’ll keep things as they should:

• Be transparent. Don’t sugar-coat. If there’s a problem brewing, flag it early. Investors don’t like surprises. If Q4 results aren’t on track, let them know and explain why.

• Communicate regularly. Even if there’s no drama, get into a rhythm. A monthly update can go a long way in building trust.

• Listen well. Investors will have opinions, some useful, some not. But listen anyway. You’ll understand their risk appetite, priorities, and concerns. That insight is valuable.

• Stay ahead of questions. Anticipate what they’ll ask. Have your metrics and story straight. If they’re asking for customer acquisition costs or gross margin trends, don’t make them wait.

Avoid These Pitfalls

• Over-promising. Don't let stretch targets become your baseline investor narrative. Set realistic expectations, then over-deliver if you can.

• Waffling or jargon. Cut the corporate speak. Investors don’t want a finance lecture. They want a clear view of how the business is performing.

• Delayed responses. A quick “noted, will follow up next week” is better than silence. Even if you’re have not time whatsoever.

Common Challenges

•  Different expectations. You might be operating on one runway scenario while investors are picturing another. Align early.

• Changing market conditions. Start-ups are volatile. If macro conditions shift or a growth plan needs to pivot, say so. Silence = suspicion.

• Misaligned visions. Some investors may push for short-term returns. But your job is to balance that with long-term sustainability. That tension is normal—handle it with confidence and clarity.

Managing investors as a startup CFO isn’t just about reporting numbers, it’s about managing trust. You’re the voice of reason, the reality check, the one who sees across the business. Don’t be afraid to challenge, push back, or say no when it matters.

Whether you’re leading investor comms or supporting the CEO behind the scenes, clarity, alignment and consistency are your job. Own it.

Want to be a confident and skilled Finance leader in 12 months?  Then follow these steps:

• Sign up to our next free workshop.

• Access the FLF Book that gives you an overview of the FLF Framework. 

• Work with me in the Financial Leadership Foundations course  for indepth training to become a confident & skilled finance professional in 12 months.  Includes regular Q&A sessions, networking with other finance professionals & the Advanced Management Accounts course.