When you're looking at an investment of that size you will likely have one or more board members from the VC to look after their interests.
This is probably a good start for reading material:
This is probably a good start for reading material:
The only challenge i see is (like mentioned in the post) there is no consistency between VC's. Each feel that a certain report is "The Most important" What happens when there are multiple VC's or a mix of VC's, angels and governments.
For a startup reporting to each can be really time-consuming....and wasteful especially if the time spent on reports takes away from the time spent on making the product better.