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The highest-leverage activity in a fundraising process is focusing on the most likely investors, not the most famous ones. A targeted list of 50 high-fit investors will consistently outperform a broad list of 500. This guide walks through how to build that targeted list systematically.
Step 1 — Use the Rankings Engine as Your Starting Point
Metal’s built-in rankings engine scores every investor against your company profile and tags them into three tiers.| Rank | What It Means |
|---|---|
| Strong Fit | Strongest alignment between the investor’s historical activity and your company’s stage, sector, geography, and round dynamics |
| Medium Fit | Good alignment worth pursuing with standard outreach |
| Low Fit | Limited alignment that typically requires a specific rationale to pursue |
Fit rankings are an indication, not a verdict. A Low Fit investor might still be worth pursuing if you have a warm introduction or a specific thesis connection. Use rankings to prioritise your time, not to build hard exclusion rules.
Step 2 — Identify Investors in Similar Companies
Investors who have previously backed companies similar to yours are the highest-probability targets. They have already underwritten a comparable thesis and are primed to engage.Complete your company description
Go to Settings then Product Details and fill in your company description. Metal’s algorithms use this to identify structurally similar VC-backed companies.
Review the similar companies list
In the Company Search tab, review companies that Metal has identified as similar. Apply additional filters to refine by geography, stage, or sector as needed.
Shortlist genuinely similar companies
Save companies that are similar but not direct competitors to a named list. A direct competitor is a company targeting the exact same customer for the exact same use case. Exclude those as they will introduce conflicts of interest with investors later.
Step 3 — Define Your Elimination Criteria
An elimination criteria is a minimum set of requirements that an investor must meet to qualify as a target. Being explicit about this upfront prevents wasted effort on investors who are structurally unsuitable, regardless of how well-known they are.Lead vs. Follow
When round size is $1M or more, you need a lead investor to set the valuation and anchor the round. Leads move independently without waiting for other investors to commit first. When round size is under $1M, you can often structure a party round without a lead. Well-known accelerator backing such as YC or Techstars also enables larger party rounds without a lead.Stage
Every round stage carries specific expectations on valuation, traction, product, and team. Pre-seed investors back idea-stage companies. Seed investors expect meaningful operating data. These are different risk and return models, and most investors specialise in one.Round Size
Round size determines which fund sizes are relevant. Investors typically write checks at 1 to 2 percent of fund size.- 1M rounds: Angels, small check VCs, party round structure
- 5M rounds: Funds of 500M range with lead investor required
- **250M and above with lead required and fewer total targets
Sector
Decide upfront whether to target sector specialists or sector-familiar investors, and at what level of specificity such as parent sector versus sub-sector.- Specialists: Filter by minimum percentage of portfolio in your sector, typically 3 to 5 percent or more
- Familiar: Filter by minimum number of investments in your sector, typically 3 or more
Geography
Decide what geographic criteria must be met. Options include continent-level exposure of 2 percent or more of portfolio in your continent, country-level investment history of 1 or more investments in a comparable market, and investor headquarters for in-person roadshow planning.Step 4 — Identify the Most Active Investors in Your Sector
Go to Insights then Sectors and select your relevant parent and sub-sectors. This surfaces investors ranked by activity in your space over a configurable time period. Refine using the available filters:- Investor Type — Limit to VCs, accelerators, or family offices
- Time Period — See which investors have been most active in the past 6, 12, or 24 months
- Continents — Focus on a specific geography
- Round Stage — Filter to your specific stage
Step 5 — Identify New Entrants in Your Sector
Go to Insights then New Funds to surface investors making their first investments in your sector or sub-sector. Investors making their first sector bet are actively looking to build thesis. They are seeking more deal flow in the space, less price-sensitive than established sector specialists, and highly motivated to move quickly to establish a position.New funds that have just raised their first fund often have the highest appetite to deploy capital and the least incoming deal flow. This combination makes them unusually receptive prospects, especially for founders who can help them establish a foothold in a new sector.