> ## Documentation Index
> Fetch the complete documentation index at: https://docs.metal.so/llms.txt
> Use this file to discover all available pages before exploring further.

# Relevance Ranks

> Every investor ranked by how well they fit your company and your upcoming round.

***

Over the past decade, venture capital has grown from a cottage industry to a highly sophisticated ecosystem. Today, there are more than 10,000 institutional investors actively writing checks into venture-backed companies. With Relevance Ranks, Metal ranks all active investors based on how each fits with your specific company and round.

***

#### Methodology for Relevance Ranks

Metal uses 1m+ data points spread out across 10,000+ active institutional investors to build a rich source of insight, referred to as the [Investor Memory Layer](https://docs.metal.so/investor-memory-layer.md). When users onboard to the platform, our sales team trains the platform and builds a user memory layer. Using these memory layers, Metal surfaces the "most likely" investors by assigning relevance ranks.

Additionally, with each relevance rank, Metal provides users with full visibility into the factors driving the relevance rank. The below video provides illustrates the depth of research and intelligence that is surfaced within a given relevance rank:

<video autoPlay muted loop playsInline src="https://mintcdn.com/metal-f0b44277/wEhPDNihxzKi3UIz/videos/New-Project-2.mp4?fit=max&auto=format&n=wEhPDNihxzKi3UIz&q=85&s=5f500acb90707aadef853f94fa7cdc6b" />

***

#### What Users See

By hovering over a relevance rank, users can start with a **Fit Overview** section: a short, plain-language summary of why the investor is or isn't a good fit for you, with a reference to the signals driving the verdict. Below that, each category shows how the investor measures up against your company across a broad criteria.

> [accordion] **Stage Conviction**
>
> How actively the investor backs companies at your stage. An investor can list Seed on their website and still write most of their checks at Series A. This category looks at where they actually invest, so you don't spend a first call discovering a stage mismatch.

> [accordion] **Check Size Fit**
>
> How closely the investor's typical check matches the size of your round. An investor whose usual check is far larger or smaller than what you need is unlikely to make your round work.

> [accordion] **Sector & Sub-Sector Activity**
>
> How recently and how deeply the investor has invested in your sector and your specific operating space. Recent, repeated activity in your space means they already understand the market, have a prepared mind for your space, and will require less education.

> [accordion] **Geography Fit**
>
> How much the investor invests in your country or region. Many funds say they invest globally but concentrate most of their deals close to home. This category reflects where they deploy capital.

> [accordion] **Thesis Fit**
>
> How well the investor's stated thesis lines up with what you're building. Metal compares what the investor says they're looking for with your company's profile, which helps surface investors whose conviction matches your story, not just your sector label.

> [accordion] **Portfolio Similarity**
>
> Whether the investor has already backed companies like yours. A portfolio with similar companies shows they've made this bet before. It's also a useful opening in a pitch, and a reason to check for any conflicts.

> [accordion] **Founder Profile Fit**
>
> How well your profile matches the founders the investor likes to back. Some investors favour repeat founders, technical teams or particular backgrounds. This category shows where your team aligns with those preferences.

> [accordion] **Co-investor Network Fit**
>
> How much the investor overlaps with investors already on your cap table. Investors who often co-invest with your existing backers are more likely to engage, and your current investors may be able to make the introduction.

> [accordion] **Momentum**
>
> How actively the investor is deploying capital right now. An investor who hasn't made a new investment in months may still take meetings without being able to commit. Momentum helps you prioritise investors who are writing checks today.

> [accordion] **Insights**
>
> Other signals that make this investor stand out for you and that the categories above don't capture. These are found by comparing your company's profile with everything Metal knows about the investor.

Relevance Ranks are best viewed as a **decision aid**, and not as a guarantee of interest. A Top 5% investor is a strong reason to reach out. Before the call, use the Key Signals to shape your pitch around what actually drives the match: lead with the portfolio overlap, the thesis alignment or the co-investor connection.

> [!TIP]
>
> As of October 2026, Metal holds off-market first party data on 7,000+ institutional investors that are actively deploying venture capital in startups. Given the sheer quantum of data that Metal draws on, Relevance Ranks are particularly useful for founders to surface the most likely partners.

***

#### Refresh Relevance Ranks

Metal prepares your Relevance Ranks automatically when you first get started. Over time, as investors make new investments and as Metal learns more about your company, your ranks become outdated. The platform provides users with the ability to refresh relevance ranks by re-running the flow.

On the relevance rank cards, Metal identifies when users need to refresh the rank. Refreshes are recommended once your ranks are over a week old, or when your company or round details change.

To refresh, go to **Settings → Relevance Ranks** and click **Refresh now**. A refresh takes about 5 minutes, and your team shares a set number of refreshes each month. For more detail, see [Refreshing Your Relevance Ranks](https://docs.metal.so/relevance-ranks-refresh.md).

> [!TIP]
>
> The more context Metal has on your company, the sharper your ranks. Keep your Company and Upcoming Round Details current, upload your deck and other collateral, connect your email, set up the notetaker for investor meetings, and add your existing investors. Then refresh so your ranks pick up the new context.

***


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