The Challenge
OnLoop, an AI-enabled team performance software, has previously raised $5m+ from a diverse group of venture investors. The Company’s value proposition is simple – OnLoop enables organizations to turn every manager into a great manager.
OnLoop is among a small set of GenAI companies that have a happy and growing base of customers. The Company’s paid user count has increased substantially in the former half of FY 2024. As a result, OnLoop has received significant inbound from investors, often via customers that they serve. At times, OnLoop aims to engage only with potential lead investors for the next round.
At other times, they aren’t able to fit investors with large check sizes into rounds that are almost fully subscribed and therefore, need to identify follow-on investors that invest small checks and can be strategically helpful.
Search Granularity via Metal
With Metal, Projjal (Founder, OnLoop) is able to identify various types of business investors that may be relevant at different stages of the Company’s journey.
• Follow On Investors: Using Metal’s granular search, Projjal is able to identify investors that have a fund size of <$50m and that write small follow-on checks into existing rounds. Additionally, he is also able to identify investors that have recently closed a small fund, are well equipped to deploy, and have a high 3-month deal count to indicate activity.
• Lead Candidates: Metal also provides him the ability to identify investors that can be high-potential candidates to lead the next round. He can do this by looking up investors that have led more than X% of their prior investments (whereby “X” is configurable).
With Metal, Projjal is able to identify very specific types of investors that may fit into a specific fundraising strategy. Before Metal, he was unable to identify a reasonably priced platform that allowed the granularity that was needed.
Impact on the Fundraising Process
In leading a high-growth venture-backed business, Projjal has a tight schedule that requires effective prioritization. With Metal, he is able to spend less time identifying, qualifying and researching investors, and allocate more bandwidth to building the business.
Additionally, Metal allows Projjal to take a more intentional approach whereby his efforts are focused solely on prospective partners that are relevant to his strategy. As his needs evolve, he is able to move into new directions (using Metal to avoid the time-intensive and imperfect research that typically goes into fundraising).
Executive Summary
• High-precision targeting is a highly effective lever to drive success in fundraising
• With a targeted approach, founders can reduce the time required to raise
• Conversion rates tend to be highest when engaging with strong-fit investors
