The pre-seed fundraising landscape has fundamentally shifted. What worked in 2021's frothy market won't cut it in 2025's more disciplined environment. Today's pre-seed founders need a data-driven approach to identify the "most likely" investors—those who actually specialize in their stage, sector, and geography rather than just claiming to be "early-stage friendly." (Metal)
The numbers tell the story: while pre-seed rounds have become the second most common type of venture financing globally, the total number of investors specializing at pre-seed is about one-third that of Series A. (Metal) This concentration means founders can't afford to spray and pray—they need surgical precision in their targeting.
This guide will walk you through building a systematic, data-backed investor target list that maximizes your conversion rates at every step of the fundraising funnel. We'll cover everything from initial prospect identification to advanced filtering techniques, using real market data and proven CRM workflows.
Understanding the 2025 Pre-Seed Landscape
The Current Market Reality
Pre-seed funding has evolved from a rare occurrence to representing over 20% of all venture rounds globally. (Metal) However, this growth comes with increased competition and higher standards.
According to recent market analysis, accelerators dominate the pre-seed space, accounting for approximately 45% of all pre-seed investments. (Metal) Y Combinator, for instance, typically invests $125K for 7% equity, followed by another $375K in subsequent rounds. (Who Is Investing @ Pre-Seed?)
The shift in funding strategy is notable: funds that previously invested in both pre-seed and seed rounds are now leaning more heavily toward seed-stage investments. (Who Is Investing @ Pre-Seed?) This means the pool of true pre-seed specialists has become more concentrated but also more predictable for founders who know how to identify them.
Traction Expectations in 2025
The bar for pre-seed funding has risen significantly. While accelerators may still invest in companies without revenue, most venture investors now expect some form of market validation or early prototype. (Metal)
For B2B SaaS companies, this typically means:
• A small set of engaged freemium users or paying customers
• Clear evidence of product-market fit signals
• Demonstrable demand validation through customer feedback or pre-orders
The key insight: investors are betting primarily on the team, market opportunity, and evidence of latent demand rather than just the idea. (Metal)
Step 1: Define Your Investor Criteria Framework
The Six Core Principles for Investor Identification
Before diving into databases and spreadsheets, you need a clear framework for what constitutes a "most likely" investor. Based on empirical analysis of successful pre-seed rounds, there are six core principles that should guide your targeting: (Metal)
1. Stage Specialists vs. Stage Tourists
The most critical distinction in pre-seed fundraising is identifying true stage specialists versus stage tourists. Stage specialists are investors who consistently invest at pre-seed, while stage tourists only participate opportunistically in outlier deals. (Metal)
To identify stage specialists, filter for investors who have made at least 25% of their total investments at the pre-seed stage. This data-driven approach eliminates the guesswork and ensures you're targeting investors who understand pre-seed dynamics.
2. Sector Concentration vs. Sector Familiarity
At pre-seed, most investors tend to be sector agnostic due to the experimental nature of early-stage investing. (Metal) However, you should still distinguish between:
• Sector Familiar: Investors who have made a minimum number of investments in your sector
• Sector Concentrated: Investors who have made a minimum percentage of investments in your sector
For example, if you're building in healthcare, look for investors like Khosla Ventures, which has concentrated 27% of all investments in healthcare, with specific focus areas in drug discovery (24%) and therapeutics (29%). (Metal)
3. Geographic Relevance
Avoid being either overly restrictive (only local investors) or too liberal (global spray-and-pray). Instead, identify investors who are "geographically relevant" based on their investment patterns. (Metal)
For US founders, target investors who have made a healthy percentage of investments in North America, including European and Asian investors who actively invest in US companies. For founders in developing markets, look for investors with at least 3 investments in similar geographies.
4. Fund Size Alignment
Most investors maintain check sizes of roughly 1-2% of their total fund size. (Metal) If you're raising $1-2M (typical pre-seed range), target investors with fund sizes of $50-200M who can write meaningful $100-300K checks.
5. Active Deployment Status
Only about 10% of all venture funds are actively deploying capital at any given time. (Metal) Filter for investors who have made at least one investment in the past 3-6 months to ensure they're actively writing checks.
6. Lead Capability
Early in your fundraising process, focus on investors with a history of leading rounds. Look for investors where at least 30-40% of their investments involve leading the round rather than following. (Metal)
Step 2: Source Your Initial Prospect Universe
Public Database Starting Points
Begin with these reliable data sources to build your initial prospect list:
Primary Sources:
• Crunchbase Pro: Comprehensive investor database with filtering capabilities
• PitchBook: Professional-grade venture data (if accessible)
• AngelList: Strong coverage of early-stage investors and syndicates
• Carta's investor directory: Focus on active US investors
Secondary Sources:
• VC firm websites and portfolio pages
• Accelerator alumni networks
• Industry-specific investor lists
• LinkedIn Sales Navigator for investor discovery
Initial Filtering Criteria
Start broad, then narrow down. Your initial filters should capture:
Filter CategoryCriteriaStage FocusPre-seed specialist (>25% of investments)Investment ActivityActive in last 6 monthsFund Size$50M - $200M for $1-2M roundsGeographic FocusRelevant to your locationSector ExposureSome familiarity with your space
This should yield 200-500 initial prospects depending on your sector and geography.
Step 3: Enrich and Filter Using Advanced Data
Leveraging Metal's 20+ Filter System
Once you have your initial prospect universe, it's time to apply sophisticated filtering to identify the highest-probability targets. Metal's platform provides over 20 granular filters that can significantly improve your targeting precision. (Metal)
Key Enrichment Data Points
Investment Pattern Analysis:
• Average check size and range
• Typical round participation (lead vs. follow)
• Investment frequency and timing
• Portfolio company stage progression
Metal's network expansion capabilities help identify warm introduction paths through your existing connections. (
Use Metal's advanced search to identify portfolio founders who meet two key criteria: they recently raised from your target investor (within 2-3 years) and are building products you could see yourself using. (
Propensity Scoring Framework
Develop a simple scoring system to rank your prospects:
Propensity Score = (Stage Fit × 3) + (Sector Fit × 2) + (Geography Fit × 2) + (Network Overlap × 3) + (Recent Activity × 2)
Where each factor is scored 1-5:
- Stage Fit: % of pre-seed investments
- Sector Fit: Familiarity with your sector
- Geography Fit: Investment pattern alignment
- Network Overlap: Strength of mutual connections
- Recent Activity: Investment frequency
This weighted scoring prioritizes the most important factors while ensuring you don't miss high-potential prospects.
Step 4: Organize Your Target List for Maximum Efficiency
CRM Setup and Pipeline Management
Metal's built-in CRM functionality allows you to manage your entire fundraising pipeline from prospect identification through close. (Metal) Here's how to structure your investor pipeline:
Pipeline Stages:
1. Research - Initial prospect identification
2. Qualified - Passed all filtering criteria
3. Warm Intro Pending - Seeking introduction
4. Outreach - Direct contact initiated
5. Meeting Scheduled - First meeting confirmed
6. Due Diligence - Active evaluation process
7. Term Sheet - Negotiating terms
8. Closed - Investment completed
Advanced Data Columns for Tracking
Metal's high-resolution search capabilities enable founders to add advanced data columns to view key trends for qualified investors. (Metal) Essential columns include:
ColumnPurposeLast Investment DateGauge current activity levelAverage Check SizeEnsure round fitLead PercentageIdentify potential round leadersPortfolio OverlapFind sector familiarityMutual ConnectionsPrioritize warm intro pathsResponse RateTrack outreach effectivenessMeeting ConversionMeasure pitch success
Segmentation Strategy
Divide your target list into three tiers:
Tier 1 (25-30 investors): Perfect fit across all criteria
• High propensity scores (12-15)
• Strong warm introduction paths
• Recent investment activity
• Clear sector thesis alignment
Tier 2 (50-75 investors): Good fit with minor gaps
• Medium propensity scores (8-11)
• Some network overlap or direct outreach potential
• Active but less frequent investors
Tier 3 (100+ investors): Broader net for market coverage
• Lower propensity scores (5-7)
• Cold outreach candidates
• Backup options if Tier 1/2 don't convert
Step 5: Execute Your Outreach Strategy
Warm Introduction Prioritization
The venture industry runs on warm introductions, making network leverage critical for pre-seed success. (Metal) Metal's network analysis helps identify the strongest introduction paths by analyzing your LinkedIn and Gmail connections.
Introduction Quality Hierarchy:
1. Portfolio founder introductions - Highest conversion rate
2. Mutual investor connections - Strong credibility signal
3. Industry peer referrals - Good context and relevance
4. Professional network - Moderate effectiveness
5. Cold outreach - Lowest conversion but necessary for coverage
Portfolio Founder Outreach Strategy
Metal enables you to identify portfolio founders who have also raised from your existing investors, creating natural conversation bridges. (Metal) This dual connection significantly increases introduction success rates.
Outreach Template Framework:
Subject: Introduction request - [Mutual Investor] portfolio founder
Hi [Founder Name],
I noticed we're both [Mutual Investor] portfolio companies - they invested in [Your Company] last [timeframe] and I see they backed [Their Company] in [year].
I'm currently raising our pre-seed round and would love a brief introduction to [Target Investor] given your positive experience working with them. Happy to share our deck and keep it brief.
Would you be open to a quick 15-minute call to discuss?
Best,
[Your Name]
Direct Outreach for Pre-Seed
Many pre-seed funds welcome warm emails or have open application processes. (Metal) This makes direct outreach more viable at pre-seed than later stages.
Cold Email Best Practices:
• Lead with traction metrics and social proof
• Reference specific portfolio companies or investment thesis
• Keep initial email under 150 words
• Include clear ask and next steps
• Attach deck as PDF, not link
Step 6: Track and Optimize Your Funnel
Key Metrics to Monitor
Track these conversion metrics to optimize your approach:
MetricBenchmarkOptimization FocusEmail Open Rate40-60%Subject line testingResponse Rate15-25%Message personalizationMeeting Conversion30-50%Pitch deck refinementSecond Meeting Rate40-60%Due diligence preparationTerm Sheet Conversion10-20%Investor fit accuracy
Iterative Refinement Process
Use Metal's CRM tracking to identify patterns in your most successful investor interactions: (Metal)
1. Weekly pipeline reviews - Assess progress and bottlenecks
2. Monthly cohort analysis - Compare Tier 1 vs Tier 2 performance
3. Quarterly strategy adjustment - Refine targeting criteria based on results
A/B Testing Framework
Test different approaches systematically:
• Subject lines - Traction vs. team vs. market angle
• Email length - Brief vs. detailed initial outreach
• Deck versions - Metrics-heavy vs. vision-focused
• Meeting formats - Video call vs. in-person vs. phone
Real-World Success Examples
Case Study: Sub-$500K ARR Pre-Seed Success
Recent successful pre-seed rounds demonstrate that strong targeting can overcome modest traction metrics. Companies have successfully raised $1-2M rounds with annual recurring revenue below $500K by focusing on growth velocity rather than absolute numbers. (List of SaaS Investors & VC Firms for Startups (2025))
Success Factors:
• 100-150% year-over-year growth rates
• Clear path to $1M+ ARR within 12 months
• Strong unit economics and customer retention
• Experienced team with relevant domain expertise
Metal Customer Success Stories
Metal's platform has enabled numerous successful fundraising outcomes through precise investor targeting. Customer stories from companies like Creator Land and Kidsy demonstrate how data-driven investor identification significantly improves fundraising efficiency. (Metal) (Metal)
These success stories highlight common patterns:
• Focused targeting of 50-100 highly qualified investors
• Systematic warm introduction strategies
• Rigorous pipeline management and follow-up
• Continuous refinement based on feedback and results
Your Downloadable Workflow Template
Airtable/CSV Template Structure
Here's a comprehensive template structure for organizing your investor target list:
Core Fields:
• Investor Name
• Fund Name
• Contact Email
• LinkedIn Profile
• Fund Size
• Typical Check Size
• Stage Focus (%)
• Sector Focus
• Geographic Focus
• Last Investment Date
• Lead Percentage
• Portfolio Companies (relevant)
• Mutual Connections
• Introduction Path
• Propensity Score
• Outreach Status
• Response Date
• Meeting Status
• Notes
Calculated Fields:
• Days Since Last Investment
• Network Strength Score
• Sector Fit Score
• Overall Priority Ranking
Integration with Metal's Pipeline View
Metal's CRM integrates seamlessly with external data sources, allowing you to import your target list and leverage the platform's advanced tracking capabilities. (Metal) The integration process involves:
1. Data Import - Upload your CSV/Airtable export
2. Field Mapping - Align your columns with Metal's data structure
3. Enrichment - Leverage Metal's database for additional data points
4. Pipeline Setup - Configure stages and tracking workflows
5. Automation - Set up follow-up reminders and progress tracking
Advanced Strategies for 2025
Leveraging AI-Powered Insights
The fundraising landscape is increasingly data-driven, with platforms like Metal incorporating AI to surface the most relevant investor matches. (Y Combinator) This technology enables founders to identify patterns and opportunities that might not be obvious through manual analysis.
AI-Enhanced Targeting:
• Predictive scoring based on historical success patterns
• Automated identification of emerging investor trends
• Dynamic re-ranking based on market conditions
• Personalized outreach recommendations
Market Timing Considerations
The 2025 pre-seed market reflects a "return to normal" after the ZIRP era excess. (Pre-Seed and Seed Trends: 2024 Breakdown and 2025 Outlook) This normalization creates both challenges and opportunities:
Challenges:
• Higher traction expectations
• More selective investor behavior
• Increased competition for quality deals
Opportunities:
• More predictable investor behavior
• Clearer market signals and feedback
• Better alignment between investor expectations and founder preparation
Sector-Specific Considerations
While pre-seed investors tend to be sector agnostic, certain sectors show stronger investor concentration. SaaS companies benefit from the sector's attractive unit economics and scalability, with investors particularly focused on recurring revenue models and strong retention metrics. (List of SaaS Investors & VC Firms for Startups (2025))
SaaS-Specific Metrics:
• Annual Recurring Revenue (ARR) growth rate
• Net Revenue Retention (NRR)
• Customer Acquisition Cost (CAC) and Lifetime Value (LTV)
• Clear path to profitability
Implementation Timeline and Next Steps
Week 1-2: Foundation Building
• Define your investor criteria framework
• Set up Metal account and complete onboarding
• Integrate LinkedIn and Gmail data sources (Metal)
• Build initial prospect universe from public databases
Week 3-4: Advanced Filtering and Enrichment
• Apply Metal's 20+ filter system to refine targets
• Calculate propensity scores for all prospects
• Identify warm introduction paths through network analysis
• Segment prospects into Tier 1, 2, and 3 categories
Week 5-6: Outreach Preparation
• Craft personalized outreach templates
• Prepare pitch deck and supporting materials
• Set up CRM pipeline and tracking systems
• Begin warm introduction requests
Week 7+: Execution and Optimization
• Launch systematic outreach campaign
• Track conversion metrics and optimize approach
• Conduct investor meetings and follow-up
• Iterate based on feedback and results
Conclusion: The Precision Advantage
Building a laser-focused investor target list isn't just about efficiency—it's about dramatically improving your odds of success in an increasingly competitive pre-seed market. The data is clear: founders who take a systematic, data-driven approach to investor identification see higher conversion rates at every stage of the fundraising funnel. (Metal)
The key insight for 2025 is that precision beats volume. Rather than reaching out to hundreds of investors with a generic pitch, successful founders are identifying 50-100 highly qualified prospects and crafting targeted approaches that demonstrate clear fit and mutual benefit.
Metal's platform provides the data infrastructure and CRM capabilities to execute this strategy effectively, from initial prospect identification through successful close. (Metal) By leveraging the company's 20+ filtering capabilities, network analysis tools, and pipeline management features, founders can build and execute a fundraising strategy that maximizes their chances of securing the right pre-seed partners.
The 2025 pre-seed landscape rewards preparation, precision, and persistence. Founders who invest time in building a systematic investor targeting process will find themselves better positioned to navigate the market's challenges and capitalize on its opportunities. With the right data, tools, and strategy, raising a successful pre-seed round becomes not just possible, but predictable.
Frequently Asked Questions
What makes the 2025 pre-seed fundraising landscape different from previous years?
The 2025 pre-seed market is significantly more disciplined compared to the frothy 2021 environment. Investors now have higher standards for deals closing, and there's been a strategic shift where funds that previously invested in both pre-seed and seed rounds are now leaning more heavily toward seed-stage investments. This means founders need a more targeted, data-driven approach to identify investors who actually specialize in their specific stage, sector, and geography.
How can Metal's platform help founders build better investor target lists?
Metal's AI-powered platform accelerates the research and diligence process by unifying internal and external data to uncover valuable insights. The platform supports advanced filtering techniques including stage and sector filters, helping founders identify the highest-probability investors rather than just those claiming to be "early-stage friendly." Metal's technology reduces the effort needed to collect and parse investor data, making the targeting process more efficient and data-driven.
What key metrics do pre-seed investors focus on in 2025?
Pre-seed investors in 2025 prioritize strong fundamentals and clear growth trajectories. For SaaS companies specifically, they look for robust Annual Recurring Revenue (ARR) growth rates, strong Net Revenue Retention (NRR), healthy Customer Acquisition Cost (CAC) to Lifetime Value (LTV) ratios, and a clear path to profitability. The focus has shifted from growth-at-all-costs to sustainable, metrics-driven businesses with proven market demand.
Which accelerators and investors dominate the pre-seed space currently?
Accelerators like Y Combinator, HF0, NEO, and Sequoia Arc currently dominate the pre-seed funding landscape. Y Combinator typically invests $125K for 7% equity, followed by an additional $375K for the first $375K in subsequent funding rounds. These accelerators have become increasingly selective, focusing on startups with strong execution potential and clear market validation.
What are the biggest risks investors consider in pre-seed rounds?
Pre-seed funding carries significant risks that investors carefully evaluate, including execution risk (can the team actually build and scale the product), demand risk (is there real market need), customer acquisition challenges (can they efficiently acquire and retain customers), and market timing risk (is this the right time for this solution). Successful founders address these concerns proactively in their investor targeting and pitch strategy.
How should founders structure their CRM workflows for investor outreach?
Effective CRM workflows for investor outreach should include systematic data collection, automated follow-up sequences, and performance tracking from first contact to closed deals. Founders should segment investors by stage preference, sector focus, and geographic location, then create personalized outreach campaigns. The key is maintaining consistent communication while tracking engagement metrics to optimize conversion rates throughout the fundraising process.
Sources
1. https://docs.metal.so/content/high-resolution-identification/stage-and-sector-filters
2. https://docs.metal.so/content/network/network-expansion
3. https://docs.metal.so/quickstart
4. https://jamesin.substack.com/p/who-is-investing-pre-seed
5. https://www.highwayventures.com/insights/pre-seed-and-seed-trends-a-2024-breakdown-and-2025-outlook
7. https://www.metal.so/blog/finding-investors
8. https://www.metal.so/blog/overview-of-pre-seed-funding
9. https://www.metal.so/blog/pursuing-investors-in-similar-companies
10. https://www.metal.so/customer-stories/creator-land
11. https://www.metal.so/customer-stories/kidsy
