How an AI/SaaS Founder Used Metal for Follow-On Financing
$7.5M
Total raised
OnLoop helps companies turn AI into working products, automations, and agents that improve how teams operate.
Problem Statement
Projjal had already raised from strong institutional investors. The challenge wasn’t finding more funds; it was identifying investors that would fit alongside OnLoop’s thesis, existing cap table, and round dynamics. Specifically, OnLoop wasn’t ready to raise the next round, and was instead looking for follow-on capital into their prior round.
Traditional investor databases could show stage and sector fit, but not the behavioral signals needed to distinguish investors that like to follow on in existing rounds. As a result, Projjal kept hitting the same problem: “Not the right fit.”
Introducing the Investor Memory Layer
Over the past few years, Metal has developed a rich investor memory layer with off-market intelligence. Equipped with the memory layer, the platform is able to surface investors that meet certain behavioral requirements, such as high inclination to join rounds as follow on investors.
With Metal, Projjal was able to identify investors that had a longstanding inclination to join existing rounds with small follow-on checks. Equipped with the right empirical precision, he was now in a position to speak with investors that did exactly the types of financings that he had in mind.
Metal turned OnLoop’s existing cap table into a discovery signal, surfacing investors with 50%+ portfolio overlap with its current backers. Investor Intelligence then added another layer of precision, helping Projjal identify Seed investors with a 50%+ tendency to follow leads.
Together, these signals created a much tighter pipeline: investors who fit OnLoop’s thesis, were already aligned with its existing cap table, and had a proven willingness to join rounds behind an established lead.
Outcome
With Metal helping identify investors whose co-investment and follow-on behavior matched OnLoop’s fundraising context, Projjal was able to successfully close the round within 60 days.
“We rely on Metal as our operating system for fundraising, during and in-between rounds. The granularity of Metal's filters and investor intelligence features enable high-precision targeting. The platform allows us to identify very specific types of investors.”
— Projjal Ghatak
Founder & CEO, OnLoop
