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Metal's fundraising data suggests that process velocity, not traction or founder experience, is the strongest predictor of fundraising success.
Gul Usman, founder and CEO of Metal, has experienced both sides of venture capital fundraising. After working at Mastercard, Marqeta, and DoorDash, he founded Airlift in Pakistan, raising $120 million in venture financing before the company shut down after failing to secure its Series C. Now, backed by a16z and Y Combinator, he's building Metal, an AI-powered fundraising platform serving hundreds of founders.
In this episode of the Ignite Podcast, host Brian Bell sits down with Gul to examine why fundraising remains inefficient and what actually separates founders who close rounds from those who don't.
Drawing on data from thousands of fundraising processes, Gul reveals that only about 7% to 20% of fundraising attempts succeed, depending on the stage. Surprisingly, Metal's analysis identifies process velocity as the strongest predictor of success, ahead of traction, founder background, and existing investors. Founders who move investors through their pipelines quickly, replace stalled conversations, and maintain momentum have a meaningful advantage.
Gul also challenges conventional startup growth advice. After Airlift expanded aggressively during the 2021 funding boom and ultimately shut down, he adopted a different philosophy at Metal: prioritize long-term positioning over maximizing quarterly growth. He explains why independent thinking, customer retention, and strategic urgency matter more than simply moving faster.
In Today's Episode We Discuss:
00:01 Introduction to Gul Usman and Metal
00:48 From Lahore to Mastercard, Marqeta, and DoorDash
03:31 The DoorDash experiment that broke Salesforce
08:52 Why career growth isn't linear
10:37 Building Airlift and solving Pakistan's transportation problem
13:25 Why Airlift shut down after raising $120 million
16:05 The fundraising problem that inspired Metal
19:25 Y Combinator, experimentation, and finding product-market fit
22:47 Solving fundraising software's retention problem
26:01 How Metal matches founders with investors
30:03 Why sustainable growth beats short-term acceleration
32:48 Strategic urgency versus bias for action
35:29 Why most fundraising processes fail
40:02 Making investor updates more effective
42:12 Why warm introductions outperform cold emails
46:02 The strongest predictor of fundraising success
48:30 Closing thoughts and Metal's future
The conversation includes Gul's DoorDash experiment that persuaded restaurants to offer 32% commissions by modeling incremental revenue, Metal's six-landing-page experiment during YC, and a practical technique for removing unresponsive investors from fundraising pipelines. Brian also explains how specific round-progress updates can revive investor conversations.
The deeper lesson is that lasting entrepreneurial advantage comes from independent judgment, disciplined preparation, and knowing where to direct effort.
Pull Quotes:
"It's not your capital, it's not your traction, it's none of those things, is actually your process velocity."
"The preparation goes into a round is is where the magic happens."
Subscribe on Spotify: https://open.spotify.com/show/6Ga6v0YUsHotLhjap67uu5
Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/ignite-conversations-on-startups-venture-capital-tech/id1709248824
Follow Gul Usman on LinkedIn: https://www.linkedin.com/in/gulsf/
Follow Gul Usman on Twitter: https://x.com/usmangul
Follow Brian on Linkedin: https://www.linkedin.com/in/bblinkedin/
Visit Our Website: https://www.teamignite.vc
🎧 Watch, listen, and follow on your favorite platform: https://www.teamignite.vc/podcast
💬 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast
Pre-order my book LP: The Insider's Guide to Investing in Venture Capital Funds (https://www.thelpbook.com/)
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