Case studies · RagMetrics

Greylock, Madrona, Scale VP, Eniac & Radical in one campaign.

RagMetrics was raising a $2M SAFE for their AI trust layer. The product worked, the market was hot, and the founders were credible. What they didn't have was a way to consistently land in front of partners at the top funds. We ran one focused, signal-led campaign and put their deck on five tier-one desks.

Investor outreachAI infrastructureDeveloper tools$2M SAFE
Client: RagMetrics Round: $2M SAFE Stage: Seed / Series A AI infra
679
Partners contacted
347 unique leads with reply window open
5.19%
Reply rate
Against partner-level inboxes (typical: 1--2%)
5
Qualified deck requests
27.78% positive of all replies
0%
Bounce rate
Across the entire campaign

The setup.

Most outbound for fundraising fails for the same reason: it's volume-led, not signal-led. Founders blast a generic deck to a thousand investors hoping one bites. The funds that matter -- the ones that lead rounds and bring real follow-on capital -- see right through it.

RagMetrics needed the opposite. Lower volume, sharper targeting, and messaging that read like it was written by someone who actually understood the AI infrastructure space. Like most early-stage founders, the team had already burned through the standard fundraising playbook with limited returns -- warm intros from their angel network produced a handful of conversations but ran out fast, and a previous outbound attempt with stock templates produced opens but no real engagement.

“We needed real conversations with real funds, not vanity metrics. ClayStan delivered exactly that.”
Founding team · RagMetrics

The takeover.

We were brought in to run a single, focused investor outreach campaign. The target was clear: tier-one and tier-two AI-focused VCs in the United States who write checks at the seed and Series A stage in AI infrastructure, developer tools, and AI safety.

The reply rate looks modest on paper. The quality of the replies is what matters. When five partners at brand-name VCs ask you to send the deck in a single campaign, that is not a numbers game. That is signal that the targeting and messaging are working.

Campaign performance.

RagMetrics campaign dashboard -- 679 partners contacted, 18 replies (5.19% partner-level reply rate), 5 qualified deck requests
679 partners contacted · 18 replies (5.19% against partner-level inboxes) · 5 qualified deck requests · 0% bounce

The replies that mattered.

Reply from Greylock Partners
Greylock Partners -- $3.5B+ AUM, founded 1965, $10--$50M checks; portfolio includes Airbnb, Facebook, LinkedIn, Workday, Dropbox, Discord. Direct “send the deck.”
Reply from Radical Ventures
Radical Ventures -- $2.5B+ AUM, North America's largest AI-dedicated VC; portfolio includes Cohere, Waabi, World Labs, Hebbia. “Happy to learn more, send it my way.”
Reply from Madrona Ventures
Madrona Ventures -- $770M latest fund, 30 years operating, 612 investments; portfolio includes Amazon, Snowflake, Smartsheet, Redfin, Apptio. Direct interest with detail request.
Reply from Scale Venture Partners
Scale Venture Partners -- $2.8B AUM, $900M Fund VIII; 380+ enterprise software portfolio (Box, DocuSign, HubSpot, Bill.com, RingCentral). Direct “send to me.”
Reply from Eniac Ventures
Eniac Ventures -- $520M+ AUM across six funds ($160M Fund VI, $60M Select 1 in 2024); 250+ portfolio cos including Airbnb, Hinge, Attentive, Anchor (Spotify), Vungle.

The stack we deployed

  • Octoparse + Instant Data Scraper -- investor database scraping
  • Clay -- data enrichment and personalization
  • Apollo, Icypeas, Leadmagic -- email enrichment
  • BounceBan + Reoon -- double email verification, sub-1% bounce (0% on this campaign)
  • EmailGuard -- bypass ESPs, land in primary
  • HeyReach -- LinkedIn outreach sequencing
in
The full copy framework

Subject-line research, framing, and body structure -- broken down on LinkedIn.

Read the data-backed guide to fundraising

Raising for AI infrastructure?

If you're a founder building in AI infrastructure, developer tools, or AI safety -- we can replicate this for your campaign.

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