Metal, a Pakistan-based startup, has raised $4.5 million in a seed funding round led by a16z Speedrun and Y Combinator. The company’s founder and CEO, Usman Gul, who also co-founded the well-known logistics startup Airlift, announced the news through a social media post.
As per the official press release:
With our first startup (Airlift), we raised $120m in venture financing over a three-year period. During that time, we firsthand experienced the inefficiencies and pitfalls of raising venture capital.
With Airlift, over a three-year period, we spoke with ~300 unique investors, primarily through warm introductions. About 80% of these investors were not a fit for our stage, sector, geography and check size at the time when we engaged with them.
At Metal, we have seen the same problem repeat itself time and again. Founders speak with large numbers of investors, many of whom are not relevant to their company or round, and then use those conversations to form conclusions about the broader market.
Metal operates as an AI operating system designed to assist founders with their fundraising and venture capital workflows. Because the platform provides deep intelligence and automation to support startups during their funding rounds, it targets a persistent pain point that many early-stage founders face when navigating capital formation. This positioning reflects Gul’s broader ambition of transforming how startups raise money.
The funding round attracted a notable roster of investors beyond its two lead backers. According to Gul’s post, participation also came from Pioneer Fund, Rebel Fund, Gaingels, Indus Valley Capital, Team Ignite Ventures, and Phaze Ventures, among others. Since these firms span both global and regional ecosystems, their combined involvement signals meaningful confidence in Metal’s approach and market opportunity.
Metal’s growth trajectory appears particularly strong for a startup at this stage. Gul revealed that the company is tracking to close FY2026 with multi-million-dollar annual revenue, having recorded six consecutive quarters of 30 to 80% quarter-on-quarter growth. Because sustained growth across six quarters demonstrates consistent demand rather than a temporary spike, these figures strengthen the case behind the fresh investment.
Gul framed the raise as part of a larger strategic vision extending well beyond fundraising alone. He explained that the moment marks an important step in the company’s broader ambition, turning software that founders initially adopt while raising capital into infrastructure they continue using throughout the entire capital formation process. This suggests Metal aims to embed itself permanently into startup operations.
Alongside the funding announcement, the company published its thesis on the evolution of private capital markets, outlining how it expects the sector to develop in the coming years. This move positions Metal as both a product company and a thought leader within the space. Earlier in June, Metal had already secured strategic investment from Rebel Fund, a venture capital firm that backs high-performing startups emerging from the Y Combinator ecosystem.
