FGV Capital, formerly known as Fiat Ventures, has closed an oversubscribed $35 million Fund II, exceeding its original $25 million target.
The vehicle, which includes co-investment capital, will invest in early-stage companies operating at the intersection of financial technology, financial access and AI innovation.
Fund II is backed by LPs including Reinsurance Group of America, MassMutual, Bank of America and the Stellar Development Foundation, as well as foundations, funds of funds, family offices and high-net-worth investors.
Alongside the fund close, Fiat Growth and Fiat Ventures are relaunching under the FGV brand, although the businesses will remain distinct entities. The unified brand is intended to connect the firm’s venture capital activities with its growth and distribution platform.
Since launching in 2018, the FGV team has worked with more than 325 companies across fintech, healthtech, AI and other sectors, supporting customer acquisition, B2B sales and distribution partnerships.
FGV Capital has invested in more than 40 portfolio companies across Fund I, Fund II and co-investment vehicles, including Splitero, Brellium, Trellis, Sunfish, Possible Finance and Wagmo. Fund II brings the firm’s total AUM to more than $60 million.
KEY QUOTES:
“Fund I showed that our model can consistently win access to top founders and create meaningful value for them,” said Marcos Fernandez, Co-Founder and Managing Partner at FGV Capital. “With Fund II, we’re applying that approach at institutional scale. We’re leading and co-leading more rounds, structuring transactions, and demonstrating that the real winners need a partner with a differentiated platform, deep operating experience, and a relentless focus on founder outcomes.”
Marcos Fernandez, Co-Founder and Managing Partner at FGV Capital
“There’s been almost no real innovation in how venture itself works,” said Drew Glover, Co-Founder and General Partner at FGV Capital. “We flipped that script by building a growth and distribution platform first and a fund second. To a traditional venture, that sounds disruptive, but we know that founders want partners who will get in the trenches with them to find product-market fit, build durable distribution and scale responsibly. Oversubscribing Fund II and the FGV rebrand demonstrates the success of this model on a bigger scale.”
Drew Glover, Co-Founder and General Partner at FGV Capital
