Fiat Ventures Rebrands, Raises $35M for Second Private Equity Fund

San Francisco-based Fiat Ventures, an early-stage venture capital firm, has raised $35 million in the closing of its Fund II, exceeding its targeted goal of $25 million. 

The oversubscribed vehicle will use the capital to financially support early-stage companies that focus on financial technology, financial access, and AI innovation. 

The fund, which is led by Marcos Fernandez, Drew Glover, Alex Harris, and Rohit Ramkumar, is backed by firms including Bank of America, MassMutual, Reinsurance Group of America, and the Stellar Development Foundation. 

The fund will cut checks worth $1 million to $1.5 million across at least 25 companies over the next two years. 

The fund has already backed 13 companies and has boosted the firm’s total assets under management to over $60 million. 

Alongside its second fund, Fiat Ventures has rebranded as FGV Capital, in a move that combines its growth consultancy and venture divisions. 

“We flipped that script by building a growth and distribution platform first and a fund second,” Drew Glover, co-Founder and general partner at FGV Capital, said. “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.” 

Fund II comes nearly four years after FGV Capital raised $25 million for Fund I, which exceeded its targeted goal of $15 million.

Pictured: Drew Glover