FGV Capital, the newly rebranded venture firm formerly known as Fiat Ventures, has closed a $35M Fund II, surpassing its original $25M target.
The vehicle, which includes co-investment capital, was oversubscribed and backed by institutional limited partners including Reinsurance Group of America, MassMutual, Bank of America, and the Stellar Development Foundation, alongside foundations, fund of funds, family offices, and high-net-worth individuals. The fund will back early-stage companies at the intersection of financial technology, financial access, and AI innovation.
A New Brand, A Unified Platform
Alongside the fund close, the firm is launching a unified brand that brings Fiat Growth and Fiat Ventures together under a single FGV identity. While the two entities remain legally distinct, the consolidated brand creates a single platform recognized across founders, investors, and allocators.
The rebrand reflects both the breadth of FGV’s services and a deliberate signal about where the firm is headed. As AI reshapes what growth looks like in fintech and elevates the importance of distribution, FGV is positioning itself as the partner that bridges early-stage capital with the operational depth that category-defining companies need to scale.
Advertisement
A Different Model For Venture Capital
FGV Capital was built around a deliberate inversion of the traditional venture model. Rather than competing on check size or assets under management, the firm constructed a full-stack growth and distribution platform first, then layered capital on top of it. The result is a firm that can offer founders the operational support typically associated with much larger funds, without requiring the scale of a multi-billion-dollar vehicle to deliver it.
Since launching in 2018, the FGV team has partnered with more than 325 companies across fintech, healthtech, and AI, supporting customer acquisition across direct-to-consumer, B2B, and B2B2C channels, as well as strategic finance and talent recruitment. Fund II brings the firm’s total assets under management to over $60M.
Portfolio And Market Traction
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. Recent Series A and Series B announcements from the early portfolio reflect the firm’s track record of supporting companies from initial investment through subsequent institutional rounds.
The fund’s LP base spans regulated financial services, reinsurance, and blockchain infrastructure, giving portfolio companies access to strategic relationships across the sectors most relevant to fintech and AI founders.
Looking Ahead
Marcos Fernandez, Co-Founder and Managing Partner at FGV Capital, described what Fund II represents for the firm’s model: “Fund I showed that our model can consistently win access to top founders and create meaningful value for them. 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.”
Drew Glover, Co-Founder and General Partner, explained the firm’s founding logic: “There’s been almost no real innovation in how venture itself works. We flipped that script by building a growth and distribution platform first and a fund second. 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.”
About FGV Capital
FGV Capital is a San Francisco-based venture capital firm focused on early-stage companies at the intersection of financial technology, healthtech, and AI. Formerly known as Fiat Ventures, the firm combines institutional capital with a full-stack growth and distribution platform, backing founders with hands-on support across customer acquisition, strategic finance, and talent. FGV Capital has partnered with more than 325 companies since 2018 and manages over $60M in total assets under management.
