Fiat Ventures has combined its venture and growth advisory units under a new brand, FGV Capital, and raised a $35 million second fund. The fintech-focused vehicle will write $1–1.5 million checks into at least 25 companies over two years, with LPs including RGA, MassMutual and Bank of America.
Fiat Ventures has consolidated its venture and growth advisory operations under a new brand, FGV Capital, and raised a $35 million second fund focused on fintech, the firm told TechCrunch.
FGV Capital is led by general partners Marcos Fernandez and Drew Glover. The new structure combines the Fiat Growth consultancy, which works on scaling and go-to-market, with the venture arm, while keeping the advisory business and investment vehicle as separate entities.
Glover said the firm has put “clear processes” in place to prevent advisory relationships from biasing investment decisions, framing the goal as using “the broader FGV infrastructure to give our investment team better information and deeper context, not influence the outcome.” He added that the combined model has already helped FGV win allocations on startup cap tables.
Fund II targets fintech at the intersection with AI, healthcare, commerce and related verticals. It took roughly 18 months to raise and brought in LPs “who could do more than provide capital,” including Reinsurance Group of America, MassMutual and Bank of America.
The $35 million vehicle will write $1 million to $1.5 million checks into at least 25 companies over about two years, and has already backed 13. FGV previously raised a $25 million first fund and has invested in around 40 startups to date, including pet insurance provider Wagmo and lender Possible Finance.
FGV also runs a program to help LP portfolio companies scale and connects LPs with advisory-side clients for partnership opportunities. Fernandez described the approach as a “full-stack model” where companies can move between being investments and advisory clients, and LPs can become customers or partners to the portfolio while each line of business operates independently.
