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FGV Capital has closed its second fund at USD $35 million and rebranded from Fiat Ventures. The fund was oversubscribed against an original USD $25 million target.
The new vehicle, which includes co-investment capital, will back early-stage companies at the intersection of financial technology, financial access and artificial intelligence. At the same time, Fiat Growth and Fiat Ventures have been brought together under the FGV brand, while continuing to operate as separate entities.
The second fund brings total assets under management to more than USD $60 million. Marcos Fernandez, Drew Glover, Alex Harris and Rohit Ramkumar lead the group.
Backers include Reinsurance Group of America, MassMutual, Bank of America and the Stellar Development Foundation, alongside foundations, funds of funds, family offices and high-net-worth individuals. The investor base gives the firm support from both established financial institutions and specialist capital providers focused on financial services innovation.
The rebrand creates a single identity across the group's investment and growth advisory operations. The move is intended to give founders, investors and allocators one recognised platform as the business expands its reach.
Marcos Fernandez outlined the firm's view following the fund close.
"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, 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."
Growth model
The firm has built its investment approach around operational support rather than relying solely on fund size. That support includes customer acquisition and retention, strategic finance advice and recruitment help for portfolio companies as they scale.
Drew Glover said the business aims to change how venture firms work with early-stage founders.
"There's been almost no real innovation in how venture itself works," said Drew Glover, Co-Founder and General Partner, 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."
Since launching in 2018, the FGV team has worked with more than 325 companies across financial technology, healthtech and AI. Those efforts have generated billions of dollars in revenue through direct-to-consumer acquisition, B2B sales support and partnership-led distribution.
The investment focus remains on sectors where regulated financial services, software and data intersect. FGV is particularly interested in businesses developing products and distribution systems on top of foundational AI and fintech technologies.
Investor support
Some of the fund's backers also have broader strategic ties to the firm. Chris Murumets of Reinsurance Group of America said the relationship spans several initiatives beyond the new fund.
"FGV Capital brings together expertise in financial services, technology, and data-driven growth, areas that are increasingly important to the future of our industry," said Chris Murumets, Chief Innovation Officer, Americas, RGA. "As an investor in Fund II and a strategic partner across several initiatives, RGA values FGV's ability to connect early-stage companies with the resources and insights needed to grow thoughtfully. We look forward to continuing our work together to support innovation across insurance and financial services."
The Stellar Development Foundation also linked its backing to FGV's focus on financial infrastructure.
"As a network designed for regulated finance, Stellar was built to make financial services more open, efficient, and compliant at global scale. We see that same ethos in FGV Capital, whose growth-platform-first model is helping founders build the inclusive, scalable financial infrastructure the next decade demands," said Jose Fernandez da Ponte, President and Chief Growth Officer, Stellar Development Foundation.
MassMutual also highlighted the fund manager's sector specialism and involvement with portfolio companies.
"FGV Capital delivers value beyond capital through its deep fintech expertise, industry connectivity, and a hands-on approach to drive founder success," said Akobe Sandy, Head of First Fund, MassMutual. "We're excited to partner with FGV as they continue backing the next generation of fintech and AI innovators and helping to shape a more accessible and responsible financial future."
Across Fund I, Fund II and co-investment vehicles, FGV Capital has invested in more than 40 portfolio companies, including Splitero, Brellium, Trellis, Sunfish, Possible Finance and Wagmo.
Several companies from its earlier portfolio have recently announced Series A and Series B rounds, indicating follow-on progress among businesses backed in its early years. Fund II gives FGV a larger pool of capital as it pursues more early-stage deals in fintech, financial access and AI.