AcquisitionAug 25, 2026, 15:29 UTC

FGV Capital raises $35M Fund II, merges venture and advisory arms

What's the deal? Fiat Ventures on Tuesday said it is combining its growth consultancy and venture divisions under a new brand, FGV Capital, alongside a $35 million second fund. The fintech-focused firm previously raised a $25 million debut fund.

What's the endgame? General partners Marcos Fernandez and Drew Glover want to merge investing with advisory work, previously run as Fiat Growth, which helped startups scale and access a network of industry executives. Glover said the combination has already helped FGV win spots on startups' cap tables, as founders realized they could access the advisory network by taking its money.

What are the fund's details? Fund II's thesis centers on fintech's intersection with AI, healthcare, and commerce. It will cut checks of $1 million to $1.5 million into at least 25 companies over two years, and has already backed 13.

Who are the LPs? The firm took about 18 months to raise the fund, seeking backers who "could do more than provide capital." LPs include the Reinsurance Group of America, MassMutual, and Bank of America.

What could go wrong? Running an investment vehicle alongside a consultancy raises conflict-of-interest questions. Glover said the two will operate as separate entities with "clear processes" to ensure business relationships don't bias investment decisions.

"The goal is to use the broader FGV infrastructure to give our investment team better information and deeper context, not influence the outcome," Glover said.

The signal: In a market where emerging fund managers struggle to attract LP attention, FGV is betting a combined model can lure both LPs and startups. Across both funds, the firm has backed around 40 companies, including pet insurance startup Wagmo and loan agency Possible Finance.