Fiat Ventures is folding its growth consultancy into a single brand called FGV Capital as it closes an oversubscribed $35M second fund. The new vehicle exceeded its original $25M target and pushes the firm’s assets under management past $60M.
General partners Marcos Fernandez and Drew Glover say combining the venture business with the advisory arm, formerly Fiat Growth, helps founders access go-to-market help alongside capital, a pitch that has won the firm spots on startup cap tables. The two businesses will stay separate entities, with processes meant to keep consulting relationships from biasing investment decisions.
Fund II targets fintech at the intersection of AI, healthcare and commerce, cutting checks of $1M to $1.5M into at least 25 companies; 13 are already backed. Limited partners include Reinsurance Group of America, MassMutual and Bank of America, chosen partly for the business guidance they can offer portfolio companies. The firm previously raised a $25M first fund and has backed around 40 companies overall, including pet insurer Wagmo and lender Possible Finance.
FGV points to Splitero, a home equity investment startup it backed first, led through go-to-market strategy and then through its Series A, as the model working: capital plus distribution plus relationships, with each side of the ecosystem feeding the others.
