Fiat Ventures Rebrands as FGV Capital and Raises $35M Fund II

Fiat Ventures has combined its venture and growth advisory divisions under a new brand, FGV Capital, alongside the launch of a $35 million Fund II.

The fintech-focused firm’s general partners, Marcos Fernandez and Drew Glover, said the new structure is designed to give founders access to both capital and go-to-market support through the firm’s broader network.

The advisory business previously operated as Fiat Growth, helping startups with business scaling, go-to-market strategies and access to industry executives.

FGV said the venture and advisory businesses will remain separate, with processes in place to prevent advisory relationships from influencing investment decisions.

Fund II will focus on fintech and its intersection with sectors including AI, healthcare and commerce. The firm spent around 18 months raising the new fund.

Investors in Fund II include Reinsurance Group of America, MassMutual and Bank of America.

FGV Capital plans to invest $1 million to $1.5 million in at least 25 companies over the next two years. It has already backed 13 companies through the new fund.

The firm previously raised a $25 million first fund and has backed around 40 companies overall, including Wagmo and Possible Finance.

The new model is designed to create a broader ecosystem connecting portfolio companies, advisory clients and limited partners while keeping investment and consulting operations independent.