FGV Capital, formerly known as Fiat Ventures, is a San Francisco-based venture capital firm investing in early-stage fintech, healthtech, and AI companies from pre-seed through Series A. The firm was founded in 2018 as Fiat Growth, a fintech growth consultancy, before launching its venture arm, Fiat Ventures, in 2021; in August 2026 the two entities rebranded together under the unified FGV brand. FGV Capital pairs capital with a full-stack growth, finance, and talent platform built from working inside more than 325 companies, rather than competing on check size alone. The firm closed its oversubscribed $35 million Fund II in August 2026, bringing total assets under management to more than $60 million across Fund I, Fund II, and co-investment vehicles.
FGV Capital invests in early-stage companies at the intersections of financial technology, financial access, healthtech, and AI, from pre-seed through Series A.
Rather than competing primarily on check size, the firm built its growth, finance, and talent platform first and layered venture capital on top, giving portfolio companies hands-on support with customer acquisition, distribution partnerships, financial planning, and recruiting alongside their investment.
The firm targets founders building category-defining products and distribution systems on top of foundational fintech and AI technologies, with a particular focus on financial mobility and inclusion.
FGV Capital closed its second fund, Fund II, at $35 million in August 2026, oversubscribed from an original $25 million target, including co-investment capital.
Fund II is backed by LPs including Reinsurance Group of America (RGA), MassMutual, Bank of America, and the Stellar Development Foundation, alongside foundations, funds of funds, family offices, and high-net-worth individuals.
The firm's debut fund, Fund I, closed at $25 million in November 2022 with Invesco as anchor LP.
Fund II brings the firm's total assets under management to more than $60 million across Fund I, Fund II, and co-investment vehicles.
Leadership
Investment Strategy
Marcos Fernandez previously worked in go-to-market strategy at SoFi and business development at Ripple. Drew Glover was VP of Marketplace at Steady and has helped companies including Root and JPMorgan Chase bring services to market. Alex Harris led paid growth and partnerships at Chime.
The firm typically targets ownership stakes in the low single digits per investment and leans on operational support through its broader FGV platform (Growth, Finance, and Talent services) rather than check size to win competitive deals.
Notable Investments
Notable Exits
Marcos Fernandez — Co-Founder and Managing Partner
marcos@fiat.vc
Drew Glover — Co-Founder and General Partner
drew@fiat.vc
Alex Harris — Co-Founder and General Partner
United States
