- FGV Capital has closed its oversubscribed $35 million Fund II, exceeding its original target of $25 million.
- The firm merged its growth consultancy and venture divisions under the FGV Capital brand.
- Fund II will invest between $1 million and $1.5 million in at least 25 companies over the next two years, having already backed 13.
- Founded in 2018 as Fiat Growth, FGV Capital initially operated as a consultancy before launching its first fund as Fiat Ventures in 2021.
- FGV Capital's debut fund raised $25 million before the launch of Fund II.
FGV Capital has closed its oversubscribed $35 million Fund II, merging its venture and advisory arms to enhance its investment strategy in the fintech sector, particularly at the intersection of AI, healthcare, and commerce.1
Founded in 2025 by Natasha Malpani, FGV Capital aims to invest in at least 25 companies over the next two years, with initial investments already made in 13 startups. The firm typically writes checks ranging from $1 million to $1.5 million and has a focus on pre-seed and seed stages, addressing a gap in early-stage risk capital in India.
The fund was initially targeted at ₹200 crore but was oversubscribed, reflecting strong investor interest. Malpani stated, “We decided we were going to do ₹300 crore, or $35 million. We were oversubscribed.” The firm has already invested in 10 companies and plans to continue deploying capital over the next two to three years.
FGV Capital's unique model combines investment with advisory services, allowing it to leverage its consultancy to provide startups with strategic support. General partner Drew Glover emphasized that this approach helps FGV win spots on startups' cap tables, stating, “The goal is to use the broader FGV infrastructure to give our investment team better information and deeper context.” The firm has backed around 40 companies across both funds, including notable startups in fintech and healthtech.
With the closing of Fund II, FGV Capital's total assets under management exceed $60 million, positioning it as a significant player in the venture capital landscape.
“The fund will cut checks of $1 million to $1.5 million into at least 25 companies over two years, with 13 already backed. LPs include Reinsurance Group of America, MassMutual, and Bank of America, and the firm's total assets under management now exceed $60 million.”
Tech Funding News
