FM CAPITAL
FM CAPITAL is a Pre-seed, Seed, Series A, Series C+ and buyout fund in the US and Western Europe writing $5M–$15M checks into AI, Enterprise, transportation-tech, automotive-tech, mobility, new-energy, ev, autonomous-driving, robotics, connectivity, fleet-management, retail-tech, commerce, vehicle-sensors and dealership-tech.
- Stages
- Pre-seed, Seed, Series A, Series C+, buyout
- Sectors
- AI, Enterprise, transportation-tech, automotive-tech, mobility, new-energy, ev, autonomous-driving, robotics, connectivity, fleet-management, retail-tech, commerce, vehicle-sensors, dealership-tech
- Check size
- $5M–$15M
- Invests in
- US-wide, Western Europe
- Round role
- Leads rounds
- Actively investing
- Yes
- Founded
- 2011
- Assets under management
- $500M+
- Website
- fmcap.com
Thesis
FM Capital, formerly Fraser McCombs Capital, is a venture capital firm founded in 2011 and based in Boulder, Colorado. With over $500 million in AUM across four funds, their latest, Fund IV closed at $240 million in April 2025. They focus on early-to-mid stage technology companies transforming the transportation sector, aiming to advance cleaner, safer, and more efficient movement of people and goods, alongside innovations in customer and dealer experience. Their investment thesis centers on transportation technology, with key areas including AI and SaaS for dealerships, aftermarket services, autonomy, connectivity, new energy, retail commerce, vehicle sensors, and zero-emission vehicles. They prefer companies with demonstrated user loyalty and revenue traction, investing at pre-seed, seed, seed-plus, and Series A stages, as well as growth and buyout stages, particularly in real estate. Geographically, they focus on the US, North America, and Western Europe. FM Capital actively leads investment rounds, engaging hands-on with management teams. Fund IV is expected to invest $5 million to $15 million in over 20 companies. They are committed to advancing the future of transportation through strategic investments and operational support.
Common questions
Does FM CAPITAL invest at the Pre-seed stage?
Yes. FM CAPITAL lists Pre-seed, Seed, Series A, Series C+ and buyout among the stages it invests in.
What check size does FM CAPITAL write?
FM CAPITAL writes $5M–$15M checks.
Where does FM CAPITAL invest?
FM CAPITAL invests in the US and Western Europe.