FM Closes $240 Million Fund IV

FM Capital, an investor in technology companies transforming automotive sales, service, and transportation, has held an oversubscribed final close of its fourth and largest fund to date with $240 million of capital.

FM Capital’s limited partners in Fund IV include new and returning investors across the automotive sector, including distributors, original equipment manufacturers, dealers, suppliers, insurers, and other industry-aligned stakeholders.

Like its earlier funds, Fund IV will invest in early-to-mid stage companies leveraging advanced technologies, including AI and SaaS platforms that improve dealership operations, aftermarket services, and remarketing, along with autonomy, robotics, connectivity, fleet management, and energy transition.

Fund IV will look to invest in over 20 companies, with initial investments of $5 million to $15 million.

“We’re elated that the fund was oversubscribed by 20 percent, with the capital coming from the best and brightest in the automotive industry,” said Chase Fraser, a managing partner at FM Capital. “These investors aren’t just backing a fund — they’re leaning into what’s next. For the entrepreneurs we support, this network isn’t just capital — it’s a strategic edge.”

FM Capital‘s most recent publicly disclosed investment occurred in August 2024, when the firm invested in AutoComplete, an automotive technology company. This funding round also included investments from AutoNation, Bain Capital Ventures, and several automotive groups such as Butler Automotive Group and Flow Automotive Companies.

San Francisco-headquartered AutoComplete provides a turn-key auto insurance platform that integrates with car dealerships, enabling them to offer insurance products seamlessly to their customers.

“With the expanded size of the fund, we’re positioned to back more than 20 transformative companies with initial investments ranging from $5–15 million,” said Mark Norman, a managing partner at FM Capital. “From Series A to growth, we’re fueling the next wave of innovation in transportation.”

FM Capital was founded in 2012 and is headquartered in Boulder, Colorado.