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FM Capital, also known as First Move Capital, is a venture capital firm founded to transform transportation. Established in the early-to-mid 2010s, the firm is headquartered in the United States and has over $500 million in assets under management across four funds. FM Capital is led by seasoned industry veterans with extensive operational and investment expertise in the automotive and mobility sectors.
The firm has achieved notable milestones, including the successful close of its largest fund, Fund IV, which raised $240 million in April 2025. FM Capital's limited partner base includes automotive dealers, distributors, OEMs, suppliers, insurers, and other participants in the transportation industry. This diverse backing enhances the firm's ability to support its portfolio companies effectively.
FM Capital primarily invests in early to mid-stage companies within the transportation technology sector. The firm targets a range of sectors, including mobility, artificial intelligence, online retail, mobile commerce, vehicle connectivity, autonomy and sensors, shared mobility, and zero-emission vehicles. Investment stages include pre-seed, seed, seed-plus, and Series A.
FM Capital seeks companies that demonstrate user loyalty and revenue traction, indicating a strong potential for rapid scaling. The firm emphasizes supporting businesses that are innovating in vehicle connectivity and zero-emission technologies, aligning with its mission to enhance the movement of people and goods in a cleaner and more efficient manner.
FM Capital has invested in a diverse array of notable companies, many of which have achieved significant exits. Key portfolio companies include:
Additionally, FM Capital has invested in emerging companies such as:
Chase Fraser: Managing Partner; he is a seasoned entrepreneur and venture capital fund manager with a strong background in the automotive sector.
Mark Norman: Managing Partner; he brings extensive experience in venture capital and has a focus on transportation technologies.
Meredith Murphy: CFO; she oversees financial operations and has a background in finance and investment management.
Zack Freed: Principal; he is involved in sourcing and evaluating investment opportunities within the firm's focus sectors.
Dylan Grien: Senior Associate; he supports the investment team in due diligence and portfolio management.
Kailia Lopez: Senior Operations Coordinator; she manages operational aspects of the firm and assists in portfolio company support.
Joel Zimbrick: Associate; he contributes to investment analysis and deal execution.
Kerry Grant: Administrative Assistant; she provides administrative support to the team.
Jake Sigal: Technology Operating Partner; he offers technical expertise and guidance to portfolio companies.
Joe Hinrichs: Venture Partner; he brings a wealth of industry knowledge and connections to the firm.
Ron Frey: Venture Partner; he has extensive experience in venture capital and supports the firm's investment strategy.
To pitch FM Capital, founders should visit their website at fmcap.com and send inquiries to info@fmcap.com. It is recommended to include a comprehensive business plan, financial projections, and details about the team and market opportunity in the pitch deck.
FM Capital prefers pitches that clearly outline the startup's growth strategy and how it fits within the firm's investment thesis. Response times may vary, but founders should expect to hear back within a few weeks.
On April 7, 2025, FM Capital announced the successful close of its largest fund to date, Fund IV, which raised $240 million. This fund was oversubscribed, reflecting strong interest from investors in the firm's focus on transportation technologies.
FM Capital has been active in the investment space, leading a $73 million Series C round for Outrider, a company specializing in autonomous yard operations for logistics hubs. This investment highlights FM Capital's commitment to supporting innovative solutions in the transportation sector.
What are FM Capital's investment criteria?
FM Capital invests in early to mid-stage companies within the transportation technology sector, focusing on areas such as mobility, AI, and commerce. The firm looks for companies that demonstrate user loyalty and revenue traction, indicating a strong potential for rapid scaling.
How can I pitch FM Capital?
Founders can pitch FM Capital by visiting their website at fmcap.com and using the contact email info@fmcap.com. It is advisable to include a detailed business plan and financial projections in the pitch.
What makes FM Capital different from other venture firms?
FM Capital specializes in transportation technologies and has a deep understanding of the automotive sector. The firm is led by industry veterans with extensive operational and investment experience, providing valuable insights and support to portfolio companies.
What is the geographic focus of FM Capital?
FM Capital primarily invests in companies based in the United States, targeting innovations that enhance the movement of people and goods within this market.
What is the typical check size for investments?
FM Capital invests at various stages, including pre-seed, seed, seed-plus, and Series A, with check sizes varying based on the stage and specific needs of the company.
What kind of support does FM Capital provide to its portfolio companies?
FM Capital offers operational support, mentorship, and access to its extensive network within the automotive and mobility sectors, helping portfolio companies scale effectively.
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