BOSTON, May 27, 2021 (GLOBE NEWSWIRE) -- First Move Capital (FM Capital), today announced it has closed its third Fund at $150 million. Existing investors led the round, which also included OEMs, dealers, distributors, fleet management, remarketing, insurance and software providers as well as funds of funds and family offices. Proceeds from the round will be exclusively allocated to new investments.
“The oversubscribed round reflects both the opportunity our investors see in the automotive and mobility space, as well as the value they see in our approach and team,” said Chase Fraser, managing partner at FM Capital.
FM Capital’s investment focus is primarily on early to mid-stage companies across a range of transportation technologies, including: auto commerce, autonomy and sensors, connectivity, electrification and shared mobility. The firm identifies trends and partners with teams who are both reinventing the movement of people and goods as well as redefining how transportation services are delivered and consumed. FM Capital is especially helpful in scaling companies that generate excitement and loyalty among end-users, demonstrate commercial traction and are interested in rapid growth.
FM Capital typically invests between $5-10 million in companies with transformative solutions in transportation at the series A stage and/or the first institutional round. The firm has already invested Fund III proceeds in Tekion, Revolution Parts and Gatik. It expects to hold about 30 percent of committed capital for follow-on investments in Fund III companies.
“We see a big opportunity to not just drive great returns for investors, but also drive social impact through safer vehicles, cleaner air, reduced global emissions, and mobility that is more efficient and more accessible for more people,” said Mark Norman, managing partner.
First Move Capital
First Move Capital is an investment firm dedicated to creating value for investors, entrepreneurs and communities. First Move Capital is focused on advancing clean, safe and efficient transportation through its investments, ongoing engagement with portfolio companies and an experienced, connected advisory board. The firm’s unique and proprietary deal sourcing process drives high quality flow while its management rapport and active engagement drive portfolio performance. First Move Capital is comprised of industry professionals with deep experience in both investing and operations across the automotive and mobility sectors. More information is available at www.fmcap.com.