Early-stage venture firm Fuel Capital is looking to raise up to $75m for its third fund, FinTech Global can reveal.
Fuel Capital III has yet to register any capital, according to the latest US SEC filing. It is unclear whether the $75m figure is a target or hardcap.
The firm’s previous investment vehicle closed on $46m in 2016, surpassing its initial $35m target. Its maiden fund closed in 2013, and raised £25.5m.
California-based Fuel is an early-stage investor which backs startups operating in the consumer, marketplace, and infrastructure spaces. However, the company will invest in ‘novel opportunities outside those focus areas.’
The firm has made a handful of investments into the FinTech sector over the years. Some of these companies include personal finance app Grove, digital transformation company Mesosphere and supply chain support company Flexport.
Last month, Grove received an $8m Series A round to support the expansion of its personal finance management platform that uses a financial planning engine to help users to reach savings goals.
Mesosphere and Flexport have also closed investments in recent months, raising $125m and $100m, respectively.
There are a number of other venture capital firms with an interest in FinTech currently out raising their next funds. March Capital Partners has already raised up to $235m for its second flagship fund and its separate opportunity vehicle, it is unclear if these have closed.
Mosaic Ventures and Luminate Capital Partners are both in the market to raise their sophomore funds. London-based Mosaic is targeting $150m, while San Francisco-based Luminate is seeking $425m.
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