USA – First Move Capital, a Boston, MA-based investment firm, closed its third fund, at $150m.
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.Led by managing partners Mark Norman and Chase Fraser, FM Capital focuses 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 typically invests between $5-10m 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.30/05/2021
