DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / FM Capital
FM Capital
We are an investment firm dedicated to creating value for our investors, entrepreneurs and the communities in which we live. We identify trends and partner with teams who are both reinventing the movement of people and goods as well as redefining how transportation services are delivered & consumed.
venture manager, reported GAV $354M across 10 vehicles
Importance
49
elevated
Active deployment
55
elevated
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
23
moderate
Identity and regulatory footprint
- Headquarters
- unknown
- Office address
- unknown
- Business phone
- 210-382-6822adviserinfo.sec.gov
- Website
- http://www.fmcap.com/
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- May 6, 2026
- Private funds reported
- 9 (9 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $501Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Mccombs Family Partners GP LLC (General Partner), F; Circle P Capital LLC (Member), C; Mccombs Family Partners, Ltd. (Member), A; Drivetech Ventures LLC (Member), C
- business email
- info@fmcap.comfmcap.compublished by the subject
- business phone
- 210-382-6822adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
35 observed deals
Stated (the firm’s website)
- Sectors
- logistics
- Stages
- not stated or not yet read
- Geography
- global
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 97%Other Technology 3%
lead rate n/afollow-on rate n/anew logos, 12 months 35
Funds and vehicles
10 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| NEV Fm Investment Fund LLC | Fund | 2024 adv first reported | Early deployment | $448,177 Mar 28, 2024 | 2 | $0 | Dec 7, 2023 |
| FM Ventures IV LP | Fund | 2023 form d first sale | Fundraising | $13.8M Mar 28, 2024 | 88 | $241M | Apr 17, 2025 |
| Fraser Mccombs Ventures III LP | Fund | 2020 form d first sale | Mature | $185M Mar 28, 2024 | 91 | $0 of $150M | Feb 12, 2020 |
| Fraser Mccombs Ventures II LP | Fund | 2016 form d first sale | Harvest | $113M Mar 27, 2024 | 47 | $87.8M | Dec 7, 2017 |
| FM Capital Spv D, LP | SPV or co-invest vehicle | unknown | Unknown | $12.7M Mar 28, 2024 | 52 | unknown | unknown |
| FM Capital Spv E, LP | SPV or co-invest vehicle | unknown | Unknown | $10.8M Mar 28, 2024 | 6 | unknown | unknown |
| FM Capital Spv C, LP | SPV or co-invest vehicle | unknown | Unknown | $7.2M Mar 28, 2024 | 17 | unknown | unknown |
| FM Capital Gtk, LP | Fund | unknown | Unknown | $4.5M Mar 28, 2024 | 7 | unknown | unknown |
| FM Capital Spv B, LP | SPV or co-invest vehicle | unknown | Unknown | $3.6M Mar 28, 2024 | 8 | unknown | unknown |
| FM Capital Spv a, LP | SPV or co-invest vehicle | unknown | Unknown | $2.0M Mar 28, 2024 | 10 | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
18 current, 1 departed
Joel Zimbrick
AssociateAssociate
Chase Fraser
Managing partnerManaging Partner
Mark Norman
Managing partnerManaging Partner
Connie M Mcnab
PartnerMember · since Nov 1, 2001
Garrett Chase Fraser
PartnerMember And Manager · since Nov 1, 2011
Gary Vernon Woods
PartnerManager · since Nov 1, 2001
Joe Hinrichs
PartnerPartner
Lynda G Mccombs
PartnerMember · since Nov 1, 2001
Mark David Norman
PartnerMember And Manager · since Jan 1, 2016
Marsha M Shields
PartnerMember · since Nov 1, 2001
Steven L Cummings
PartnerManager · since Nov 1, 2001
Zack Freed
PartnerManaging Director
Kailia Lopez
Platform and operationsSenior Operations Coordinator
Meredith Mcintosh Murphy
Platform and operationsChief Financial Officer · since Jul 1, 2022
Meredith Mcintosh Murphy
Platform and operationsChief Financial Officer · since Jul 1, 2022
Platform and operations
Ron Frey
Venture partnerVenture Partner
Dylan Grien
Vice presidentSenior Associate
1 departed (kept with end dates)
- Anthony Todd Rimas · Member And Manager · Jul 1, 2011 to Mar 26, 2021 Inference
Investments on record
35 edges, 35 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
20 relationships from shared deals, counted for the whole firm
Warburg Pincus LLC 1 shared · one timeClaremont Creek Ventures 1 shared · one timeStage 1 Managers LLC 1 shared · one timeMonta Vista Capital 1 shared · one timeInnovation Endeavors: Reimagining the technical frontier 1 shared · one timeTDK Ventures Inc. 1 shared · one timeWestly Group 1 shared · one timeFontinalis Partners, LLC 1 shared · one timeMitsui & Co. Global Investment, Inc. 1 shared · one timeActivate Capital Partners 1 shared · one timeA.capital Ventures 1 shared · one timeAlumni Ventures 1 shared · one timeRosecliff Venture Management, LLC 1 shared · one timeNotion Capital 1 shared · one timeDiversis Capital 1 shared · one timeTenoneten 1 shared · one timeStory Ventures 1 shared · one timeCollaborative Fund Management LLC 1 shared · one timeFusion Fund Silicon Valley LLC 1 shared · one timeDynamo Management Company, LLC 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
14 dated events
- Mar 28, 2024NEV Fm Investment Fund LLC first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $448,177Fund first reported on Form ADVFundsFactNEV Fm Investment Fund LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2024FM Ventures IV LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $13,783,212Fund first reported on Form ADVFundsFactFM Ventures IV LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023FM Capital Gtk, LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $4,500,817Fund first reported on Form ADVFundsFactFM Capital Gtk, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023FM Capital Spv a, LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $1,373,010Fund first reported on Form ADVFundsFactFM Capital Spv a, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023Fraser Mccombs Ventures III LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $187,596,571Fund first reported on Form ADVFundsFactFraser Mccombs Ventures III LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023FM Capital first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023FM Capital Spv E, LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $10,750,000Fund first reported on Form ADVFundsFactFM Capital Spv E, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023FM Capital Spv D, LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $12,790,238Fund first reported on Form ADVFundsFactFM Capital Spv D, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023FM Capital Spv B, LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $3,657,835Fund first reported on Form ADVFundsFactFM Capital Spv B, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023FM Capital Spv C, LP first reported on Form ADV by FM Capital (Venture Capital Fund), GAV $7,249,167Fund first reported on Form ADVFundsFactFM Capital Spv C, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Meredith Mcintosh Murphy joined Schedule A of FM Capital as Chief Financial Officer
- Mar 26, 2021Anthony Todd Rimas (Member And Manager) no longer on Schedule A of Fraser Mccombs Capital II LLC
- Mar 26, 2019Fraser Mccombs Capital II LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 26, 2019Fraser Mccombs Ventures II LP first reported on Form ADV by Fraser Mccombs Capital II LLC (Venture Capital Fund), GAV $102,874,426Fund first reported on Form ADVFundsFactFraser Mccombs Ventures II LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $354M across 10 vehicles
Evidence
70 observations from 3 sources