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San Francisco-based has closed on its first fund of $25 million to invest in fintech, insurtech and proptech companies. The original target for the fund, which had a first close in 2021, was $15 million.

Its anchor investor is . Other investors include DAHG Capital Partners, , , , Now Investments, , and fintech operators from , at , and from .

Inside Fiat

Fiat鈥檚 founding team are former operators at fintech startups. We spoke with co-founder and general partner , previously head of growth and partnerships at .

鈥淵ou have these pain points that people have with traditional finance, traditional insurance. And technology is solving them and making it better from an experience perspective, from a financial value perspective,鈥� said Harris on the firm’s investment thesis of investing in financial services that focus on those that are underserved.

His co-founders include whom Harris first met on the Berkeley football team where Glover was a player and Harris worked for the team. Glover was previously a vice president at . The third partner at the firm is managing partner , previously at and .

The fund opportunity grew organically out of , which operates as an external CMO to help startups build revenue. As it helped startups raise funding, Harris saw an opportunity to invest.

One of those investments is a Series A the firm led in Seattle-based , a digital bank built for teenagers that includes advice about money management and investing. The metrics were 鈥渕assively better by multiples compared to anything else in the market,鈥� said Harris on its investment.

The fund鈥檚 first check size is between $250,000 and $500,000 at pre-seed, seed or Series A. The firm reserves half of its fund for follow-on funding. So far, over 50% of its investments are in underrepresented founders, said Harris of the 25 investments the firm has already made.

The investment team includes Vice President , previously at .

Investments include fractional vacation ownership startup , home equity service , auto insurance provider , and bill management and credit building company .

Illustration: Dom Guzman