Fuel Capital

Fuel Capital is an early-stage venture capital firm based in Burlingame, California, with a strong focus on investing in consumer, business software, and cloud/infrastructure companies. Founded in 2011, the firm has steadily grown its capital base and influence in the tech startup ecosystem. Fuel Capital is known for its hands-on approach and deep industry expertise, particularly in supporting founders from the earliest stages of their company's development.

The firm primarily targets Seed and Series A funding rounds, positioning itself as a crucial early partner for promising startups. Fuel Capital typically writes initial checks ranging from $500,000 to $3,000,000, providing essential capital for nascent companies to achieve key milestones and scale their operations. Their investment thesis centers on identifying disruptive technologies and innovative business models across their core sectors, often backing companies that are poised to redefine their respective markets.

Over its operational history, Fuel Capital has built an impressive portfolio of companies that have gone on to achieve significant success and market recognition. Notable investments include early stakes in industry giants such as Figma, a leading collaborative design platform; Flexport, a modern freight forwarder; and Notion, a popular workspace software. Other impactful early bets include Cruise, an autonomous vehicle company, and Substack, a newsletter platform, demonstrating Fuel Capital's foresight in identifying future market leaders.

Fuel Capital has progressively increased its fund sizes, reflecting its growing capacity and continued commitment to early-stage investing. The firm successfully raised its first fund, Fuel Capital I, with $30 million in 2011, followed by Fuel Capital II ($75 million in 2014), Fuel Capital III ($100 million in 2017), and Fuel Capital IV ($125 million in 2020). Most recently, the firm closed its fifth fund, Fuel Capital V, at $150 million in 2023, bringing their total assets under management to approximately $480 million across all five funds. This consistent growth underscores their established reputation and ability to attract significant limited partner capital.

The firm's strategic location in the Bay Area, coupled with its experienced team, allows Fuel Capital to maintain close ties with the Silicon Valley innovation hub. Their disciplined investment strategy, combined with a track record of backing highly successful companies, solidifies their position as a prominent and reliable early-stage investor. Fuel Capital continues to be a key player in identifying and nurturing the next generation of technology leaders across its specialized domains.