# Fuel Capital: portfolio, investments and team

> Fuel Capital is a vc firm based in United States. 44 investments on record, latest Jun 2025. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/fuel-capital (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Fuel Capital

Last cheque observed Jun 2025. Silence since then is not evidence of inactivity: our sources miss unannounced rounds.

Email

Quiet New fund $46M, Jul 2018 VC firm

Pre-seed Seed Series A Recurring Infra Collaboration Tools

Follow Fuel Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ffuel-capital)

Cheques on record

**0%** of best year **0** **cheques in 12 months**, 44 on record

Since the last cheque **514** days **00** hrs **00** min **00** sec

Median round **$6.0M** Cheque size, as they say **$500K – $1.0M** Rounds led **1 of 44** Exits **2 from the portfolio** Mostly in **United States, 100%**

Pitch Fuel Capital

## Fuel Capital highlights

- 01 44 rounds on record
- 02 Mostly Seed and Series A: 91% of its rounds
- 03 Led 1 rounds
- 04 2 exits from the portfolio

## What they do

> Fuel Capital is a seed stage venture capital firm investing in consumer, SaaS and infrastructure businesses. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $500K – $1.0M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth Pre-IPO
- **Sectors:** Recurring Infra Collaboration Tools
- **Based in:** Burlingame, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **44 appearances**

- **2025** 1 round
- **Jun** **[Rosebud](https://millionrounds.com/company/rosebud)** Seed · US · TechCrunch **$6.0M** With 5 others
- **2019** 4 rounds
- **Oct** **[Natalist](https://millionrounds.com/company/natalist)** Seed · US · FinSMEs **$5.0M** With 10 others
- **Sept** **[DriveTime](https://millionrounds.com/company/drivetime)** Series A · US · FinSMEs **$11M** With 8 others
- **Aug** **[Tesorio](https://millionrounds.com/company/tesorio)** Series A · US · TechCrunch **$10M** With 4 others
- **Apr** **[Fuzzbuzz](https://millionrounds.com/company/fuzzbuzz)** Seed · US · TechCrunch **$2.7M** *Led*
- **2017** 1 round
- **Feb** **[Privacy Labs](https://millionrounds.com/company/privacy-labs)** Seed · US · TechCrunch **$4.0M** With 3 others
- **2016** 1 round
- **Sept** **[CoreOS](https://millionrounds.com/company/coreos)** **$28M** With 8 others
- **2015** 8 rounds
- **Oct** **[Convoy](https://millionrounds.com/company/convoy)** Seed · US **$2.5M** With 18 others
- **Jun** **[KryptonCloud](https://millionrounds.com/company/kryptoncloud)** Seed · US **$2.7M** With 3 others
- **Jun** **[Nervana Systems](https://millionrounds.com/company/nervana-systems)** Series A · US **$21M** With 8 others
- **May** **[Swapbox](https://millionrounds.com/company/swapbox)** Seed · US **$2.2M** With 4 others
- **Apr** **[CoreOS](https://millionrounds.com/company/coreos)** Series A · US **$12M** With 3 others
- **Mar** **[Clearbit](https://millionrounds.com/company/clearbit)** Seed · US **$2.0M** With 8 others
- **Jan** **[Nylas](https://millionrounds.com/company/nylas)** Series A · US **$8.0M** With 4 others
- **Jan** **[Interana](https://millionrounds.com/company/interana)** Series B · US **$20M** With 6 others
- **2014** 17 rounds
- **Dec** **[Mesosphere](https://millionrounds.com/company/mesosphere)** Series B · US **$36M** With 4 others
- **Oct** **[Boostable](https://millionrounds.com/company/boostable)** Seed · US **$2.6M** With 15 others
- **Oct** **[LeadGenius](https://millionrounds.com/company/leadgenius)** Series A · US **$6.0M** With 15 others
- **Oct** **[Interana](https://millionrounds.com/company/interana)** Series A · US **$8.2M** With 3 others
- **Sept** **[Code Climate](https://millionrounds.com/company/code-climate)** Seed · US **$2.0M** With 4 others
- **Aug** **[Nervana Systems](https://millionrounds.com/company/nervana-systems)** Series A · US **$3.3M** With 3 others
- **Aug** **[OnBeep](https://millionrounds.com/company/onbeep)** Series A · US **$6.3M** With 16 others
- **Jul** **[Secret](https://millionrounds.com/company/secret)** Series B · US **$25M** With 6 others
- **Jun** **[CoreOS](https://millionrounds.com/company/coreos)** Series A · US **$8.0M** With 2 others
- **Jun** **[Weave](https://millionrounds.com/company/weave)** Series A · US **$5.0M** With 6 others
- **Jun** **[Mesosphere](https://millionrounds.com/company/mesosphere)** Series A · US **$11M** With 2 others
- **Jun** **[Beep Networks](https://millionrounds.com/company/beep-networks)** Seed · US **$1.6M** With 7 others
- **May** **[Layer](https://millionrounds.com/company/layer)** Series A · US **$15M** With 5 others
- **Apr** **[Last Guide](https://millionrounds.com/company/last-guide)** Seed · US **$2.1M** With 15 others
- **Mar** **[Secret](https://millionrounds.com/company/secret)** Series A · US **$8.6M** With 17 others
- **Jan** **[Mindie](https://millionrounds.com/company/mindie)** Seed · US **$1.2M** With 12 others
- **Jan** **[Flexport](https://millionrounds.com/company/flexport)** Seed · US **$6.9M** With 38 others
- **2013** 12 rounds
- **Dec** **[Hightower](https://millionrounds.com/company/hightower)** Seed · US **$2.1M** With 13 others
- **Dec** **[Secret](https://millionrounds.com/company/secret)** Seed · US · sec.gov **$1.4M** With 11 others
- **Dec** **[Swapbox](https://millionrounds.com/company/swapbox)** Seed · US · techcrunch.com **$800K** With 4 others
- **Oct** **[Frontback](https://millionrounds.com/company/frontback)** Seed · US · techcrunch.com **$3.0M** With 11 others
- **Oct** **[Layer](https://millionrounds.com/company/layer)** Seed · US · techcrunch.com **$6.0M** With 8 others
- **Oct** **[CoreOS](https://millionrounds.com/company/coreos)** Seed · US · techcrunch.com **Undisclosed** With 2 others
- **Aug** **[URX](https://millionrounds.com/company/urx)** Seed · US · techcrunch.com **$3.1M** With 31 others
- **Aug** **[WillCall](https://millionrounds.com/company/willcall)** Seed · US · techcrunch.com **$1.2M** With 11 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **2 named**

CH **Christopher Howard** Managing Director i Filing they signed

LB **Leah Busque** Managing Director i Filing they signed

We also hold **5** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$230M** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** FUEL Capital Management Company, LLC
- **SEC number:** CRD 171028

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[CoreOS](https://millionrounds.com/company/coreos)** Bought by Redhat **$250M** Jan 2018

**[WillCall](https://millionrounds.com/company/willcall)** Bought by Ticketfly **Undisclosed** Aug 2014

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$46M**

raised in Jul 2018

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$6.0M** the round, not its cheque

Led 1 of 44 rounds **2%**

- **Said size:** $500K – $1.0M
- **Sole investor:** Never alone
- **Last cheque:** Jun 2025
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Seed said *25*
- Series A said *14*
- Series B said *4*
- Pre-seed said *-*
- Growth said *-*
- Pre-IPO said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [SV Angel](https://millionrounds.com/fund/sv-angel) 15
- [Alexis Ohanian](https://millionrounds.com/fund/alexis-ohanian) 8
- [DCVC](https://millionrounds.com/fund/data-collective) 7
- [Garry Tan](https://millionrounds.com/fund/garry-tan) 7
- [Google Ventures](https://millionrounds.com/fund/gv) 7
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 7

**Pitching Fuel Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

The investors most often in the same rounds as Fuel Capital. A count of rooms they were both in, not a relationship either has claimed.

[**SV Angel** VC firm **15** rounds together](https://millionrounds.com/fund/sv-angel)[**Alexis Ohanian** Angel **8** rounds together](https://millionrounds.com/fund/alexis-ohanian)[**DCVC** VC firm **7** rounds together](https://millionrounds.com/fund/data-collective)[**Garry Tan** Angel **7** rounds together](https://millionrounds.com/fund/garry-tan)[**Google Ventures** Corporate VC **7** rounds together](https://millionrounds.com/fund/gv)[**Y Combinator** Accelerator **7** rounds together](https://millionrounds.com/fund/y-combinator)[**Andreessen Horowitz** VC firm **6** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**CrunchFund** VC firm **6** rounds together](https://millionrounds.com/fund/crunchfund-3)[**Kleiner Perkins Caufield & Byers** VC firm **6** rounds together](https://millionrounds.com/fund/kleiner-perkins-caufield-and-byers)[**AME Cloud Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/ame-cloud-ventures)[**FundersClub** VC firm **5** rounds together](https://millionrounds.com/fund/fundersclub)[**Index Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/index-ventures)

## Recently backed

The latest companies Fuel Capital put money into.

[**Rosebud** $6.0M · Jun 2025](https://millionrounds.com/company/rosebud)[**Natalist** $5.0M · Oct 2019](https://millionrounds.com/company/natalist)[**DriveTime** $11M · Sept 2019](https://millionrounds.com/company/drivetime)[**Tesorio** $10M · Aug 2019](https://millionrounds.com/company/tesorio)[**Privacy Labs** $4.0M · Feb 2017](https://millionrounds.com/company/privacy-labs)

## On podcasts

2 episodes naming Fuel Capital in the title, and 2 more that mention it.

- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 18 Apr 2018 · 51 min Leah Busque, Fuel Capital With [Leah Busque](https://millionrounds.com/person/leah-busque) Mentions [Fuel Capital](https://millionrounds.com/fund/fuel-capital)[Chris Howard](https://millionrounds.com/person/chris-howard) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 19 Mar 2018 · 36 min 20VC: Finding VC Partners That Look Beyond The Numbers, The Black Box of VC Secrets That Needs To Be Shared & The 1,000 Reasons A VC Won't Invest In You When It Has Nothing To Do With You with Leah Busque, General Partner @ Fuel Capital With [Leah Busque](https://millionrounds.com/person/leah-busque) Mentions [Fuel Capital](https://millionrounds.com/fund/fuel-capital) Apple PodcastsShow page

### Mentioned in

- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 7 May 2020 · 46 min 222. Crisis Coverage w/ Leah Solivan - Building TaskRabbit in a Recession; COVID Effects on the Independent/Gig Economy; and Key Factors for Early-Stage Marketplace Success Apple PodcastsShow page
- [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 25 Jul 2019 · 24 min SaaStr 253: TaskRabbit Founder Leah Busque on Lessons Learned from a Product Reboot Apple PodcastsShow page

## Quick answers about Fuel Capital

### What does Fuel Capital invest in?

Fuel Capital invests most often at Seed and Series A (91% of the rounds on record), in sectors such as Recurring, Infra and Collaboration Tools.

### How active is Fuel Capital?

44 investments on record, 0 of them in the last 12 months, and it led 1. The most recent was in Jun 2025.

### What has Fuel Capital invested in recently?

Its most recent investments on record: Rosebud (Seed, Jun 2025), Natalist (Seed, Oct 2019) and DriveTime (Series A, Sept 2019).

### How big are Fuel Capital's cheques?

The median round it joins is $6.0M. It says it writes cheques of $500K to $1.0M.

### Does Fuel Capital lead rounds?

Sometimes: it led 1 of its 44 investments on record (2%).

### Where does Fuel Capital invest?

Most of the companies it backs are in the United States (100%).

### Is Fuel Capital investing now?

No investments in the last 12 months; the latest was in Jun 2025.

### Who does Fuel Capital invest alongside?

Most often SV Angel (15 rounds together), Alexis Ohanian (8 rounds together) and DCVC (7 rounds together).

## Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Find similar investorsOpen your CRM

Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=fuel-capital) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=fuel-capital)