Chase Fraser, Founding & Managing Partner of FM Capital, returns to Full Throttle for his most wide-ranging conversation yet. Fresh off closing Fund Four at ~$240M — oversubscribed by 20% and his largest to date — Chase pulls back the curtain on what it actually takes to raise capital in today’s market, why the barrier to entry for auto-tech startups has collapsed from $5M to $50K, and the “cleansing” he sees coming for an overcrowded vendor landscape.

He and Jason dig into where the real upside lives (hint: F&I and outbound AI calling), why humanoid robots may cut dealership labor faster than AI itself, and how FM Capital is building 36 of its own internal AI agents to triple the size of the firm without replacing a single person. Plus: the Impel double-down, the RockED bet, the Holman family partnership that unlocked Fund Four, and why Chase now invests in a founder’s psychology above almost anything else.

🎟️ Join Chase and us at the Presidio Auto Technology Summit — Denver Art Museum, October 14.