Philippine-based venture capital firm Foxmont Capital Partners announced that it has made a first close of its second early-stage venture fund at $12 million.
Venture Fund II has a target corpus of $20 million and the firm expects to make the final close soon.
The fund was significantly backed by a variety of Philippine industry leaders including Henry Soesanto (Monde Nissin), Brian Go (JG Summit), and Rajan Uttamchandani (Esquire Financial). Other undisclosed institutional investors also participated.
Established recently in 2018, Foxmont Capital Partners is an independent, Philippine-focused venture capital fund that invests in scalable startups in rapidly digitizing areas.
The firm’s first fund has reached a return of over 3x, with early investments in live-streaming app Kumu, cloud kitchen Kraver’s Canteen, e-commerce enabler Etaily, and mother-centric community driven marketplace, edamama.
The firm said the success of its initial close and the fundraising rounds of its portfolio companies, including Kumu’s Series C raise — notably the largest equity financing of an independent Filipino startup to date — validate that the Philippines is becoming an increasingly attractive
destination for venture capital.
The firm has made over 25 investments thus far, with recent additions to its portfolio being social commerce platform SariSuki, export enabler 1Export, tech talent platform StackTrek, and digital ledger and point-of-sales app Peddlr.
With Fund II, Foxmont Capital Partners will continue investing in Philippine-focused and Filipino-founded early-stage startups that have
proven that they can scale effectively and lead the Philippine digital evolution.
The firm’s senior management team has also welcomed Kenneth Albolote as a Venture Partner and Anthony Oundjian as a Senior Advisor. Kenneth brings over 25 years of experience in private equity and investment banking, and was previously a Managing Director and Partner of
Baring Private Equity Asia.
Anthony brings over 20 years of consulting experience across Europe and Asia, and is the founder and current Managing Director of Boston Consulting Group in the Philippines.
The country’s growing young tech-savvy population, English-proficient talent pool, and emerging sources of early-stage funding have created a fertile environment for startups to thrive.
Foxmont Capital Partners recognizes this opportunity and with Venture Fund II, the firm will continue to pave the way for the country’s young venture capital industry.