Philippine-Focused VC Closes Second Early-Stage Fund With $12 Million
Foxmont Capital Partners, a Philippine-focused venture capital fund, is closing its second early-stage venture fund with $12 million (P601 million) in committed capital. According to Foxmont, “a final close for the $20 million fund (P1 billion) is expected in subsequent closings.”
Foxmont’s Venture Fund II will go toward investing in more Philippine-focused and Filipino-founded early-stage startups that prove to be scalable, innovative, and a strong addition to the growing Philippine startup landscape.
Philippine industry leaders such as Henry Soesanto, CEO of Monde Nissin, and Brian Go, chief finance and risk officer of JG Summit, participated in the Venture Fund II. Also participating were Rajan Uttamchandani, CEO of Esquire Financial (no affiliation to Esquire Philippines), as well as a number of other undisclosed institutional investors.
Founded in 2018, Foxmont is one of the leading local investors and has backed a number of Filipino startups such as the live-streaming app Kumu, which recently completed its Series C round of funding. Other notable startups in its portfolio are: cloud kitchen Kraver’s Canteen, e-commerce enabler Etaily, and community-driven marketplace edamama.
The VC has made over 25 investments so far, the most recent being social commerce platform SariSuki, export enabler 1Export, tech talent platform StackTrek, and digital ledger and point-of-sales app Peddlr.
Joining Foxmont’s management team are Kenneth Albolote as a venture partner, and Anthony Oundjian as a senior advisor. The two will bring over 45 years of combined experience in private equity, investment banking, and consulting. Albolote was previously a managing director and partner at Baring Private Equity Asia while Oundjian is the founder and current managing director of Boston Consulting Group in the Philippines.