Philippine VC Foxmont Capital Partners Raises P1 Billion to Inject into Filipino Startups
Philippine venture capital firm Foxmont Capital Partners has raised a whopping $21.3 million (P1.14 billion) to inject into the Philippine startup ecosystem. Priding itself as the first and largest independent VC fund in the Philippines, Foxmont exceeded its target of $20 million. This is the VC’s second investment vehicle, and Foxmont’s net asset value now tops $30 million (P1.61 billion) with the inclusion of the VC’s initial fund raise.
Notable investors in Foxmont’s second venture capital fund were Singapore-based Pavilion Capital, Taiwan-based AppWorks, and Netherlands-based Orient Growth.
“This represents the first time that an independent VC fund focused solely on the Philippines has the equivalent of over P1 billion of dry powder for the market. It’s a significant leap forward for the ecosystem,” said Franco Varona, Managing Partner of Foxmont Capital Partners.
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According to Foxmont, the Philippine startup ecosystem raised over $1.1 billion in 2022, which is just a little over the $1.03 billion raised in 2021. Foxmont’s second VC fund aligns with the Philippines’ fast-growing e-commerce market and rapid digital evolution.
Founded in 2018, the venture capital firm targets early-stage startups in the emerging market with a focus on Philippine-focused and Filipino-founded businesses. Since its founding, Foxmont has invested in 31 startups, such as Kumu, Etaily, Edamama, Expedock, Kraver’s Canteen, Peddlr, and more.
“Now enabled by our amazing group of limited partners from all over the world, we look forward to continuing our investment track record, scouring the Philippine market for great entrepreneurs, and empowering them to build Filipino solutions to Filipino problems,” said Varona.
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