Philippines-based Foxmont Capital Partners announced it reached an initial closing of its second fund on November 1 with $12.3 million in committed capital. The firm considers this the largest raise by any independent Philippine venture fund.
The firm said that the second fund is backed by a variety of local leaders, including Henry Soesanto of Monde Nissin, Brian Go of JG Summit, and Rajan Uttamchandani of Esquire Financial, among other undisclosed institutional LPs.
MANILA, PHILIPPINES—Foxmont Capital Partners has announced the initial close of its second early-stage venture fund on November 1, 2021, with US$12 million in committed capital. A final close for the US$20 million fund is expected in subsequent closings.
Venture Fund II was significantly backed by a variety of Philippine industry leaders including Henry Soesanto (Monde Nissin), Brian Go (JG Summit), and Rajan Uttamchandani (Esquire Financial) among other undisclosed institutional investors.
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 success of Foxmont’s 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.