PH’s Foxmont Capital makes first close of second fund at $12m


Foxmont Capital Partners, an early-stage venture capital firm headquartered in the Philippines, has announced the initial close of its second early-stage venture fund with $12 million in committed capital.

The fund is targeting to raise a total corpus of $20 million.

DealStreetAsia first reported in May that Foxmont Capital Partners is looking to make the first close of its second investment vehicle this year.

Venture Fund II has been backed by a variety of Philippine industry leaders including Henry Soesanto (Monde Nissin), Brian Go (JG Summit), and Rajan Uttamchandani (Esquire Financial), besides a few undisclosed institutional investors.

Established 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 claims to have made 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, edamame.

With Fund II, Foxmont Capital Partners will continue investing in early-stage startups that have proven that they can scale effectively and lead the Philippine digital evolution.

Going forward, the firm is looking to invest in the burgeoning technology startup ecosystem across the country that, per its own estimates, has over 400 startups, 50 angel investors, 40 venture capitalists, and 35 incubators and accelerators, Franco Varona had told DealStreetAsia in an earlier interview.

The firm’s senior management team has also welcomed Kenneth Albolote as a venture partner and Anthony Oundjian as a senior advisor. Albolote 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.

Meanwhile, Oundjian 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.

 



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