PHL venture capitalist raises $12-M funding


PHILIPPINE-focused venture capital firm Foxmont Capital Partners Pvt. Ltd. announced last Monday the completion of its second early-stage fund-raising round with $12 million in committed capital. In addition, the company expects to raise $20 million in the final closing.

Foxmont said the Venture Fund II was completed last November 1 after receiving support from a variety of Philippine industry leaders and institutional investors.

Established in 2018, Foxmont is an “angel” funder focused on Filipino entrepreneurs. The firm’s first fund has reached a return of more than three-fold, with early investments in live-streaming application “Kumu,” cloud kitchen “Kraver’s Canteen,” e-commerce enabler “Etaily” and mother-centric community-driven marketplace “edamama.”

The company said their success at the initial close and the fund-raising rounds of its portfolio companies include Kumu’s Series C raise, notably the largest equity financing of an independent Filipino startup to date. The success validates that the Philippines is becoming an increasingly attractive destination for venture capitalists, Foxmont said.

The firm said it has made over 25 investments thus far, with recent additions to its portfolio from social-commerce platform operators to export-enablers. With Fund II, we 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 company said.

The firm also announced the appointments of Kenneth Albolote as venture partner and Anthony Oundjian as senior advisor.

Albolote has over 25 years of experience in private equity and investment banking, and was previously managing director and partner at Baring Private Equity Asia.

Oundjian is the founder and current managing director of the Boston Consulting Group.

Foxmont said 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.

The company’s statement read its executives “recognize this opportunity and, with Venture Fund II, the firm will continue to pave the way for the country’s young venture capital industry.”

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