Foxmont has also hired Kenneth Albolote (L) as venture partner and Anthony Oundjian as Sr. advisor
Filipino early-stage VC firm Foxmont Capital Partners has announced the first close of its second fund, with US$12 million in committed capital.
The Metro Manila-headquartered VC firm targets to raise US$20 million for this fund.
Investors of Fund II include Monde Nissin CEO Henry Soesanto, Brian Go of JG Summit, Rajan Uttamchandani of Esquire Financial, and several undisclosed institutional investors.
Established recently in 2018, Foxmont Capital invests in scalable startups in rapidly digitising areas in the Philippines. Its first fund has reached a return of over 3x, with early investments in live-streaming app Kumu, cloud kitchen startup Kraver’s Canteen, e-commerce enabler Etaily, and mother-centric community-driven marketplace edamama.
Also Read: Ayala Ventures, Foxmont Capital join Philippine e-commerce enabler Etaily’s US$1.6M seed round
Foxmont Capital 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, the VC firm will continue investing in Philippine-focused and Filipino-founded early-stage startups.
In addition to this announcement, Foxmont Capital has hired 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. Oundjian brings more than two decades of consulting experience across Europe and Asia and is the founder and current MD of Boston Consulting Group in the Philippines.
The country’s growing young tech-savvy population, English-proficient talent pool, and emerging early-stage funding sources have created a fertile environment for startups to thrive. Foxmont Capital recognises 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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Image Credit: Foxmont Capital
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