By Nath Cajuday
Foxmont Capital Partners announced that the initial closing of its Venture Fund II last November 1, 2021, reached US$12.3 million in committed capital, the largest raise by any independent Philippine venture capital fund in history.
Venture Fund II, according to Foxmont, is significantly backed by a variety of Philippine industry leaders including Henry Soesanto of Monde Nissin, Brian Go of JG Summit, and Rajan Uttamchandani of Esquire Financial, and other undisclosed institutional investors.
Moreover, Foxmont’s first fund has already reached a return of over triple the size, with early investments in live-streaming app Kumu, cloud kitchen Kraver’s Canteen, e-commerce enabler Etaily, and mother-centric community driven marketplace, edamama.
So far, the firm already made over 25 investments, with social commerce platform SariSuki, export enabler 1Export, tech talent platform StackTrek, and digital ledger and point-of-sales app Peddlr, as new additions.
“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,” Foxmont added.
A final close for the US$20 million fund is expected in subsequent closings.
Meanwhile, the firm’s senior management team welcomed Kenneth Albolote as a Venture Partner and Anthony Oundjian as a Senior Advisor.
Albolote displays a 25-year experience in private equity and investment banking, and was previously a Managing Director and Partner of Baring Private Equity Asia.
While Oundjian carries a 20-year consulting experience across Europe and Asia, and is the founder and current Managing Director of Boston Consulting Group in the Philippines.
Before 2020 ended, the firm released its very first PH Venture Capital Report and is about to publish “another extensive Philippine Venture Capital Report”, according to Foxmont’s Santino Ongsiako.
“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,” Foxmont concluded.
The 3-year-old firm is an independent, Philippine-focused venture capital fund that invests in scalable startups in rapidly digitizing areas.
This article is published on BitPinas: Foxmont Capital Partners’ 2nd Venture Capital Fund Reaches $12.3M at First Close, Expects Final Close at $20M