Foxmont Capital, a venture capital firm based in the Philippines, has recently secured $21.3 million in funding for its second fund [1]. This brings Foxmont’s total net asset value to over $30 million across two funds [2]. The new funding round was participated by investors such as Pavilion Capital (Singapore), AppWorks (Taiwan), and Orient Growth (Netherlands) [1].
According to Franco Varona, managing partner of Foxmont Capital, this funding round represents the first time that an independent VC firm focused solely on the Philippines has the equivalent of over 1 billion pesos (approximately $18.6 million) of “dry powder” for the market [1]. Foxmont Capital was founded in 2018 and has a portfolio of 31 startups, including Kumu (livestreaming app), Edamama (vertical ecommerce), Colourette (direct-to-consumer beauty brand), and Ztock (stock-trading platform) [1].
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Foxmont Capital comes with a wide network and operational expertise in the Philippines, providing independent venture capital [3]. The company’s CEO and co-founder, Roland Ros, states that they “really get the entrepreneur.” Bela Gupta, CEO and co-founder of Edamama, mentions that Foxmont Capital goes “beyond investing to genuinely supporting founders like myself in scaling up” [3].
