Samreen Ahmad · · 1 min readPhilippines-based Foxmont Capital snaps up $21.3m for 2nd fund
Photo credit: Foxmont Capital Partners
Foxmont Capital Partners, a Philippines-based VC firm, has secured US$21.3 million in funding for its second fund. This brings Foxmont’s total net asset value to over US$30 million across two funds.
Investors such as Singapore-based Pavilion Capital, Taiwan-based AppWorks, and Netherlands-based Orient Growth participated in the new round.
“This represents the first time that an independent VC fund focused solely on the Philippines has the equivalent of over 1 billion pesos (US$18.6 million) of dry powder for the market,” said Franco Varona, managing partner of Foxmont Capital Partners.
Founded in 2018, the VC firm has a portfolio of 31 startups, which includes livestreaming app Kumu, vertical ecommerce player Edamama, direct-to-consumer beauty brand Colourette, and stock-trading platform Ztock.
With its second fund, Foxmont will continue to invest in early-stage startups founded by Filipinos and focused on the Philippines.
See also: Banking on a digital remedy in the Philippines
Currency converted from Philippine peso to US dollar: US$1 = 53.77 pesos.
Editing by Miguel Cordon
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