A Philippines-based venture capital firm called Foxmont Capital Partners has raised $21.3 million for its second fund. With respect to its two funds, Foxmont’s total net asset value now exceeds $30 million.
Participants in the latest round of funding included financiers from Singapore’s Pavilion Capital, Taiwan’s AppWorks, and the Netherlands’ Orient Growth.
“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.
The VC company was established in 2018 and now manages 31 businesses in its portfolio, including the livestreaming app Kumu, the vertical e-commerce leader Edamama, the direct-to-consumer beauty brand Colourette, and the stock trading site Ztock.
Foxmont will keep funding early-stage firms with its second fund that are based in the Philippines and were started by Filipinos.
