Pavilion Capital, AppWorks invest in US$21.3M Fund II of Philippine VC Foxmont Capital

Early-stage Philippine VC firm Foxmont Capital Partners has announced the close of its Fund II at US$21.3 million.

Notable institutional investors participated, including Singapore-based Pavilion Capital, Taiwan-based AppWorks, and Netherlands-based Orient Growth.

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The newly raised fund brings Foxmont’s total net asset value to over US$30 million across both funds.

With Fund II, Foxmont Capital will continue investing in Philippine-focused and Filipino-founded early-stage startups that have proven to scale effectively and lead the Philippine digital evolution.

The VC firm made the first close of Fund II in November 2021 with US$12 million in committed capital.

The Philippines, with a population of 113 million, is an attractive destination for venture capital. In 2022, local startups raised US$1.1 billion, exceeding the US$1.03 billion amount raised in 2021.

The country is experiencing continued GDP growth momentum and is one of the fastest-growing e-commerce markets globally, according to a Google-commissioned report.

Foxmont believes that the Philippines is among the most technologically advanced emerging markets, ripe for digital innovation.

Over 60 million Filipinos are actively utilising fintech solutions paving the way for sustainable adoption of other digital solutions across varying sectors.

Also Read: Monde Nissin CEO backs Foxmont Capital’s initial close of US$20M Fund II

Founded in 2018, Foxmont Capital has invested in 31 startups, including live-streaming app Kumu, vertical e-commerce player edamama, D2C beauty brand Colourette, stock trading platform Ztock, and digital ledger and PoS app Peddlr.

“We look forward to continuing our investment track record, scouring the Philippine market for great entrepreneurs, and empowering them to build Filipino solutions to Filipino problems,” said Franco Varona, Managing Partner of Foxmont Capital Partners.

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