Cover The team of Foxmont Capital Partners (Photo: courtesy of the company)
The team of Foxmont Capital Partners (Photo: courtesy of the company)
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Pioneering Filipino private capital firm Foxmont Capital Partners, which was behind the high-growth of local companies such as Colourette, Pickup Coffee, Solx and Nibertex, announced the first close of its third fund at PHP1.7 billion (US$30 million). This milestone marks a significant expansion in the firm’s capacity to support local startups through every stage of growth, from idea to exit
The latest raise more than doubles Foxmont’s assets under management and introduces new dimensions to its investment strategy, including growth-stage funding and technical assistance through grant provision.
“The math is compelling—consumer growth outpaces capital inflows, creating perfect conditions for venture returns,” said Jelmer Ikink, managing partner at Foxmont. “And Fund III’s growth-stage extension allows us to offer a full-stack capital solution to founders.”
The Dutch Good Growth Fund (DGGF), a development finance-type institution, served as the anchor investor in this first close, marking the first direct investment by such an institution in a Philippine growth fund. The partnership also introduces a pioneering technical assistance facility that will provide grants to entrepreneurs, enhancing the support available to early-stage ventures beyond capital.
Orsolya Farkas, head of funds and equity at DGGF, explained the rationale behind the investment: “We evaluate emerging markets worldwide. The Philippines’ young population, English fluency and Foxmont’s execution made this an obvious choice.”
Read more: This venture capital is backing Filipino innovators solving Filipino problems
Above Jelmer Ikink and Franco Varona
Jelmer Ikink and Franco Varona
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Foxmont’s third fund is not only backed by international capital. Over 50 per cent of the funds raised in this first close came from Philippine family offices, reflecting a growing domestic confidence in the country’s startup ecosystem.
Since its founding in 2018, Foxmont has played a key role in developing the Philippine startup landscape. When the firm began, Philippine funding represented just 2 per cent of Southeast Asia’s total. That figure has now grown to 19 per cent.
Foxmont’s portfolio companies have so far created almost 7,000 jobs, and follow-on investments into these companies have amounted to 23 times the initial capital deployed by Foxmont. These figures reflect not just investment success, but also a broader ecosystem shift.
“This proves Filipino founders can build world-class companies,” said Franco Varona, managing partner at Foxmont. “When we started, nobody was sure how the ecosystem would evolve. Today, our startups attract global investors, and moved from proving they can succeed domestically to showing they can dominate regionally and globally.”
Foxmont is distinguished by its hands-on investment philosophy. The firm provides more than just funding, with its team spending an average of four hours per day working directly with founders.
This dedication has had tangible effects. Whether it is sourcing top executives for companies like Colourette, or enabling international product distribution for firms such as Nibertex, Foxmont’s support is deeply embedded in the operational journey of its portfolio.
Above Inside the office of Foxmont Capital Partners
Inside the office of Foxmont Capital Partners
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“They’re as invested in your success as you are,” said Jae Min Park, co-founder of Nibertex, a PFAS-free waterproof manufacturer that is already selling products globally.
“It is refreshing to know that finally, someone is by your side to help you with whatever you need,” added Nina Dizon, CEO and founder of Colourette.
“We don’t just write cheques. We’re in the trenches with our founders,” said Bea Mantecon, Foxmont’s director of value creation.
This approach reflects a broader mission to strengthen founder capabilities and ensure sustained growth across multiple sectors.
A major evolution in Fund III is its dedicated growth-stage investment focus, which is now being led by Kenneth Albolote, newly appointed as general partner. Albolote brings experience from Baring Private Equity Asia (now EQT), one of Asia’s leading private equity firms.
“The Philippines commanded 13 per cent of Southeast Asia funding over the last three years, yet represents 20 per cent of the region’s population,” Albolote stated. “This asymmetry creates the most compelling capital allocation thesis in ASEAN today.”
This strategic pivot allows Foxmont to extend its “full-stack” capital offering, supporting startups not just during launch, but as they scale operations and expand regionally or globally.
In alignment with its impact-oriented investment strategy, Foxmont’s priorities for Fund III include generating more than 10,000 jobs, expanding reach beyond Metro Manila, and supporting gender-balanced, inclusive ventures.
The firm’s portfolio already reflects this commitment: the majority of its founders are Filipino, approximately two-thirds are first-time entrepreneurs, and about 50 per cent are women.
These results align with Foxmont’s vision of catalysing inclusive economic development while maintaining high investment standards. Its partnership with DGGF further enhances this commitment through the added layer of technical assistance and support.
Read more: These leaders are shaping the Philippine economy through innovation and influence
Above Inside the office of Foxmont Capital Partners
Inside the office of Foxmont Capital Partners
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“As a company deeply rooted in Southeast Asia, we believe the Philippines is poised to become one of the region’s most exciting tech frontiers,” said Grab Philippines managing director Ronald Roda.
“Our participation in Foxmont’s Fund III is a vote of confidence in the ingenuity of Filipino founders and the strength of the Philippine startup ecosystem. Foxmont’s deep local insight and disciplined approach are exactly what’s needed to help Filipino startups grow into regional champions—and we’re proud to support that mission.”
Founded in 2018, Foxmont Capital Partners is the Philippines’ first institutional early growth capital firm, focused on investments in high-growth, locally-founded startups. The firm has raised three funds to date, investing across multiple sectors including consumer goods, clean technology, and digital infrastructure.
Foxmont has consistently attracted follow-on capital from major global players such as General Atlantic, Susquehanna Group, Singapore’s Pavilion Capital, the Asian Development Bank, and the Philippines’ National Development Company (NDC). With a local-first approach and first-mover advantage, the firm has built a track record of top-quartile returns, positioning itself as a cornerstone of the country’s private capital landscape.
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Franz writes about the local cultural scene and rediscovering the country’s storied past and rich heritage. He earned his bachelor’s degree in Journalism from the University of Santo Tomas and is currently pursuing a master's degree in Art Studies at the University of the Philippines Diliman. Besides working on this luxury lifestyle magazine, Franz is an avid book reader, local traveller, museum-goer, chorister, and community theatre playwright. But above all this, this Aether main spends more time in Teyvat than anywhere else.
