Filipino early growth investment firm Foxmont Capital Partners has hit the first close of its third fund at US$30 million.
This milestone more than doubles the VC firm’s assets under management (AUM) and surpasses the combined size of its initial two funds.
The first close of Fund III sees the addition of two key institutional investors. The Dutch Good Growth Fund (DGGF), a development finance institution, serves as an anchor investor. Furthermore, Grab Holdings has also joined the fund.
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The Philippines is rapidly solidifying its position within the Southeast Asian funding landscape, which has witnessed remarkable growth, with funding surging from US$440 million in 2019 to US$1.12 billion in 2024. The nation now commands 19 per cent of the regional funding, a substantial increase from just 2 per cent in 2021, according to Foxmont’s 2025 Philippine Venture Capital Report.
“We have moved from proving Philippine startups can succeed to showing that they can dominate,” noted Managing Partner Franco Varona. “Foxmont’s early access lets us ride this curve from first check to exit. With Fund 1 and Fund 2, we seeded the ecosystem, and with Fund 3 we are now prepared to grow the ecosystem.”
In addition, the nation’s consumption-driven economy continues to outperform its regional counterparts, boasting a 5.7 per cent GDP growth rate compared to the 4.9 per cent regional average in 2024.
Despite its significant potential, the market remains underserved relative to its regional standing. “The Philippines accounts for 20 per cent of the region’s population but has captured just 13 per cent of funding over the last three years,” said Kenneth Albolote, who has been promoted as General Partner. “This asymmetry creates the most compelling capital allocation thesis in ASEAN today. Foxmont’s early-growth dominance positions it to capture this delta as startups mature.”
According to Ronald Roda, Grab Philippines Managing Director, Grab’s participation underscores the growing confidence in the Philippine tech ecosystem. “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. 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.”
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Founded in 2018, Foxmont Capital has invested across various sectors in the Philippine market. The firm boasts a strong track record of attracting follow-on capital and scaling companies, maintaining top-quartile returns through its local presence and first-mover advantage. Its co-investors include prominent names such as General Atlantic, the Susquehanna Group, Singapore’s Pavilion Capital, the Asian Development Bank, and the Philippines’ Startup Venture Fund.
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