It's time for some congratulations! Meet Foxmont Capital Partners. This Philippine-focused VC firm just raised $21.3M for their Fund II!

Fund check. Temasek's Pavilion Capital, Taiwan-based AppWorks and Netherlands-based Orient Growth were some of the institutional investors in the new fund.

• This new $$$ brings Foxmont's Net Asset Value to over $30M across both funds.

‍

🔥 Big first

They shot past their initial target of $20M and are the Philippines' first and largest independent VC fund for early-stage startups. (So yes, it's a big deal not just for Foxmont but for the Philippine startup ecosystem!)

‍

💯 Track record

Founded in 2018, they've already invested in 31 startups. A few you should know?

Kumu. A livestreaming community app for Filipinos that raised a $74M Series C led by General Atlantic.

Edamama. A vertical e-commerce platform focused on moms, babies and parenting that raised a $20M Series A led by Alpha JWC last year.

A few recent additions? D2C beauty brand Colourette, stock trading app Ztock and bookkeeping and POS app for MSMEs Peddlr.

‍

🇵🇭 It's more fun in the Philippines

Times are changing. The COVID pandemic digitized the country extremely quickly. That helped turn the country from a typically overlooked startup ecosystem to one that investors were starting to keep their eye on (and even invest in!) — just look at what happened in 2021.

• Over 60M Filipinos (out of 113M) actively use fintech solutions.

‍

🔢 Let the numbers talk

2021 was a record-breaking year for the Philippine startup ecosystem when Philippine startups raised $1.03B.

• In 2022, Philippine startups raised $1.1B — breaking the record once again.

Zoom out. The Philippines is seeing continued GDP growth. Plus, it's even been named the fastest-growing e-commerce market globally, according to a report commissioned by Google.

‍

🤑 More money, same mission

And more growth for the Philippines. They'll keep investing in Philippine-focused and Filipino-founded early-stage startups with the new fund!