Foxmont Capital Partners, a Philippines-focused early-growth capital firm, has announced the first close of its third fund at $30 million. This brings the firm’s total assets under management to over double the combined size of its first two funds.
The first close includes new institutional investors, with The Dutch Good Growth Fund (DGGF) acting as an anchor investor and Grab Holdings Inc. also participating. According to the source, DGGF is the first development finance institution to commit to a Philippine-focused fund.
The firm highlights two trends as factors behind the fund’s success: market maturation in the Philippines and Foxmont’s performance. The Philippines’ share of Southeast Asia funding has risen from 2% in 2021 to 19%, and its economy grew by 5.7% in 2024, compared to the regional average of 4.9%. Foxmont’s second fund reportedly attracted 23 times more follow-on capital from co-investors and achieved top-quartile returns among its peers in the Asia-Pacific region.
“Our first-mover advantage and local presence lets us identify outliers before regional players look,” said Jelmer Ikink, Managing Partner. “The math is compelling — consumer growth outpaces capital inflows, creating perfect conditions for venture returns. And Fund III’s growth-stage extension, amplified by Kenneth Albolote joining us as General Partner, allows us to offer a full-stack capital solution to founders.”
Kenneth Albolote has been promoted to General Partner and will focus on growth-stage deals. He joined the firm as a Venture Partner in 2021 and previously worked at Baring Private Equity Asia and The Carlyle Group. The firm plans to deploy up to eight deals annually with Fund III.
“This asymmetry creates the most compelling capital allocation thesis in ASEAN today,” said Kenneth Albolote, referring to the fact that the Philippines accounts for 20% of the region’s population but has received only 13% of the funding in the last three years. “Foxmont’s early-growth dominance positions it to capture this delta as startups mature.”
Franco Varona, Managing Partner, noted the growth of the Philippine venture capital market. “From $440M in 2019 to $1.12B in 2024, Philippine VC funding crossed the billion-dollar threshold without compromising selectivity,” he said. “With Fund 1 and Fund 2, we seeded the ecosystem, and with Fund 3 we are now prepared to grow the ecosystem.”
Ronald Roda, Grab Philippines Managing Director, commented on the company’s investment. “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,” he said. “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.”
Orsolya Farkas, DGGF’s Head of Funds and Equity, stated, “Philippine startups combine scalable unit economics with real socioeconomic impact. Foxmont’s hands-on approach—interacting daily with their founders—aligns perfectly with our development mandate.”
DGGF’s investment also includes a technical assistance facility that provides non-dilutive grants.