Foxmont Secures $30M First Close for Fund III, Anchored by Dutch DFI, to Capitalize on Philippine Asymmetry
- partnerships837
- Aug 1
- 3 min read
With 23x follow-on capital for Fund II and APAC top-quartile returns, the firm doubles down on mandate and incorporates growth-stage deals

Foxmont Capital Partners (“Foxmont”), the Philippines’ first institutional early growth capital firm, today announced the first close of its third fund at $30 million—more than doubling its assets under management (AUM) and surpassing the combined size of its first two funds. With Fund 3, Foxmont welcomes two new institutional investors with the first close: The Dutch Good Growth Fund (DGGF), a development finance type institution, serves as an anchor investor, marking the first DFI commitment to a Philippine-focused early-growth fund. Grab Holdings Inc. has also joined the fund—bringing not just capital, but validation from one of the region’s most successful tech companies.
The milestone reflects two converging trends:
Market maturation: The Philippines now commands 19% of SEA funding, up from 2% in 2021 (per Foxmont’s 2025 Philippine Venture Capital Report), as its consumption-driven economy outpaces peers (5.7% GDP growth rate vs. 4.9% regional average in 2024).
Foxmont’s edge: Fund II catalyzed 23x follow-on capital from global co-investors, and achieved top-quartile realized and unrealized returns amongst peers in APAC .
“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.”
Albolote, newly promoted to General Partner after serving as Venture Partner since 2021, brings decades of experience from Baring Private Equity Asia (now part of EQT) and The Carlyle Group. His addition aligns with Fund III’s strategy to deploy up to eight high-conviction deals annually, leveraging Foxmont’s 100% local pipeline access and new Singapore outpost for cross-border opportunities.
The Philippines accounts for 20% of the region’s population but has captured just 13% of funding over the last three years. "This asymmetry creates the most compelling capital allocation thesis in ASEAN today," said Kenneth Albolote. “Foxmont’s early-growth dominance positions it to capture this delta as startups mature.”
"We have moved from proving Philippine startups can succeed to showing that they can dominate. Foxmont's early access lets us ride this curve from first check to exit. From $440M in 2019 to $1.12B in 2024, Philippine VC funding crossed the billion-dollar threshold without compromising selectivity," noted Managing Partner Franco Varona. “With Fund 1 and Fund 2, we seeded the ecosystem, and with Fund 3 we are now prepared to grow the 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. 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,” says Grab Philippines Managing Director Ronald Roda.
DGGF's investment includes a technical assistance facility providing non-dilutive grants. "Philippine startups combine scalable unit economics with real socioeconomic impact," said Orsolya Farkas, DGGF's Head of Funds and Equity. "Foxmont's hands-on approach—interacting daily with their founders—aligns perfectly with our development mandate."
About Foxmont
Founded in 2018, Foxmont Capital Partners is the Philippines' first institutional early growth capital firm, focusing on investments in high-growth startups. The firm has raised three funds. Foxmont has invested across various sectors in the Philippine market and has a strong track record of attracting follow-on capital and scaling companies. With its local presence and first-mover advantage, the firm continues to achieve top-quartile returns and is positioned to capitalize on the growing private capital landscape in the Philippines. Co-investors include General Atlantic, the Susquehanna Group, Singapore’s Pavilion Capital, the Asian Development Bank, and the Philippines’ Startup Venture Fund.
About DGGF
The Dutch Good Growth Fund (DGGF) is a development finance type institution that supports sustainable economic growth in emerging markets. DGGF invests in high-impact SMEs through equity, loans, and technical assistance, with a focus on inclusive development. Its investment in Foxmont highlights its commitment to fostering growth in the Philippines’ private capital ecosystem.