Foxmont Capital Partners, the Philippines’ institutional early growth capital firm, announced Friday 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.

According to the statement, the milestone reflects two converging trends market maturation and Foxmont’s edge.

The Philippines now commands 19 percent of Southeast Asia (SEA) funding, up from 2 percent in 2021 (per Foxmont’s 2025 Philippine Venture Capital Report), as its consumption-driven economy outpaces peers (5.7 percent of gross domestic product [GDP] growth rate versus 4.9 percent regional average in 2024).

Meanwhile, Fund II catalyzed 23 times follow-on capital from global co-investors, and achieved top-quartile realized and unrealized returns amongst peers in Asia Pacific (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,” he added.

It is noted that 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 percent local pipeline access and new Singapore outpost for cross-border opportunities.

“The Philippines accounts for 20 percent of the region’s population but has captured just 13 percent 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,” he added.

Meanhile, Foxmont Managing Partner Franco Varona said, the firm has 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 $440 million in 2019 to $1.12 billion in 2024, Philippine venture capital funding crossed the billion-dollar threshold without compromising selectivity,

“With Fund 1 and Fund 2, we seeded the ecosystem, and with Fund 3 we are now prepared to grow the ecosystem,” he added.

Grab Philippines Managing Director Ronald Roda, also said that as a company deeply rooted in Southeast Asia, the firm believes 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,” he added.

According to the statement, DGGF’s investment includes a technical assistance facility providing non-dilutive grants.

“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,” said Orsolya Farkas, DGGF’s Head of Funds and Equity.

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