Foxmont Capital Partners launches the 2022 Philippine Venture Capital Report at the Build Startup Festival

Foxmont Capital Partners debuted the 2022 Philippine Venture Capital report during the Build: Startup Festival, which is co-organized by Esquire magazine and Sinigang Valley. While the report is a joint effort between Foxmont Capital Partners and Boston Consulting Group, Foxmont wishes to recognize the cultivation of the Philippines’ startup ecosystem as a collective effort.

The 2022 Philippine Venture Capital Report was created as an avenue to foster the ethos of collaboration between key players in the Philippine startup landscape, this year’s report draws on insights from investors and local startups that are helping shape the ecosystem. In addition, several local and regional funds such as Accion Venture Lab, Buko Ventures, DayOne Capital Ventures, Insignia Venture Partners, Kickstart Ventures, Startup Venture Fund, Vulpes Investment Management, Wavemaker Partners, 335 Fund, Gentree Fund, Kaya Founders, and KSR Ventures, have contributed their own knowledge and opinion on the attractive investment opportunities present in the Philippines.

Despite a series of lockdowns, the Philippines startup ecosystem has thrived within the past few years. In 2020, funds raised by Philippine startups totaled $369 million and continued to exceed $1 billion in 2021. Foxmont notes that 92 investments were recorded in 2021 with several startups completing Series A, B, and C rounds. The resilience of local startups have also received international attention from global investors such as Andreessen Horowitz (a16z), General Atlantic, and Sequoia.

The country’s ecosystem is already off to a strong start with local startups raising capital from international and regional investors. In January, Growsari raised $45 million in a Series C funding round led by Kohlberg, Kravis, and Co. (KKR). Peddlr raised $4.3 million in its seed funding round led by Patamar Capital and Crestone Venture Capital. Mizuho Bank recently led the $131 million Series B round of Tonik Bank. Most recently, PDAX raised $50 million in a Series B round led by Tiger Global.

The country’s growing young tech-savvy population, driven entrepreneurs, English-proficient talent pool, and emerging sources of early stage funding have created a fertile environment for startups to thrive and continue to prove that the Philippines is an attractive destination for venture capital.

Established in 2018, Foxmont Capital Partners is the Philippines’ only independent, country-focused venture capital fund that invests in scalable startups in rapidly digitizing areas. The firm has announced over 26 investments thus far, with recent additions to its portfolio being social commerce platform SariSuki, export enabler 1Export, digital ledger and point-of-sales app Peddlr.

To view the full report, click here.