The Philippines Opportunity: Franco Varona (Managing Partner at Foxmont Capital Partners | Philippine Venture Capital)
The BordersLess Podcast
Shownotes Transcript
In this podcast episode, Franco Varona, a Filipino Venture Capitalist, explains why the Philippines is one of the fastest-growing startup ecosystems in the region and the opportunities this presents for entrepreneurs. Born in Canada, we also chat about why Franco moved back to the Philippines and also why other overseas entrepreneurial Filipinos are returning.
As the Managing Partner of Foxmont Capital Partners, the first independent Venture Capital (VC) firm in the Philippines, Franco has had a varied career, most notably being a founding member at MyTeksi Phillippines (now named Grab). This opportunity to get on board one of the most exciting startups in the region supercharged his career into what it is today, something that might not have been possible if he stayed in the States.
As passionate advocates of the Philippines startup ecosystem, Foxmont's investment thesis is this: “We invest in Filipino-focused or Filipino-founded early-stage technology startups that have proven that they can scale effectively and lead the Philippine digital evolution. We believe that if a Filipino startup can succeed in the Philippines, it can succeed anywhere.”
Show Notes: https://bordersless.com/business/philippines-opportunity-franco-varona-foxmont/
Episode Topics & Timestamps
1:33 – Franco’s introduction.
2:45 – born & raised in Canada, why did Franco move back to the Philippines?
6:10 – is Franco seeing more overseas Filipinos moving back? Reverse Brain Drain?
10:45 – Franco's journey from the US to the Philippines and how he kicked off his entrepreneurial journey, how he joined MyTeksi (now Grab).
16:30 – Franco's thoughts on the Philippine startup ecosystem today vs 10 years ago. Examples of how the pandemic has supercharged digitalisation in the country.
21:40 – Franco's stories about his early days at Grab Philippines.
23:20 – starting Foxmont Capital Partners and why the Philippines presents a great opportunity for investors & startups.
31:40 – experiences setting up the 1st fund with his co-founders/partners.
35:45 – why Foxmont’s 1st investment went to Kumu (building meaningful connections among the Filipino diaspora community).
43:40 – the Venture Capital landscape in the Philippines, Corporate VC vs Independent VCs.
47:40 – What is Sinigang Valley)?
51:20 – what sectors and verticals are Franco excited about?
55:10 –advice for young professionals / entrepreneurs navigating their careers.
57:45 – how to find out more about Franco & Foxmont.