Jelmer David Ikink
The founding partner of Foxmont Capital Partners shares how investing in local innovation can catalyse change
The Filipino startup scene is forecasted to thrive in 2024. Having one of the fastest growing e-commerce industries in the world, the country is set to see more entrepreneurs succeed—and Jelmer David Ikink, a venture capitalist and partner at local independent VC fund Foxmont Capital Partners, is ready to support them.
Foxmont Capital Partners invests heavily in the Philippine economy to champion local businesses. So far, Ikink and his team have backed over 30 successful enterprises, including Etaily, Pickup Coffee and Expedock. Here’s what the young investor has to say about his journey and how he aims to bring local solutions to local problems.
In the venture capital world, impact isn’t just about financial returns; it is about catalysing dreams, fostering entrepreneurship and building a brighter, more inclusive future for our country. It means disrupting the status quo, driving change and creating opportunities where none existed before. It is a privilege and a responsibility, and every success story we help write is a testament to the power of visionary founders and investments.
We started Foxmont in 2018 in response to a pressing need we had experienced firsthand as startup founders. We recognised the significant challenges Filipino entrepreneurs faced in raising capital. Our mission was to break down these barriers, improve access to funding and nurture a thriving startup ecosystem.
Our journey as founders-turned-investors was driven by a passion for empowering others, which remains at our firm’s heart. I aspire to inspire the next generation of investors and entrepreneurs. The goal is to contribute to the development of the Philippine business landscape by supporting businesses that create jobs, foster innovation and improve livelihoods.
To invest wisely, one must understand how a startup fits in and benefits from the larger macro context. After which, one must ask how its product or service connects with its intended customers. Does the product or service help solve current problems Filipinos face, eliminate friction in customer experiences, or positively impact society or the environment?
A wise investment is one that not only generates financial returns but also aligns with long-term and sustainable growth prospects. In a mere few decades, our world has witnessed a breathtaking transformation. The best trait that helps navigate these challenges is curiosity. While education, experience and having a solid network are essential, without an innately curious mind that is continuously eager to absorb and take the time to understand new trends, innovations and market movements, it is difficult to place the investment in the broader context of what is going on, what forces may impact your investment, and reset your dogmas from time to time.
Strong founders should have conviction but loosely held.
This means they should be visionary, genuinely believe in their business model, and be pragmatic enough to pivot in dynamic markets and competition.
2024, we foresee several exciting business trends we’re actively tracking and investing in.
We’ve been delighted with the recent adoption and explosive growth in demand for homegrown consumer brands. Sustainability and environmental responsibility are also gaining momentum. There is a massive surge in eco-conscious businesses, such as our portfolio companies PCX and SolX, and we’re committed to backing ventures that prioritise profitability, people, and the planet.