Franco Varona: Grab GM to Foxmont Capital Partners, Empowering Filipino Entrepreneurs & Startup Success Blueprint - E357

Franco Varona, Managing Partner of Foxmont Capital Partners, and Jeremy Au talked about three main themes:

1. Entrepreneurial & Grab Beginnings: Franco detailed his early entrepreneurial experiences before the age of Google and widespread digital resources. He founded Creative Spark and subsequently Global Media, a company focused on advertising sales that serviced international media outlets. He shared how he was invited by Jesse Maxwell, a friend and later a partner at Foxmont, to launch Grab’s operations in the Philippines as country GM. He shared what it was like to live in founder Anthony Tan's apartment, to figure out how to localize and scale on-demand ride-sharing across Manila and other markets. He highlighted the hurdles he faced like dealing with slow and expensive internet infrastructure and training drivers to use smartphones.

2. Philippine Market Dynamics: Franco discussed his long-term vision for the Philippines, driven by a childhood dream of giving back to his home country. He discussed the growing middle class, the global diaspora's knowledge, and the rising adoption of digital solutions like mobile wallets. He also envisions a future where the local startup ecosystem is key for poverty reduction and education accessibility

3. Foxmont Capital Investment Philosophy: Franco discussed Foxmont Capital's mission as a cornerstone local VC investor to serve as a market filter and promote exceptional Filipino entrepreneurs, They initiated the Foxmont & BCG Philippine Venture Capital Report, which provides an annual overview of the country's rapid digital transformation, market insights and key changes. He discussed how they look at Indonesia as a benchmark startup market, and also share their investment philosophy that focuses on backing simple yet essential Filipino solutions to local problems.

They also talked about the role of CVCs in the Philippines, expectations vs. realities of building a business, and the pandemic’s impact on digital transformation.

Watch, listen or read the full insight at https://www.bravesea.com/blog/franco-varona

Get transcripts, startup resources & community discussions at www.bravesea.com

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