Filipino VCs share how they invest in startups w/ Paulo Campos of Kaya Founders and Franco Varona of Foxmont Capital

This week on Founders Only, we mark an exciting new chapter with the official relaunch of the show — and we’re kicking it off in a big way. To celebrate, we’re joined by two of the most influential figures in the venture capital landscape: Paulo Campos of Kaya Founders and Franco Varona of Foxmont.

In this special episode, they take us behind the curtain of how venture capital truly operates in the country — far beyond the headlines and funding announcements. Paulo and Franco unpack the inner workings of building and managing a fund, from sourcing promising startups and making high-stakes investment decisions to supporting founders through both rapid growth and difficult pivots.

Episode Timeline: 

00:00:03 – The world is round: VCs raise from LPs just like founders raise from VCs

00:00:49 – The evolution from Hustleshare to a topic-centric show

00:02:06 – Franco Varona of Foxmont Capital Partners and Paulo Campos of Kaya Founders

00:03:24 – Foxmont’s journey: From Fund I to 44 portfolio companies

00:05:24 – Paulo’s shift: From Zalora to building Kaya Founders

00:09:13 – VC 101: What fund managers actually do

00:13:34 – Fund I, II, III explained: How venture funds are structured

00:17:53 – The 10-year fund lifecycle: Deploy period vs. harvest period

00:22:04 – Startup stages demystified: Pre-seed to IPO

00:30:00 – Why co-founders matter in emerging markets like the Philippines

00:33:45 – Beyond Shark Tank: VCs invest in lines, not dots

00:39:00 – Inside the Investment Committee: How decisions are made

00:45:45 – Investment teams as internal champions for founders

00:52:02 – No bias, no excuses: Merit-based underwriting in action

01:06:32 – Long game fundraising: 18-month courtships before a yes

01:14:00 – When things go wrong: Crisis calls and true investor partnership

01:16:20 – After the check: Governance, monthly updates, and accountability

01:18:45 – Not your boss, not dumb money: Defining the founder–VC relationship

01:21:30 – Reporting expectations: Why transparency builds trust

01:24:10 – When performance dips: Hard conversations and staying aligned

01:27:05 – Board dynamics: Constructive tension vs. echo chambers

01:33:40 – The 2026 outlook: Where Philippine startups are headed

01:37:15 – AI, sector focus, and emerging opportunities

01:44:05 – Building resilient companies beyond hype cycles

01:47:30 – Long-term optimism: Why they’re still bullish on the Philippines

01:50:00 – Final advice to founders: Stay coachable, stay obsessed, stay building

QUOTES FROM FRANCO AND PAULO:

 “I think what makes a great startup founder and builder are previous experiences that have helped them mold their capability and skillset to be able to succeed in a business they want to build. So this is the kind of builder and operator experience. “ -  Franco Varona

 “I think what becomes a very short-sighted and challenging perspective is if there's some suggestion that there's an underlying bias in the types of founders you back. Because as we explained, this is not popularity content. This is not like who we like more than who. This is us backing founders who we think can return capital to the investors that have trusted us with their capital.” - Paulo Campos

Resources: 

Linkedin (Paulo Campos): https://www.linkedin.com/in/paulo-campos-7030a660/

Linkedin (Kaya Founders): https://www.linkedin.com/company/kaya-founders/

Website: (Kaya Founders): https://www.kayafounders.com/

LinkedIn(Franco Varona): https://www.linkedin.com/in/francovarona/

Website (Foxmont Capital Partners): https://foxmontcapital.com/

Linkedin (Foxmont Capital Partners): https://www.linkedin.com/company/foxmont-capital-partners/

Links/Sponsors:

OneCFO: https://www.onecfoph.co/

This episode is brought to you by Villgro Philippines: , Paymongo, GoTyme Bank & SeekCap

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