Participated · Equity · Jun 2025

Salmon Group operates a modern money app and a suite of financial products delivered through the Salmon app and runs a BSP-licensed bank (Salmon Bank) and an SEC-licensed financing company (Salmon Finance). Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, the company aims to be a challenger to legacy banks in the Philippines by focusing on customer experience and execution speed. Salmon highlights product metrics such as a 4.8 rating in both the App Store and Google Play and 99.9% uptime, and offers competitive retail features cited in the announcement (for example, Salmon Credit’s up to 62-day grace period and an 8% term deposit rate). The group is backed by prominent US venture investors as well as IFC (World Bank Group), ADQ/Lunate, Antler and notable Filipino investors. Salmon plans to use new capital to expand products, deepen distribution, and further capitalize Salmon Bank to grow its lending and deposit footprint. The company positions itself to scale its balance sheet and lending portfolio through a mix of equity and public debt financing.

Participated · Seed · Mar 2025

Toronto-based Lumi AI provides a self-service data analytics and insights platform centered on a chat module that functions as a personal data analyst, allowing users to explore operational data and extract actionable intelligence with plain-language prompts. The platform generates visuals and tailored insights without coding, aiming to unlock hidden value and boost analyst productivity. Led by CEO Ibrahim Ashqar, the company serves customers across mid-sized CPG and 3PL businesses as well as larger enterprises, including an F10 retailer, one of North America’s largest meal-kit providers, a top 4 consulting firm, and the largest luxury retailer in the MENA region. Lumi AI focuses on complex supply chain datasets and operational analytics. The company raised $3.7M in Seed funding and intends to use the proceeds to grow engineering and customer success teams, accelerate feature development, and support its growing roster of global customers. No other financial metrics were disclosed. Lumi AI develops data-analyst AI software that lets end business users in retail and supply chains generate custom reports and run statistical models using plain language. Its core technology uses proprietary algorithms and workflows to understand enterprise operational systems and translate vague prompts into AI-friendly instructions. The company positions itself to democratize access to data, insights, and predictive analytics across organizations with physical supply chains. Lumi plans to invest the new funding in product development and team growth as it prepares for a full-scale platform launch later in the year. Lumi AI was founded in April 2023 by Ibrahim Ashqar and Tudor Boiangiu and is based in Dubai, UAE.

Participated · Equity · Jul 2022

Tropic Biosciences develops gene-edited tropical crops via its proprietary GEiGS® platform, concentrating on banana and rice varieties designed for higher yields, increased disease resistance, and improved sustainability. In 2025 the company launched the first new banana varieties in more than 75 years, including a non-browning banana named one of TIME Magazine’s Best Inventions of 2025 and an extended shelf-life variety that increases green life by 12 days and can reduce waste by up to 50 percent. Tropic has made progress toward resistance to Panama Disease TR4 and shipped plants in 2025 to establish a mother plantation intended to support commercial deployment beginning in 2027. Demand for its new banana varieties has already surpassed supply, and the company has cited significant revenue growth as it scales. Tropic plans to expand its research across its rice portfolio and pursue additional high-impact, climate-resilient crops to address global food security and sustainability challenges.

Led · Series E · Dec 2021

Founded about a decade ago, Spinny operates a consumer-facing platform that sells roughly 13,000 used cars each month, supported by its own large reconditioning centers. The Gurugram-based company controls most of the used-car value chain, from purchase and refurbishment to direct sale, and augments supply through an auction channel that serves dealers. To deepen post-sale engagement, Spinny currently relies on third-party service shops, a gap it intends to close by acquiring car-services startup GoMechanic. Recent strategic initiatives include the acquisitions of auto publications Autocar India, Autocar Professional, and What Car? India, as well as the launch of Spinny Capital, a non-banking finance arm that offers vehicle loans. Spinny’s expansion comes amid expectations that India’s used-car market will grow from about 6 million units to 9.5 million units by 2030. The company was valued at approximately $1.8 billion after its last funding round and has previously raised around $170 million in Series F capital to scale its core operations.

Participated · Series D · Nov 2021

Sword Health is an AI-powered digital health company that began as a virtual physical therapist and has expanded into pelvic health and mental health services. Its core product includes an AI care specialist called Phoenix, which the company aims to extend to cardiovascular, gastroenterological, and speech therapy care verticals. Sword is cash-flow positive and reporting a $240 million annual revenue run rate. The company raised capital to update its valuation and to have funds available for strategic acquisitions. CEO Virgílio Bento is delaying near-term IPO plans until he can show proof points at scale across multiple care verticals. Sword plans a likely tender offer next month and expects to raise additional capital next year. Sword Health operates an AI Care platform that delivers clinician-informed, conversational and real-time feedback-driven care for back, joint and muscle pain and women's pelvic health. The company launched its first AI-based care solution in 2015 and has delivered over three million AI sessions to members to date, with availability to more than 10,000 employers across three continents. Sword recently introduced Phoenix, an AI Care Specialist that will be integrated across its platform beginning with Thrive (physical pain) and then Bloom (women’s pelvic health) during 2024. The firm says it nearly tripled revenue in the prior year and claims a 70% win rate in competitive evaluations while holding the majority of industry patents. Management frames Phoenix as the largest technology leap to date and part of plans to expand AI Care into new markets and categories. The company states its mission is to free two billion people from pain by scaling AI-powered access to high-quality care. Sword Health is a Porto-founded digital musculoskeletal therapy provider that pairs members with licensed physical therapists and a digital therapist and offers an FDA-listed device to address musculoskeletal (MSK) disorders. Launched in 2015, the company aims to reduce or eliminate MSK pain for members, self-insured employers, and health plans. Over the past year Sword reported a 20x increase in valuation and a 12x increase in client count. Financially, Sword closed an oversubscribed $163 million primary Series D and a $26 million secondary that pushed its valuation north of $2 billion, bringing total capital raised to $320 million. The company plans to use part of the funding to create 300 new positions primarily in operations, marketing, technology, and people management, and to continue developing and promoting its services. Investors and company leadership have pointed to Sword’s PT + Digital Therapist model and reported clinical outcomes as drivers of market acceptance and cost savings. SWORD Health provides a virtual musculoskeletal care platform that connects patients to telemedicine physical therapists and supplies tablets plus motion sensors to power a Digital Therapist that delivers real-time feedback. The Digital Therapist offers thousands of feedback messages and scores exercises, guiding regimens that typically take 20–25 minutes. The company sells to insurers, health systems, and employers across the United States, Europe, and Australia. Founded in 2015 and only 18 months in market, SWORD reports treated patients up 1,000% year over year and 600% year-over-year revenue growth. Management says it will reinvest gross profit into building the platform and plans to use new capital to grow the business rather than focus on near-term profitability. Sword Health offers a virtual musculoskeletal solution centered on its FDA-listed Digital Therapist, which connects in-house Doctors of Physical Therapy to members via wearable motion sensors and a tablet running an AI-powered therapeutic exercise program. The clinically proven platform delivers rehabilitation programs for chronic, acute, and post-surgical conditions across the lower back, shoulder, neck, knee, elbow, hip, ankle, wrist and lungs. Led by founder and CEO Virgilio Bento, the company plans to use the new capital to enhance product capabilities and expand industry partnerships. It aims to drive adoption across the benefits management ecosystem with employers, health plans and alliance partners. The company has raised a cumulative $50M to date. Sword Health raised $25M in a Series B to support these initiatives.