Participated · Series A · May 2024

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 · Equity · Aug 2023

1Bstories provides Vidiofy, a generative AI video tool designed for publishers and brands to enhance engagement, expand social followings, and create new revenue streams. Vidiofy can create hundreds of high-quality videos every month from scratch or from an existing article or web page, and it can publish and translate content into over 20 languages. The company serves customers across verticals, from mainstream US news publishers to niche Australian digital publications, large telecommunications companies in Indonesia, and real estate developers in Singapore. Founded by Anuvrat Rao, Stacie Chan, and Ravi Hamsa alongside a team of ex-Google founding members, the group collectively has 23 years of experience developing and scaling products internationally. 1Bstories emerged from stealth with $5.5M in funding and plans to use the proceeds to accelerate product development, expand the team, and drive widespread adoption of Vidiofy. Investors include Northstar Group and a syndicate of 47 other venture capital and angel backers.

Participated · Seed · Jul 2023

Maka Motors develops electric two-wheeled vehicles tailored to Indonesian riding conditions. The founders, former Gojek employees Raditya Wibowo (CEO) and Arief Fadillah (CTO), began in-house EV development last year. The company will start deploying pilot vehicles this month and aims to mass produce two-wheeled EVs by late 2024. The $37.6M seed will fund continued R&D and the construction of a factory in West Java beginning later in 2023. Maka emphasizes a blend of driving range, power, usability and durability at competitive prices to replace gasoline motorcycles. The team is roughly 40 people, including hires from gasoline motorcycle manufacturers and global automotive firms.

Led · Series B · Aug 2022

ESB (PT Esensi Solusi Buana), founded in 2018, provides an all-in-one cloud-based SaaS for culinary business operations. Its product suite includes a front-end order-taking app, POS, kitchen operations software, and a back-end ERP system. ESB also offers order and delivery channel management, accounting, supply chain management, HRIS, simplified payment solutions, working capital facilities, and productivity features. The platform targets SMEs in the food & beverage sector and aims to help operators increase sales and operational efficiency. Notable clients include Starbucks, Pepper Lunch, Shaburi, Subway, Genki Sushi, Sushi Tei, Djournal, Kitchenette, Krispy Kreme, and Cold Stone Creamery. With fresh funding from the Series B, ESB plans to further expand its footprint in the SME market. ESB provides a cloud-based, all-in-one restaurant operating system that includes ERP, a Point-of-Sale system and mobile ordering (ESB Order) to replace disparate software in F&B operations. Founded in 2014 and based in Indonesia, the company serves more than 500 F&B brands and processes over 40 million orders annually, with over US$500M in gross transaction value. ESB reported 3x year-over-year growth during the pandemic and says it expects 10x growth in the next two years; over 95% of users use both its front-end and back-end software. The founders built the product from decades of F&B operations and supply-chain experience to minimize leakage and human error. With recent funding, ESB plans to expand tech-enabled upselling, an enhanced BI platform, delivery solutions, payment solutions, financing, and an HRIS to become an end-to-end F&B operating platform. ESB offers an end-to-end SaaS platform for F&B businesses, including a cloud-based mobile ordering system that syncs automatically with restaurants’ POS, a kitchen management system and enterprise resource pricing (ERP). The startup says its stacks reduce time to serve customers and eliminate errors in information entry. During COVID-19 it launched contactless dining and independent delivery features to help restaurants avoid delivery-platform commissions and protect margins. ESB plans to use the fresh funding to introduce new features to its technology stack and expand partnerships with restaurants. The company reported 12x growth in the number of partners in 2020, under five percent churn, and claims to have generated over 20 million annual orders for customers within six months of launching. Notable clients include Boga Group, MAP Boga and Ismaya Group, and investors highlighted its data-driven, hardware-agnostic approach.

Participated · Series B · Jun 2022

Pintu is a cryptocurrency trading app launched in April 2020 that markets itself as Indonesia’s leading homegrown crypto assets platform, focused on first-time investors — primarily Gen Z and millennials. The app offers spot trading in over 66 tokens, Pintu Staking for its Pintu Token, and Pintu Earn which advertises up to a 15% APY paid hourly with no lock-up and instant top-ups/withdrawals. It includes educational features such as Pintu Academy and runs active community channels (790,000 members across Telegram, Discord, Instagram and TikTok). Pintu is registered and licensed by Indonesia’s Commodity Futures Trading Regulatory Agency (Bappepti). The company reports over four million app installs (up from 500,000 in May 2021) and doubled its team to about 200 in 2021. It plans to use new funding to add more tokens and supported blockchains, expand products and Pintu Academy, and increase hiring. Pintu is an Indonesian crypto assets platform and licensed broker (BAPPEBTI) that offers trades on 16 cryptocurrencies and has a low minimum investment of 11,000 IDR. The app emphasizes education for first-time investors through features like Pintu Academy and prioritizes accessibility for deposits and withdrawals. In the first half of 2021 Pintu reported 3.5x growth in app downloads and a 4x increase in active traders, driven in part by increased retail interest in crypto. The company plans to add more coins, including NFT tokens, and is selective about listings based on market cap, longevity and liquidity. Pintu is preparing new features such as Pintu Earn (an interest-bearing crypto account) and e-wallet integration, and intends to pursue aggressive hiring to support product development. It plans to focus on expanding within Indonesia before entering other Southeast Asian markets. Pintu operates a mobile-first cryptocurrency trading app designed to reach mass-market, first-time crypto users with an easy user experience and educational materials. The company is a licensed cryptoassets broker, registered under Indonesia’s Bappebti and the Ministry of Communication and Informatics. Pintu was founded last year by Jeth Soetoyo and is led operationally by COO Andrew Adjiputro. The team says many Indonesian retail traders view crypto as a top asset class and that retail users are primarily aged 20–35. Pintu estimates Indonesia processed about $10 billion in cryptoasset transactions last year, mostly through retail investors. The new funding will be used for marketing, hiring and product development.