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 · Equity · Feb 2024

Gently is a direct-to-consumer startup developing personal-care products for babies and children. Founded in early 2021 by Nyoman Anjani and Ramadhan Satrio Nugroho, the company markets items such as baby face cream, baby hair lotion, baby rash cream, calming baby cream, candlenut shampoo, and massage oil. Its sales channels include online (website and marketplaces), offline retail, and a reseller network to drive traction. The founders position the brand around gentle, safe, and efficacious formulas at affordable prices to help mothers build healthy families. Gently has recently reported an early funding round of about $2.5M (Rp39 billion) involving Northstar, Accel, Init-6 and two other investors. The article cites market data showing the global baby personal-care market at $6.08 billion in 2023 with projected growth to $8.71 billion by 2033, and a Statista estimate of $92.21 million in baby and child product revenue this year.

Participated · Seed · Jul 2023

Terminal Industries develops AI-driven platforms to digitize and optimize yard operations, working to make yards smarter, safer, and more efficient. The company emerged from stealth to address inefficiencies in yard management by partnering with the world’s largest logistics operators on platform development. Terminal cites industry-scale friction: $10 trillion of goods are transported by truck annually, 92% of facilities lack meaningful technology enablement, and inefficiency costs the industry up to $146 billion. The team is led by CEO Max Constant and CTO Neil Robertson, Ph.D., who previously co-founded and built two venture-backed AI companies together, and President Matt Yearling, former CEO of PINC. Advisors include senior logistics executives from Walmart, UPS, Schneider, and FreightWaves. Terminal is headquartered in Austin, Texas, with offices in San Francisco and London.

Participated · Series D · Jul 2023

eFishery develops an IoT smart feeder that measures appetite with sensors, dispenses feed accordingly, and records feeding data in real time for fish and shrimp farms. The system sends feeding reports to farmers' smartphones and the mobile services require a monthly subscription fee. The company says its smart feeder can reduce feed usage by about 21 percent. Products are currently available in Java, Bali and Sumatra, and eFishery reports a sales pipeline of more than 17,000 fish and shrimp farms. The startup is already receiving orders from Thailand, Singapore, India, China, Brazil and countries in Africa, indicating international demand and expansion potential. Founders position the product as a solution to feeding inefficiencies across operations of all sizes. eFishery is an Indonesian aquaculture company. The company has secured a $30 million green and social working-capital loan from HSBC Indonesia. The loan is intended to support the company's expansion plans. The financing is described in the article as both green and social, indicating environmental and social objectives tied to the facility. HSBC Indonesia is the lender named in the coverage. eFishery builds an IoT auto-feeding system (eFisheryFeeder) and a platform that includes marketplaces for feed and fresh fish/shrimp as well as financial products for farmers. Founded in Bandung, West Java, in 2013 by CEO Gibran Huzaifah, it serves 70,000 fish and shrimp farmers in 280 cities across Indonesia. The feeder senses fish appetite via vibrations, automates feed distribution, lets farmers manage ponds from smartphones, and collects data on feed usage, feed type/brand, production, behavior, stock density and mortality. The company says feeding accounts for a large share of production cost and aims to improve efficiency and sustainability across fragmented local markets. eFishery plans to reach one million aquaculture ponds in Indonesia by 2025 and to expand overseas, including exporting fully traceable, antibiotic-free shrimp. In a Series D it raised $200 million and became the first startup in the global aquaculture industry to pass a $1 billion valuation. eFishery builds hardware and software for aquaculture, including smart feeders and farm-management apps (eFarm for shrimp, eFisheryKu for fish). The company also offers financing products such as eFund, which connects farmers to financial institutions and a pay-later service for supplies. More than 30,000 farmers in Indonesia use its smart feeders, and over 7,000 farmers have used eFund, with total approved loans exceeding $28 million. eFishery said this raise is the largest round by an aquaculture tech startup in the world. The new capital will be used to scale the platform and expand into the top 10 aquaculture countries, including China and India. Its product set spans hardware, software, and financial services to address multiple points in the aquaculture value chain. eFishery builds smart sensor-enabled feeders that automate feeding for fish and shrimp farms. Launched in 2013, the company is deployed in 16 provinces and 67 cities across Indonesia and employs 67 people, mostly in field sales and operations. It generates revenue through a one-time hardware purchase fee plus a monthly subscription for hardware usage, and is running pilots for new revenue models from its data platform. eFishery reports it grew revenue by over 261 times in the last two years and says it is profitable. The company will use the funds to expand nationally—deepening presence in farming areas, building its data platform, and boosting recruitment. It is also partnering with financial institutions and restaurant chains and running pilots in Vietnam, Bangladesh, and Thailand to support regional expansion.

Led · Series A · Apr 2022

NOICE operates a non-music audio platform that hosts podcasts, radio, audiobooks, live audio and scripted drama series from Indonesian writers. The company works with influencers to create podcasts and live audio and claims more than 40,000 pieces of content on the platform. It reports about 2 million users, with daily listeners spending roughly 80 minutes per day. NOICE recently launched Noicemaker Studio, an audio-creation platform to encourage more creators to publish directly to the service. The startup says it will use new funding for content acquisition, to build technology for users and creators, and to adapt local writers' stories into audio formats. These initiatives indicate a focus on both expanding content supply and improving creator tools.