Salmon Raises $88M Funding Round

Gunderson Dettmer represented client Salmon, a leading Philippine-based consumer fintech startup, in its $88 million funding round. The transaction comprised a $60 million drawdown from a $150 million Nordic bond program, the first such issuance by a Southeast Asian technology firm, and $28 million in new equity led by Spice Expeditions. Other investors included Antler, International Finance Corporation (IFC), Lunate of Abu Dhabi, Northstar and Back in Black Capital. The new capital will enable Salmon to expand its operations and product offerings across Southeast Asia.

In the announcement of the transaction, Salmon co-founder Pavel Fedorov said, “This funding gives us the runway to scale up lending across our credit products and accelerate financial inclusion in the region.”

The Gunderson Dettmer deal team was led by David He and included Benjamin Teo, Kinnari Sahita, Binh Vong, Jieying Chng and Seline Chin. The deal team led by David He has a longstanding relationship with Salmon, having also represented the company in its $30 million convertible note financing in October 2024 and its $25 million equity round in April 2024.

Companies:

Antler
Back in Black Capital
International Finance Corporation
Lunate of Abu Dhabi
Northstar
Salmon
Spice Expeditions