Welcome Tech, a digital platform offering immigrant families with the tools and services required to thrive in the US, recently announced $30 million in new capital, “following an oversubscribed $35 million Series B in April 2021.”
This capital was raised “exclusively” from existing institutional investors including TTV Capital, Owl Ventures, SoftBank Group Corp’s SB Opportunity Fund, Mubadala Capital, and Next Play Capital, “bringing Welcome Tech’s total funding to date to $70 million.”
Gosia Karas, Investment Director and Head of Growth Stage Investments at SB Opportunity Fund, stated:
“The immigrant community continues to be the fastest-growing group in the U.S, while remaining underserved by legacy companies. Leveraging data and technology to address its needs is Welcome Tech’s superpower, and we are thrilled to continue supporting Amir, Raul and team as they scale the business.”
Last year, Welcome Tech’s primary consumer platform, SABEResPODER, experienced 60% year-over-year growth, “surpassing 3 million registered users.”
Welcome’s digital wallet and banking services for the immigrant community “saw 2200% growth and surpassed 1 million app downloads.”
This new financing will “enable further expansion of Welcome Tech’s product offerings and diverse team, to support the growth of its digital wallet and subscription healthcare program, and to bolster the national launch of its credit card product in the second half of 2022.”
Ross Darwin, at Owl Ventures, remarked:
“The impact Welcome Tech’s platform has on the lives of millions of people is profound. The innovative team is making a major difference in lives with critical educational resources and differentiated, valuable services. We’re excited to be a part of Welcome Tech’s continued hyper growth.”
Gardiner Garrard, Co-founder and Partner at TTV Capital, said:
“Welcome Tech is building a powerful consumer platform and lifestyle brand. The company’s first-party data and proprietary technology is unmatched. This information enables the company to personally cater its products and services in a way not many others can do.”
Welcome Tech has also “appointed two new board members: Mónica Gil and Michael Camuñez.” Mónica Gil is “the EVP, Chief Administrative & Marketing Officer at NBCUniversal Telemundo Enterprises, where she leads the company’s Operations, Marketing, Strategy and Insights, and Communications teams.”
Michael Camuñez is “the current President, CEO, & Co-Founder at Monarch Global Strategies, where he advises U.S. companies in domestic and global markets.”
He is “a former White House Special Counsel to President Obama and U.S. Assistant Secretary of Commerce.”
Today, Welcome Tech is one of the most diverse teams in the industry, “a key alignment to the company’s core consumer and mission.”
Welcome Tech’s Board of Directors “is now over 71% ethnically diverse, in line with the company’s leadership team.”
Including all full-time employees, “the company’s rapidly growing and changing workforce is made up of almost 50 percent diverse minorities.”
Additionally, Brooke Norton Lais has “joined Welcome Tech as the company’s first Chief Marketing Officer.”
After spending several years driving digital transformation and revenue growth for emerging fintech firm, Green Dot Corporation and delivering global initiatives for Procter & Gamble Beauty, Brooke will “focus on driving revenue via the development and execution of a truly unique integrated marketing strategy spanning consumer insights, advertising, growth marketing, social media, content, communications, customer lifecycle, creative and design.”
Amir Hemmat, Co-Founder, President & CEO of Welcome Tech, noted:
“We’re excited to see our investors recognize that our business model and technology give us the unique ability to deliver a major breakthrough in this market. Welcome Tech is also proud to have one of the most diverse Boards and teams in tech. We intend to continue proving that our purpose and vision can improve customers’ lives, deliver sustainable business growth and attract the best talent in the world.”
Welcome Tech, an incorporated For Benefit Corporation, claims to be “the world’s first digital platform to provide the global, multigenerational immigrant community with the linguistically and culturally relevant resources to thrive in a new country.”
Welcome Tech’s consumer insights, first-party data, and proprietary technology “inform affordable, fair, and custom solutions across key services including banking, rewards, credit, healthcare, education, and more.”
The company’s initial and highly reputable consumer platform, SABEResPODER, “currently serves millions of Hispanics.”