Welcome Tech Announces $30M in New Capital, Expands Board of Directors and Executive Team

Amid record growth, Welcome Tech secures additional funding, bolsters its Board of Directors with Mónica Gil of NBCUniversal Telemundo and Michael Camuñez, former Special Counsel to President Obama, and hires its first CMO

LOS ANGELES, April 14, 2022 /PRNewswire/ -- Welcome Tech (or "the Company"), a digital platform providing immigrant families with the tools and services required to thrive in the U.S., today announced $30M 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.

"The immigrant community continues to be the fastest-growing group in the U.S., while remaining underserved by legacy companies," said Gosia Karas, Investment Director and Head of Growth Stage Investments at SB Opportunity Fund. "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."

In 2021, Welcome Tech's primary consumer platform, SABEResPODER, experienced 60 percent year-over-year growth, surpassing 3 million registered users. Welcome's digital wallet and banking services for the immigrant community saw 2200 percent 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.

"The impact Welcome Tech's platform has on the lives of millions of people is profound," stated Ross Darwin, at Owl Ventures. "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."

"Welcome Tech is building a powerful consumer platform and lifestyle brand. The company's first-party data and proprietary technology is unmatched," said Gardiner Garrard, Co-founder and Partner at TTV Capital. "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 percent 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.

"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," says Amir Hemmat, Co-Founder, President & CEO of Welcome Tech. "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."

For more information on Welcome Tech, please visit: https://welcome.tech/

About Welcome Tech
Welcome Tech, an incorporated For Benefit Corporation, is 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 unparalleled consumer insights, first-party data, and proprietary technology inform affordable, fair, and best-in-market 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. 

For additional information, please contact:
Veronica Blum
[email protected]

SOURCE Welcome Technologies

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