Funding attracts investors from across the U.S.; Catalyzed by Chloe Capital
NEW YORK, Oct. 9, 2018 / — Mi Padrino®, an event-planning and crowd-gifting platform for the Hispanic community, announced today that it has secured a Series Seed round. Launched in 2017, MiPadrino.com makes it easy to organize and fund Latino events like Quinceañeras and weddings.
Astia Angels led the round, which includes industry leader XO Group (TheKnot) as well as Chloe Capital, Invest Detroit, Invest Michigan and others. An all-in-one marketplace, event hosts use Mi Padrino to register for gifts, find vendors, shop for products, and more. The funds raised will accelerate Mi Padrino‘s growth trajectory by enhancing its platform, expanding marketing efforts, and investing in user engagement and retention.
“Mi Padrino has quickly become the leading Hispanic event planning platform in the US,” said Kim Gamez, CEO and Co-Founder. “In twelve months, over two million guests have attended Mi Padrino events. This investment allows us to continue to improve the Hispanic party planning experience helping even more Latinx families enjoy and celebrate their traditions.”
“It’s been a pleasure working with Kim Gamez,” said Elisa Miller-Out, Founding Partner at Chloe Capital. “Mi Padrino was first brought to our attention Marta Michelle Colon, Co-founder of Access Latina, CEO of Buena Gente, and a member of the Chloe Capital advisory board. We quickly helped us recognize Kim’s stellar leadership skills, and her company’s ability to capture a rapidly growing and underrepresented market.”
Kim Gamez was invited to pitch at Chloe Capital’s inaugural Women’s Investors Accelerator at the end of last year. The accelerator united leaders in angel investing and venture capital with a select handful of women-led technology companies. Mi Padrino was chosen to receive Chloe Capital’s first investment.
“Our journey with Kim is a testament to the power of community. In addition to an introduction by Marta Michelle, Astia Angels joined us as a funding partner for our Accelerator, which resulted in the immediate opportunity for Kim to pitch Astia’s network of angels for follow on funding. Ita Ekpoudom from Plum Alley was also a member of our investor panel. She offered to introduce Kim to the Founder of TheKnot, which is owned by the XO Group,” said Miller-Out. “Our final decision to invest in Mi Padrino was strengthened by these key connections.”
According to Mi Padrino Board Member and investor Carol Schrader, “Astia Angel’s investment in Mi Padrino is significant as it extends our mission. Kim and her team presented a compelling opportunity to not only invest in a dynamic female entrepreneur, but also a Latina-focused business based in the Midwest.”
In the U.S. alone, over 400,000 Hispanic girls celebrate quinceañeras (their coming of age event) every year and on average families spend $20,000 on the event. Globally, quinceañeras are a $49 billion dollar industry and combined with other traditional celebrations (weddings, baptisms, tres años, etc.) create a $400B market.
“We’re thrilled to invest in a company that’s serving the Hispanic community with innovative products and services for quinceañeras and beyond,” said Alison Bernstein, Vice President and General Manager, XO Group. “At XO Group, we believe in the importance of celebrations and traditions. Connecting to the right tools, advice and local services is key in planning an amazing party. XO Group is excited to help Mi Padrino become the premier Hispanic event planning marketplace in the world.”
About Mi Padrino
At Mi Padrino, we believe in the deep and lasting impact of traditions and events in shaping lives and building community. We make event planning easy by organizing and connecting hosts, guests, vendors, products and resources, so that Latino families and friends can focus on what matters: Honoring their heritage and celebrating life’s most significant occasions together.
About Chloe Capital
Chloe Capital is a seed-stage venture capital firm that invests in women-led innovation companies. Our mission is to decrease the gender gap in entrepreneurship and venture capital. We further this mission through our investments and enrichment programs that provide women entrepreneurs and investors with mentorship and connections to resources. We aim to make our next five investments during the 2018-2019 Chloe Capital National Tour > ChloeCapital.com/tour
About Astia Angels
Astia Angels is a premier global angel network made up of women, men and family offices investing in companies with inclusive executive teams. Since the launch of Astia Angels in 2013, members have made 95 investments into 60 women-led companies across the sectors of technology, life sciences, cleantech and consumer products, from seed to growth stage, representing $20.5M+ in investment and $250M+ in syndicate investments.