ANN ARBOR — Mi Padrino, an event-planning and crowd-gifting platform for the Hispanic community, announced it had secured a seed round of funding.
The company, launched in 2017, declined to announce the amount of the funding.
San Fransicso-based Astia Angels, an international network of investors that invests in women-led, high-growth ventures, led the round. Funding also came from XO Group Inc., a New York City-based media and technology company that operates the wedding website The Knot; Chloe Capital, an Ithaca, N.Y. venture company that invests in women-owned tech startups; Invest Detroit, a certified Community Development Financial Institution and source of private sector financing; Invest Michigan, a non-profit funded by the Michigan Strategic Fund and manager of the Michigan Pre-Seed Fund; and others.
MiPadrino is an online marketplace for organizing and funding Latino events, including quinceañeras and weddings. Event hosts use Mi Padrino to register for gifts, find vendors, shop for products, and more.
Officials with the company said the seed funds will be used to enhance the company’s technology, expand marketing, and invest 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 12 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.”
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, more than 400,000 Hispanic girls celebrate quinceañeras (their coming of age event, held on the girls’ 15th birthday) every year, with average family spending of $20,000. Globally, quinceañeras are a $49 billion industry. Add in other traditional Latino celebrations, including weddings, baptisms, and tres años (third birthday) celebrations, and it’s a $400 billion market.
More at www.mipadrino.com.