Today, we are excited to announce our $12.6 million Series A. This round was led by by Angela Strange at Andreessen Horowitz with participation from Monashees, Village Global, and Sinai VC. This brings our total funding to $16.6mm, following our $4mm Seed last year, where we were supported by these same investors, as well as group of outstanding angels like Kevin Ryan, Josh Abramowitz, and Scott Weiss.
Since we launched on February 22nd, we have grown our merchant partners from a single partner at launch to over 25 today, and our clients can now find ADDI at hundreds of stores. We have served over 10,000 clients, are on track to originating well into the tens of millions of dollars in our first year. We have done this while building a tech- and product-first team, over half of whom are technical folks. We know we can build a world-class technology company in Colombia.
Our Series A will allow us:
- Accelerate our merchant and originations growth meaningfully.
- Enhance our product, giving our clients more choice, and entering into more verticals.
- Grow our team to support the growth, with a continued focus on product and technology. (We are hiring!)
As part of the round, Angela Strange from Andreessen Horowitz and Marcelo Lima from Monashees will join our board, and we are stoked to deepen our partnership with them. They’ve backed us since we were nothing more than an idea and 16 PowerPoint slides, and we are looking forward to their continued support and advice.
If you’d like to read more about what this means for ADDI and our team, head and read our Co-founder and CEO’s blog post here.