--News Direct--
Adro, a New York-based technology company enabling access to checking, savings, and credit for international students and workers moving to the US, is thrilled to announce an additional $500,000 investment in their previously announced $1.5 million pre-seed round. This new investment brings the total pre-seed funding to $2 million.
This investment includes contributions from several new investors, including Empire State Development’s NY Ventures, New York State’s venture capital arm; and Jim Wiseman, President of Margaritaville Development. The round also features additional investment from Era, founded by Jasper Lau.
"We're laser focused on helping internationals get financially established in America. These are groups that are traditionally underserved and underbanked, which is why we're incredibly honored to be supported by NY Ventures. This funding will significantly accelerate our mission to make financial services more accessible to newcomers," said Amarildo Gjondrekaj, CEO and Co-founder at Adro. He continued, "Our team is proud to be based in New York City. New York is also where my family settled as immigrants from Albania over 20 years ago, so this truly feels like a full-circle moment."
Empire State Development President, CEO, and Commissioner Hope Knight said, "New York State is committed to fostering innovation that creates economic opportunity for all. Adro's mission to provide financial services to international students and workers represents inclusive entrepreneurship in action. Through NY Ventures, we're proud to support companies like Adro that are developing solutions to help underserved communities establish financial security while contributing to New York's vibrant entrepreneurial ecosystem."
Next month, Adro will launch US dollar business accounts for international companies looking to expand their US reach. Adro’s deposit-insured business accounts will enable non-US companies to set up in the US, get an EIN and accept US card payments.
In other company news, Adro recently shared COO and Co-founder Sara Schmitt was accepted into the Nasdaq Entrepreneurial Center Milestone Makers program, a prestigious initiative that supports entrepreneurs in achieving key business milestones.
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About Adro
Adro is a technology company helping internationals unblock access to financial services. Based in New York, Adro has raised a $2M pre-seed and is backed by investors who deeply believe in equal access and opportunity for newcomers arriving in the US.
Adro was selected to join the 2024 Hudson Valley Venture Hub Accelerator at SUNY New Paltz. Adro is a graduate of Westchester County’s Element 46 Tech Accelerator and a member of CELA Innovation. To learn more, visit www.joinadro.com.
About Empire State Development
Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.
NY Ventures, a division of Empire State Development, strategically invests in high-growth companies that leverage technology to solve critical challenges across New York State. Through targeted investments and partnerships, the division expands access to venture capital for underserved regions and traditionally underrepresented entrepreneurs, including women and minority founders and fund managers. By bridging public and private sector resources, NY Ventures is building a dynamic, inclusive startup ecosystem that drives innovation throughout the state.
Contact Details
Adro
Katherine Wong Too Yen
View source version on newsdirect.com: https://newsdirect.com/news/adro-secures-additional-investment-with-backing-from-new-york-state-venture-arm-104043132
