Xiao – nice job weaving in a Mary Oliver quote at the end.
“Tell me, what is it you plan to do with your one wild and precious life?“
I’m honored that I get to work with you.
Life often involves tough tradeoffs. I love running marathons but I’m less happy about the body soreness and longer recovery cycles as I age. I’m excited about every investment Foundry Group makes, but I know not all of them are going to pan out. Entrepreneurs talk about “changing the world”, but the companies that emerge often ring hollow against this backdrop. And, when confronted with a for-profit company that has a strong social mission, many founders and investors struggle with the profit motive.
Sometimes, life gives you an easy decision. Investing in Boundless Immigration was one of those. We originally invested a small amount in Boundless’ seed round in 2017 and just led a $7.8 million Series A financing. This is a case where there isn’t a tradeoff between making a profit and making an impact.
Boundless Immigration aspires to be the leading brand around legal immigration in the United States. They take an incredibly time-consuming and expensive process – immigrating to the U.S. and securing a marriage green card or naturalization – and make it easy and available for anyone who wants to legally immigrate. Boundless’ CEO and founder, Xiao Wang, immigrated to the U.S. as a child, and vividly remember his parents paying five months of rent to afford immigration attorneys and filing fees.
Boundless saves applicants time and money by automating a process that used to involve immigration attorneys filling out endlessly redundant forms. Everybody I talk to who has gone through the immigration process is stunned when they hear Boundless provides an end-to-end service for 20% of what most people currently pay for immigration services.
Every year 2.5 million families apply for immigration services in the U.S and there are about nine million people eligible to apply for naturalization. Boundless has put together a talented and diverse team (a majority has an immigrant background) resulting in a company with unique perspectives and empathy for anyone who wants to immigrate to the U.S.
Current dynamics around technology companies, especially around privacy, has people discussing the challenge that making a profit may require moral compromise. In this case, the opposite is happening, as I think it’s a moral imperative to help improve legal immigration. In the U.S., legal immigration is a foundational activity that keeps America fresh and helps our country maintain its edge on a global stage. As an American, I want anyone who wants to build a life for themselves, contribute to U.S. society, and make this a stronger country to be able to become a U.S. citizen.
This an emotional issue for me. One set of my Jewish grandparents were first-generation Americans. If America hadn’t been there for them, they might have perished in concentration camps during WWII. Another Jewish grandparent fled Russia in the 1910s. If America hadn’t been here for him, he would have also likely been annihilated.
If there were no America, there would be no me. If America made immigrating as difficult then as it does now, I might not exist. My grandparents fleeing a shtetl didn’t have vast sums of money lying around to spend on lawyers and fees, but were welcomed into this country. They, their children, and their grandchildren have all worked hard their entire lives to be productive and contributing members of American society. I like to think America is better for us having called this country our home.
I’m not shy about my opinions on immigration. And I’m not the only partner at Foundry Group who feels this way, as my partner Jason Mendelson testified in front of the House of Representatives in 2013 when he was on the National Venture Capital Association (NVCA) board about the importance of legal immigration to the U.S. innovation economy.
Life is full of difficult decisions. The last two years haven’t been easy for those of us who believe immigrants help make America great. It’s nice to have an easy decision like investing in Boundless – to make a profit, but also to remind everyone that we’re a nation of immigrants, and proud of that fact.