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3 ways to hire well for your startup • ZebethMedia

Champ Suthipongchai Contributor Champ Suthipongchai is founder and GP at Creative Ventures, a deep tech firm that invests in early-stage companies. If you’re hiring for your startup, you need to understand one thing: This is arguably one of the worst times to be looking for talent. While inflation continues to skyrocket and the Fed pumps up interest rates, consumer confidence remains unchanged and unemployment sits at a historical low. The business and market financial outlook is grim, but companies are still at the mercy of their employees, who seem to have endless choices for jobs. Big Tech might have released some 10% of the talent back into the market, but those were generally not employees executing core businesses. How, then, can early-stage founders compete with larger, better-funded companies in this war for talent? View talent through a product-market fit lens Whenever possible, it is far better to slowly integrate a great candidate in as an adviser or part-time contractor and let things play out. Most startups simply do not have the means to compete on the basis of capital, especially when it comes to talent. Your early employees (your first 20-25 people) join you because they are seeking something that bigger companies with money cannot offer them. Your job is to figure out what that something is and make it available. Approaching early-stage recruitment through a product-market fit lens is great way to do this. Think of your candidates as your customers, and get to know them in person, understand their career path and learn what their gaps are. Their gaps are your problems and the role you have to offer is your product. The two have to fit together — otherwise, it’s not a good hire. When you figure this out, explain how they can get what they want from working with you and why they cannot get it from other companies.

Alchemy, Ava Labs and BlockFi break down funding in a bear market at TC Sessions: Crypto • ZebethMedia

Bears hibernate during the coldest months, but there’s nowhere to hide from a bear market during a crypto winter. As the entire sector faces what looks to be a long stretch of uncertainty, young founders must find a way to keep the funds flowing. But how? This timely topic is why we’re thrilled that industry veterans Flori Marquez, founder and COO at BlockFi; Nikil Viswanathan, co-founder and CEO at Alchemy; and John Wu, president of Ava Labs, will join us onstage for a panel discussion called “Fundraising in Crypto Winter” at TC Sessions: Crypto on November 17 in Miami. If anyone understands the highs, lows and overall volatility of the crypto market, it’s the three people on this panel. Marquez’s BlockFi recently signed a deal giving FTX US the option to buy the crypto lender she founded. Viswanathan’s Alchemy, one of the fastest-growing companies in technology history, raised a $200 million Series C1 last February, giving the web3 developer infrastructure startup a valuation just north of $10 billion. Meanwhile, Wu’s Ava Labs is reportedly raising a $350 million funding round and looking at a potential valuation of slightly more than $5 billion. It’s a wild season for bulls and bears alike. We’re curious to hear the panel’s take on how fundraising, cap tables and valuations have shifted given the market conditions — and whether startups will see recovery within the near term. We’ll also ask these founders what they’re focused on when it comes to investing in crypto startups or projects, and which subsectors have the most opportunity for growth in a bear market. Learning how these three operators built and scaled their own startups through previous turbulent cycles in the crypto markets will be informative. Both Marquez and Wu entered crypto with traditional finance backgrounds while Viswanathan comes from Big Tech. Hearing how fundraising in the crypto space differs from those worlds — and how it has evolved from prior bear markets — will also be a worthwhile perspective. Don’t miss what’s sure to be a fascinating and valuable discussion. Flori Marquez, BlockFi founder and COO, oversees the company’s operations, client service, people, engineering and retail product teams. Since founding the company with Zac Prince in 2017, Marquez has built and managed critical functions, including the trading, risk, compliance and marketing teams. Marquez has spent her career managing alternative lending products. She served as head of portfolio management — and helped build, scale and optimize a $125 million portfolio — at Bond Street (acquired by Goldman Sachs). She managed all operations from point of origination through default and litigation. Prior to Bond Street, Marquez helped develop and maintain institutional partnerships at Oak Hill Advisors, a $30 billion fixed-income asset manager. Nikil Viswanathan is the co-founder and CEO of Alchemy, a leading blockchain developer platform valued at more than $10 billion. The company is backed by top investors, including Coatue, a16z, Lightspeed, Silver Lake, Pantera and many more. Viswanathan received his BS and MS in computer science from Stanford, and formerly worked in product management at Google, Microsoft and Facebook. A serial entrepreneur, Viswanathan co-created the social app Down To Lunch, and he was listed on Forbes’ 30 Under 30 list. As president of Ava Labs, John Wu aims to open up financial services and products for everyone. He brings more than 20 years of expertise as a fintech executive and technology investor to creating a blockchain-enabled solution for originating, issuing and trading financial assets. Previously, Wu built and led the digital assets business at SharesPost, where he served as CEO of the Digital Assets Group. Prior to that, he was a technology investor and the founder of Sureview Capital, a global hedge fund backed by the Blackstone Group. Wu began his investment career at Tiger Management before managing a global technology portfolio at Kingdon Capital. He received his MBA from Harvard University and holds a BS in economics from Cornell University. TC Sessions: Crypto takes place on November 17 in Miami. Take advantage of our Early Bird pricing and save $150. Buy your pass today, and then join the leading voices and visionaries in the blockchain, DeFi, NFT and web3 communities. Is your company interested in sponsoring or exhibiting at TC Sessions: Crypto? Contact our sponsorship sales team by filling out this form.

A brief history of activist investors in tech and the role they play • ZebethMedia

On Tuesday, activist investor Starboard Value revealed a significant stake in Salesforce, sending the company’s stock climbing more than 7%. A hedge fund founded in 2002 by Jeffrey Smith and Mark Mitchell, Starboard has a history of affecting change at major companies, spurring the spinning off of media startup Patch from AOL in 2014 and the replacement of the entire board of directors at Darden Restaurants, the company that owns Olive Garden and Longhorn Steakhouse. Activist investors — typically specialized hedge funds that buy significant minority stakes in publicly traded companies with the goal of changing how they’re run — have become more active within the tech sector in recent years. According to an analysis by Bloomberg Law, investor activists launched more campaigns in tech during Q2 2022 than in any other sector. But how many of these activists have been successful in achieving their aims? It depends on how you define success. A Harvard, Columbia and Duke University study published in 2013 looked at 2,000 interventions by hedge fund activists from 1994 to 2007. It found that, in the short run, stocks tend to rise around 6% when activist investors get involved. And the upswings aren’t temporary. In the five years after activist investors show up on the scene, the stock prices of companies targeted by them tended to hold onto the initial gains — even when the activists employed hostile tactics. Consider the split-up of Motorola’s business in 2008, a move advocated by activist investor Carl Icahn. In 2011, owners of Motorola held stock worth over 20% more than it was before the split — much of it as a result of Google’s deal to buy Motorola’s mobile-focused spinout Motorola Mobility. As Icahn predicted, divvying up the company made the individual pieces more enticing. That’s not always the case, however — as the past decade or so shows.

Reliance to hive off and list Jio Financial Services • ZebethMedia

Indian conglomerate Reliance will spin off and list its financial services, a move that it said will allow the oil-to-telecom giant to enter and expand into financial services such as consumer and merchant lending business. Reliance, run by billionaire Mukesh Ambani, said in a statement that it will be incubating (read: acquire) new firms in the new unit, which is called Jio Financial Services, to broaden its offerings to add insurance, payments, digital broking and asset management. “JFS will be a truly transformational, customer centric and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians,” said Ambani in a statement late Friday. “JFS will be a technology-led business, delivering financial products digitally by leveraging the nation-wide omni-channel presence of Reliance’s consumer businesses. JFS is uniquely positioned to capture multiple growth opportunities in financial services bringing millions of Indians into formal financial institutions.” (More to follow)

Seven scaleups hog over 70% funding to Africa’s Solar PayGo ventures • ZebethMedia

Over the last 10 years startups in Africa’s off-grid solar sector have attracted over $2.3 billion funding. However, the largest share of the financing has gone to just seven pay-as-you-go (PayGo) Africa-based scaleups, leaving hundreds others in the early-stage struggling to fundraise, according to the biennial Gogla-World Bank report. The seven most funded solar startups are Sun King, Zola Electric, M-Kopa, Bboxx, d.light, Engie Energy Access, and Lumos which, according to the Gogla Investment database, have attracted 72% of the sector’s equity, debt and grant financing while over 150 startups in the seed and phases accounted for the rest of the amount. In terms of equity funding, the scale-ups received investments worth $600 million, between 2015 and last year, as early-stage startups attracted $255 million VC funding over the same period. Overall, access to debt has not been easy for most early-stage startups in Africa especially since the Covid pandemic hit, yet the scaleups continue to unlock more debt funding amidst a similar operating environment. The aforementioned scaleups operate pay-go models that offer asset-based financing (pay-to-own) for solar kits and lanterns, products that are hugely popular in Sub-Saharan Africa where millions are off-grid, as national power grids remain underdeveloped. The lack of capital means that the early-stage startups are not able acquire assets like solar kits and lanterns, which are required to help them scale and capture more consumers and markets. Kenya, Uganda, Nigeria, Rwanda and Ghana, DRC are some of their major markets in Africa “Start-up companies report that accessing equity capital has been challenging, resulting in some being over leveraged, and others facing business difficulties. Lack of early-stage equity has resulted in the stifled growth of many companies,” “This is a barrier to the expansion of off-grid solar in new markets; as equity, grants, or output-based incentives, such as results-based financing, are generally best placed instruments for market expansion,” said Gogla, a global association for the off-grid solar energy industry, in the report. The trend is likely to continue as data on disclosed deals from the BigDeal database shows that so far this year, several of the seven scaleups accounted for most of the funding has been raised by the off-grid solar Paygo companies. A review of the data shows that nearly half a billion dollars in debt-equity funding has been raised by nearly 30 startups and scale-ups this year. Of the amount, $367 million is equity funding raised by 11 companies — including SunKing, M-Kopa and d.light which claimed 93% of the total equity amount. If we add d.light’s $50 million and Bboxx’s $35.5 million debt-funding, the four scale-ups so far account for 86% of the total funding raised by startups in Africa’s paygo solar sector. The ability of these companies to attract funding is attributable to their ability to capture huge markets across Africa, and by tapping syndicated loans. These companies, some of which offer financing for other assets, have also been quick to add new revenue streams further tapping and increasing their clientele base.  

Sight Tech Global 2022 announced • ZebethMedia

As we prepare for the third annual Sight Tech Global (December 7-8, free & virtual, register here), a technology event that tracks the advances in technology supporting people who live with blindness, two big shifts are front and center. First, new digital experiences, notably virtual reality, are testing known approaches to accessibility. There are no white canes or screen readers (yet!) in the metaverse. That digital realm is on the verge of going mainstream both for consumers and enterprises so quickly that accessibility could easily become an afterthought, as it was at the start of the PV era. At Sight Tech Global, we will hear from the people working to ensure that the metaverse is open to all. The event is free and virtual! Second, the technology platforms underpinning so many of the breakthroughs in assistive and access tech — the tools that help blind and low vision people navigate the world — are advancing fast and enabling better, cheaper devices. Not long ago, AI-powered computer vision systems were costly marvels of miniaturized cameras, GPUs and batteries, but faster networks, cloud services and more powerful mobile phones are changing everything, especially the cost. The old debate in access tech was which would prevail — universal technology platforms such as mobile phones with built-in accessibility features, or purpose-built devices specifically for people who need vision assistance. The emerging formula is not one or the other but both, in a winning combination. At Sight Tech Global, we will hear from the technologists applying the new approaches to next generation devices. Register today. And underlying so much of these discussions is the evolution of AI itself, which is a critical technology across the spectrum of blind tech. The current “deep learning” form of AI continues to deliver striking results in forms such as the natural language GPT3 or many computer vision AIs. But there is growing dissatisfaction with the ability of those powerful pattern-recognition systems to apply something more like human reasoning to issues large and small, not to mention filter out the bias and problems when AIs are unleashed. At Sight Tech Global, we will hear from top AI technologists grappling with those topics and more. The event agenda will be ready in a month, but we hope you will register today. The event is free and virtual. And one new twist in 2022: Sight Tech Global is adding an “In Person” event on December 9 in San Jose, California. The event is aimed at technologists, product leaders and designers working in access tech. The event is limited to 150 people and by invitation only. Most of the programming will be workshops driven by attendees. Here’s where you can request an invitation or nominate someone. Sight Tech Global is a production of the nonprofit Vista Center for the Blind and Visually Impaired. We’re grateful to current sponsors APH, Amazon, Google, Fable, Humanware, LinkedIn, Microsoft and Waymo. If you would like to sponsor the event, please contact us. All sponsorship revenues go to the nonprofit Vista Center, which has been serving the Silicon Valley area for 75 years.

View select ZebethMedia Disrupt content online today • ZebethMedia

If you couldn’t make it to San Francisco to attend ZebethMedia Disrupt in person, the next is the next best thing. With it, you can access all the sessions that went down on the Disrupt stage, the ZebethMedia+ stage along with select presentations from both the Discovery stage and breakout sessions — today, October 21 only! You’ll find all that content available as video on demand in the event app, which you can watch on your mobile or in-browser. Plus, you’ll even find speed networking sessions in the app so you can connect with folks both near and far who align with your business goals. Note: If you did attend Disrupt, your pass gives you access to the online content, too. We’re guessing you might not have seen every session on your must-see list. Now’s your chance. Here’s a look at just some of the headliners you can access online — and what they discussed. Marc’s Lore: Billionaire Marc Lore sold his startup to an everything store, twice. After inking deals with Amazon and Walmart, the Quidsi and Jet.com co-founder has launched Wonder to tackle a common problem, food delivery, in an unconventional way. The Art of Inclusivity with Kevin Hart: Financial inclusion is multifaceted: you’re fighting up against homogeneous networks, deceptive warm intros and the basic need for more fluency across different demographics. There’s an art to it. Comedian and actor Kevin Hart, Mike Elanjian of Capital Connect by JPMorgan, and Robert Roman of HartBeat Ventures are joining us to talk about these very complexities. HartBeat Ventures will also chat about their work investing in the likes of Beyond Meat, Fabletics and Therabody, while JPMorgan will give us a look at how institutions are breaking down barriers. Michael Elanjian, head of digital investment banking and digital private markets, JPMorgan; Kevin Hart, founder, HartBeat Ventures; and Robert Roman, president and co-founder, HartBeat Ventures. Acing Venture: Serena Williams is the greatest to ever play the game of tennis, and she’s already made a name for herself as a VC in the tech world. At Disrupt, Williams and her Serena Ventures partner Alison Rapaport will join us to discuss the next chapter of Serena’s career, swapping out the racket for several (hundred) inbound pitch decks. We’ll talk about their investment thesis, her plans to bring more diversity into tech, and what she brings to the table as a VC. Serena Williams, founding and managing partner at Serena Ventures and Alison Rapaport Stillman, founding and managing partner at Serena Ventures. From Court to Cast: Basketball stars are no strangers to diversifying their portfolios. For four-time NBA champion and Golden State Warriors power forward Draymond Green, that’s meant going from the front court to behind the mic. He joins us to discuss his successes on and off the court, including The Draymond Green Show podcast and the Prime Video special, “The Sessions: Draymond Green.” Draymond Green, NBA 4x champion and host of The Draymond Green Show. Seriously, this is just a taste — take a look at the event agenda to see all the content on the Disrupt and ZebethMedia+ stages — you don’t want to miss it. Buy your online pass and start watching!

Disney launches web3 experience to celebrate 100 years of Disney music • ZebethMedia

Disney collaborated with Accelerator participant, Obsess, an e-commerce platform known for creating interactive virtual storefronts, to release a new web3 experience for its Disney Music Emporium online store. The 3D 360 virtual experience lets fans discover soundtracks and songs from popular Disney films and TV shows by clicking on various vinyl records and CDs throughout the virtual space. The web3 experience launched this week to give Disney fans access to a virtual storefront with individual displays that highlight various soundtracks from Disney movies and shows like “Encanto,” “Wandavision,” “Turning Red,” “Tomorrowland,” “Hocus Pocus,” “Shang-Chi and the Legend of the Ten Rings,” “Star Wars,” “The Lion King Musical,” and more. Users can click throughout the site to learn about specific titles, listen to music and add CDs or records to their online cart. To celebrate Disney’s 100th anniversary—which occurs in 2023—users can also click through a musical timeline titled “Disney100: The Wonder of Disney Music” to enjoy a century of music from fan-favorite titles, such as the 1928 debut of Mickey and Minnie Mouse in “Steamboat Willie,” “Snow White and the Seven Dwarfs” in 1937, “Fantasia” in 1940, “Moana” in 2016 and so forth. “We are excited to collaborate with Obsess to launch an exciting new shopping experience for our Disney Music Emporium store. As we prepare to celebrate 100 years of Disney, this is the perfect way to create discovery and fun for our guests,” said Ken Bunt, President of Disney Music Group, in a statement. In June, Disney launched its business development program, 2022 Disney Accelerator, to develop new entertainment experiences with select tech companies, particularly in the web3 industry. Obsess is just one company Disney selected to participate in the program. Other web3 platforms participating in the Accelerator include Flickplay, Polygon and Lockerverse. Disney has reportedly been exploring another shopping experience that involves a QR code for users to scan in the Disney+ app and buy merchandise. Also today, media company Warner Bros launched its own web3 experience to sell NFTs to “Lord of the Rings” fans.

I played a sneak peak of ‘Pokémon Scarlet,’ the franchise’s first open world game • ZebethMedia

The ninth installment in the iconic franchise’s main series games, “Pokémon Scarlet & Violet” melds the best parts of “Pokémon Legends: Arceus” and “Pokémon Sword & Shield” to debut Pokémon’s first open world game, out November 18. I know what you’re thinking. “Legends: Arceus,” which came out earlier this year, was often described as an open world game despite not quite resembling hits like “Legend of Zelda: Breath of the Wild.” But from the hour-and-change that I got to play “Pokémon Scarlet,” the open world claims seem legit. That is, you can run around and you don’t hit any invisible barriers — but then again, Nintendo designated a very specific corner of the map for these early playthroughs, and I was too busy trying to sniff out brand new Pokémon to put my Koraidon into high-gear and sprint toward the deepest depths of Paldea. Speaking of which: Koraidon and Miraidon, the legendaries that appear on the covers of “Pokémon Scarlet & Violet,” function differently than past legendaries. Usually, the Pokémon that grace the artwork of new games are over-powered beasts like Kyogre, Dialga or Zacian, which you finally capture after several hours of gameplay. But from very early in the game, you join forces with your game’s chosen legendary, who you can use for transportation. In “Legends: Arceus,” players could ride Pokémon like Braviary, Basculegion and Sneasler to fly, swim, climb or just move faster. Koraidon and Miraidon function the same way, except you don’t have to annoyingly toggle between Pokémon. I guess these legendaries are simply more skilled than poor old Ursaluna. So, what’s new in “Pokémon Scarlet & Violet”? To be honest, the demo I played seemed to be specifically designed to not give much more away than what’s already been shown in trailers. But I can reveal one very key piece of information. As previously announced, you can make sandwiches with your Pokémon, similar to camping and making curry in “Sword & Shield.” And unfortunately, yes — you can, indeed, feed Lechonk a ham sandwich. I’m so sorry. Image Credits: Nintendo Three different story routes Paldea is inspired by the Iberian peninsula (Portugal and Spain) — a bit more exciting than the time when Pokémon based “Black & White” off of New York City and gave us Trubbish, a literal trash bag Pokémon. Instead, we get cuties like the little piggy Lechonk, a play on lechon, the Spanish word for cooked pork (that’s why it was so awful that I fed Lechonk a ham sandwich, he is literally a pig, ham comes from pigs, I already apologized, I don’t know what you want from me.) Because it’s an open world game, players can choose what order in which to explore “Pokémon Scarlet & Violet.” There are three story routes, which can be explored in any order: Victory Road, Path of Legends and Starfall Street. Victory Road is your standard Pokémon storyline — you battle gyms, get badges and challenge the Elite Four. Simple enough. But you also have to complete some side quests in order to get the gym leader to challenge you. The grass-themed gym in Artazon, an art-themed town, requires the player to play hide and seek with a horde of Sunflora. This is where the non-linear storyline might get tricky — if you’ve already explored other storylines, will you simply just eviscerate Brassius’ Sudowoodo? Then again, we’re adults playing a game for children. If you want a real challenge from the gym battles, just play a Nuzlocke run. Image Credits: Nintendo The Path of Legends route resembles the boss battles in “Legends: Arceus,” only less frustrating. In “Legends: Arceus,” you had to throw balls of the Pokémon’s favorite food (?) at it while avoiding its ferocious attacks. In the new games, you just battle a particularly strong Pokémon. But the large Klawf that I faced scampered off before I fully drained its health, and I was told not to run after it in my demo, so hey. Maybe we’ll still have to throw food at Pokémon after all. I’m not looking forward to it. Then, there’s Starfall Street, which occupies the “defeat the bad guys!” part of your standard Pokémon story. We first encounter Team Star at a base that’s not too far from Artazon. You have to ring the doorbell to go inside — I accidentially flew over it on my Koraidon, and Team Star did not take kindly to that. Then, you complete another pre-battle challenge: you have ten minutes to defeat thirty Pokémon, like Vulpix, Torkoal and Houndoom. In past games, KO-ing thirty Pokémon that quickly would be difficult. But “Scarlet & Violet” lets you “auto battle” wild creatures, which makes the process of grinding to level up a bit less strenuous. Is this a quality of life improvement, or does it take away the rite of passage of raising your Pokémon? Eh, we already moved past that once the Exp. Share became so overpowered. One inarguably helpful quality of life improvement is “auto heal,” which applies items from your bag to heal a Pokémon back to full health. Gone are the days of feeding your Hoppip three different potions to recover 60 HP. Like other recent games, you can also change your party Pokémon on the go. Image Credits: Nintendo When you defeat those thirty Pokémon, Team Star’s Mela challenges you to a battle against her surprisingly bulky Torkoal, which sits atop the Starmobile, a giant car that wouldn’t be out of place at a pride parade. Even Game Freak is attuned to the disco ball trend! But here’s where it gets trippy. Once you defeat the Torkoal, you can fight the Starmobile. I’ll leave it at that, for legal reasons. Key new features in ‘Pokémon Scarlet & Violet’ I’ll admit: I do not care about Mega Pokémon, or Dynamax Pokémon, or whatever else we’ve been led to believe is the next frontier of battling our silly little guys (shiny mega Gengar is badass, though). But surprisingly enough, Terastal Pokémon

Suma Wealth helps Latinos build credit through gaming, in-culture content • ZebethMedia

Just when Beatriz Acevedo thought she was out, an opportunity to start Suma Wealth pulled her back in. The California-based company, which exhibited as part of the Battlefield 200 at ZebethMedia Disrupt, is designed for Latinos and offers in-culture financial content, products and experiences to help them gain control of their economic power and build wealth. Beatriz Acevedo, co-founder and CEO of Suma Wealth (Image credit: Suma Wealth) “The ‘secret sauce’ is in-culture not in language,” Acevedo told ZebethMedia. Suma Wealth is at the intersection of edtech and fintech and is innovating on the blockchain. Some of the features include Sumaversity with master classes and boot camps on finance. It is using the blockchain to certify everyone via proof of learning and attendance. Users collect non-transferable tokens (NTT) and get perks. There is also a Music Money Plaza where users can understand the concept of credit and build it. The Credit Cocina, an activity food truck, helps users learn about their finances through their favorite recipes. There is also a financial gym where Acevedo said users can “sweat out their debt” by speaking with a debt expert. Users can pick an avatar, chat or turn on their camera and get coaching in “a non-threatening way.” The app is free to download, and there are some freemium features with a subscription tier for the coaching. Acevedo is not your typical early-stage entrepreneur. Now in her 50s, she started her career as a radio and television host and went on to start a company with her husband, Doug Greiff, called mitú, a digital media brand for young Latinos in the U.S. Between 2012 and 2020, the company raised $52 million in funding before Acevedo and Greiff sold the company to Latido Networks. Her plan was to move fully into philanthropy and work on her family’s foundation, but Acevedo told ZebethMedia that when the global pandemic hit, she saw that Latinos were not only the hardest hit in terms of COVID deaths, but also economic hardship. It wasn’t that she wanted to found a company that could solve that problem, but after talking to financial institutions that consistently told her that they were challenged in their ability to connect with young Latinos, she decided to start Suma Wealth with Mary Herandez and Javier Gutierrez. “No matter how much money Latinos spend, they are always an afterthought,” Acevedo said. “Fintechs could tell me that they already translated their website, and that was the biggest red flag for me because they didn’t need to do that because their audience already speaks English.” She went on to explain that when she told them that, their immediate reaction would be one of surprise and then relief, saying “We are reaching them through the general market then.” To which she would respond, “You probably are reaching them, but not touching them.” “They’re still not feeling like they belong in this money conversation,” Acevedo added. “There is just that big disconnect there.” The company is already working with large financial institutions including JP Morgan Chase, Wells Fargo and Morgan Stanley. It has also raised $3.3 million over the past two years. Acevedo told ZebethMedia that Suma Wealth just started fundraising for its seed round and is adding an enterprise offering. The first enterprise partnership is with Verizon Wireless, which will offer Suma Wealth as a benefit to employees and customers, she said. The company is also talking to other consumer goods companies. “We are excited to have all these partnerships,” Acevedo said. “We thought we would be B2C, but saw so much demand on the enterprise side, that we are launching that model for employee benefits.” Meanwhile, she believes Suma Wealth is solving the disconnect through its content and features. And the traction the company has seen so far is proof: it has a community of 615,000 unique users and is growing 27% month over month. In addition, it recently completed a VIP pilot with 2,000 users over a period of 90 days and calculated 72% growth in connected accounts — an average of 3.5 accounts — within the last 30 days and that customers were coming back 2.5 times per week, which Acevedo noted was interesting, considering Suma Wealth is in the early stages of content development. So far, 800 people have completed the bootcamp program and are staying in Sumaversity sessions for an average of 60 minutes. The company is also seeing a 96.3% click-through rate to resources, a number Acevedo is proud of, explaining that when it comes to click-through 3% to 5% is considered “a good number.” “This generation is asking for help,” she added. “The top two questions we get are ‘Who do you trust?’ and ‘Who can we trust?’ Where we are in economy today, not just Latinos, but Americans, want to know how to protect their capital, and there has never been a better time for us to exist than now.”

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