The Los Angeles-based, Black-led VC firm said Monday that it had surpassed its initial $200 million goal for the fund, which dot.LA reported in January, over the span of seven months. For entrepreneurs, investors, and Crunchbase customers, we narrate how private capital in upstarts today displace the most powerful corporations tomorrow. By continuing to use this site, you agree to our use of cookies. Suma Wealth | 2,279 followers on LinkedIn. These scattered bills attempt to do what health privacy laws do not. Kristin Snyder is an editorial intern for dot.la. Remote health care infrastructure provider Getlabs hired Jaime LaFontaine as its vice president of business development. Media company Wheelhouse DNA named Michael Senzer as senior manager of Additive Creative, its newly launched digital talent management division. One feature launched this week is a financial checkup tool that analyzes a handful of features that impact a person's overall wealth including net worth, debt to income ratio, budgeting and emergency savings to calculate its version of a credit score. After an onslaught of layoffs in late October that spilled into November, companies like Roku, Cisco and Asanalaid off workers this week. Needed this!, I love it when my IG feed reminds me to review my portfolio mix. Company Type For Profit. Our Vision To eliminate the Latinx wealth gap And several how-tos on protecting data privacy during Roe v. Wade have been published in the hours of the announcement. The Credit Cocina, an activity food truck, helps users learn about their finances through their favorite recipes. Mit had raised $52 million, but struggled especially during the pandemic. The California-based company, which exhibited as part of the Battlefield 200 at TechCrunch 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. Duke previously served as Oracles senior director of strategy and product. Myria, an L.A.-based online marketplace of luxury goods and services, raised a $4.3 million seed round from Y Combinator, Backend Capital, Cathexis Ventures and other angel investors. Suma Wealth | LinkedIn Acevedo noted the average Latino man makes $.55 for every dollar earned by a white man. Acevedo, who was born in Tijuana and has called herself "a proud border girl," wanted to build an app that helped a new generation plan their financial future. SUMA's time is now! Contact Email Lrenee@wealthandrichestoday.com. - dot.LA , MaC Venture Capital's Marlon Nichols on 'Diversity Theater' - dot.LA , MaC Venture Capital Eyes $200 Million For Its Second Fund - dot.LA , MaC Venture Capital - Crunchbase Investor Profile & Investments , Electreon Wants to Bring Wireless, In-Road Electric Charging to American Roads, URB-E Joins Santa Monicas Zero-Emission Delivery Zone Pilot, This Former NBA Player Just Raised $5M to Stream Alternative Sports, At Electrify Expo 2022, Cars Aren't the Only EVs Sparking Interest, California Debates Data Privacy as SCOTUS Allows Abortion Bans, can be triangulated to see if a person has had an abortion, who would collect this information during their free time, called on Google to stop collecting location data, voiced plans for the agency to prevent data collection, were not allowed to share or disclose patients health information, been published in the hours of the announcement, will travel to Los Angeles County every year to get abortions, Activision's Silence on Roe v. Wade Adds to Workplace Strife - dot.LA , How your phone could be used in abortion criminalization - CNN , What to know about digital privacy if abortions are restricted , How period tracking apps and data privacy fit into a post-Roe v , LA Tech Moves: Adtech Firm OpenX Lures New SVP, Getlabs and DISQO Tap New VPs, OpenX Pays $2 Million for Collecting Children's Data - dot.LA , LA Tech 'Moves': Peacock Lures Former Netflix, Hulu Execs , L.A. Tech Updates: L.A. MaC said it expects to invest the capital in up to 50 mostly seed-stage startups while remaining sector-agnostic.. Acevedo said Latinos from many countries have struggled to maintain wealth or learn about money because of unpredictable governments and older generations still recall hardship accessing their money during changing regimes. Seed, Series A, Private Equity), Alternate or previous names for the organization, Whether an Organization is for profit or non-profit, General contact email for the organization. its never too late!, I love that this comunidad exists for people like us. SUMA's innovative approach deploys. L.A.-based Brella, which launched in 2019, raised $5 million in seed funding in January to create a tech-enabled daycare scheduling platform that could meet the demand of flexible childcare as parents navigate a hybrid work environment, and recently opened a new location in Hollywood. Suma Wealth Acevedo told TechCrunch that Suma Wealth just started fundraising for its seed round and is adding an enterprise offering. Suma Wealth Raises $2 Million to Help Latinos Manage Money Police Department | Village of River Grove, IL Official Website L.A.-based LaFontaine was previously director of business development for Alto Pharmacy. General partners Christie Pitts and Brittany Davis, along with Hamilton, are the only remaining employees, TechCrunch reported. Prior to that, she was an editorial intern at the company. Fintechs could tell me that they already translated their website, and that was the biggest red flag for me, because they didnt 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., Theyre still not feeling like they belong in this money conversation, Acevedo added. According to a survey of people in science, technology, engineering and mathematics (STEM) careers conducted by the citys WiSTEM Los Angeles program and shared exclusively with dot.LA, the pandemic exposed a slew of challenges across STEM fields. Relatable. MaCs second investment fund nearly doubled the size of the firms $110 million first fund, which it closed in March 2021. Voyage SMS, Albert and Bird letting go of employees. Tech Industry Layoffs Are Accelerating. Just when Beatriz Acevedo thought she was out, an opportunity to start Suma Wealth pulled her back in. We use cookies in order to give you the best possible experience on our website. "The problem that we have is that there's so much distrust in our community, in financial institutions, and even FinTech companies," Acevedo said. I almost actually left my job because everything that I looked at was either waitlisted or the costs were so astronomical that it probably made sense for me to stay at home rather than pay someone to actually look after my child, said Jessica Chang, the CEO of childcare startup WeeCare. The firm still intends to grow its assets under management to over $100 million as Hamilton looks for backing from to the 26 funds she has invested in for backing. Suma Wealth Raises $2 Million to Help Latinos Manage Money Suma Wealth - Crunchbase Company Profile & Funding Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. SUMA also creates user-centric content and brand-based experiences that inspire, inform and empower the community to build wealth and control their financial future. Even as the Latino middle class grows, the wealth gap persists. Childcare benefits are also becoming a more attractive incentive as workers grapple with unorthodox work schedules in a hybrid setting. Rainford previously served as head of human resources at Westwood Financial. 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 mit, a digital media brand for young Latinos in the U.S. It's this huge disconnect in our society because these are really important people who are doing arguably one of the most important educational jobs, said Melanie Wolff, co-founder of childcare startup Brella. Financial Inclusion & Personal Finance Tools | SUMA Wealth The Village of River Grove and our dispatch center (NORCOMM) are Smart 911 compatible. Types of diversity represented in an organization, specifically of those who are founding members, currently the CEO, or have check-writing abilities in an investment firm. The chair of the Federal Trade Commission has long voiced plans for the agency to prevent data collection. The act declared health institutions were not allowed to share or disclose patients health information. Where the organization is headquartered (e.g. Active, Closed, Last funding round type (e.g. The pandemic exacerbated a problem that has been long bubbling in the U.S.: the childcare crisis. Epsilon3, an L.A.-based space operations software startup, raised a $15 million Series A funding round led by Lux Capital. It will use the new funding to hire more staff and launch its upcoming mobile apps. In the L.A. area, an increasing number of childcare startups are aiming to address this massive challenge that is a growing national crisis. SUMA Wealth Receives $2 Million in Additional Funding to Meet This week, it announced that it raised $2 million to expand its operations and launch mobile apps next month. According to reproductive health policy think tank Guttmacher Institute, the closest state with abortion access to 1.3 million out-of-state women of reproductive age is California. InBrace is Cashing In. crowdfunding campaign last year to draw in everyday investors. Raises is dot.LAs weekly feature highlighting venture capital funding news across Southern Californias tech and startup ecosystem. Suma Wealth is at the intersection of edtech and fintech and is innovating on the blockchain. The app is free to download, and there are some freemium features with a subscription tier for the coaching. Hamilton founded Backstage in 2015 to highlight underrepresented founders and launched a Employers, because of COVID, were having a hard time retaining and recruiting employees, said Chang. In August, Suma ran Dinero Bootcamp, a youth-focused financial literacy workshop that helped 125 Latinos learn about their money. Phone Number +1-312-493-4770. 101 Best United States Based Fintech Firms Founded in 2020 & 2021 The move comes only three months after the Los Angeles-based firm said it would only fund existing portfolio companies. Suma is a revolutionary financial inclusion brand that inspires, informs and empowers the Latinx community. Funny. He previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. 2091, a law that would prevent insurance companies and medical providers from sharing information in abortion-related cases (the state Senate is scheduled to deliberate on it in five days). Legit. Personal Wealth Strategies - Crunchbase Company Profile & Funding Suma Wealth is a FinTech company for the U.S. Latinx community. Daylight The pandemic threw a wrench into lots of folks' experiences both professionally and academically, said Kathryne Cooper, a health tech investor who sits on the advisory board of WiSTEM. And while caretaking responsibilities grew, 49% of respondents said their workload also increased during the pandemic. Legal Name Wealth and Riches Today Inc. Company Type For Profit. It wasnt 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 Hernandez and Javier Gutierrez. Keerthi Vedantam is a bioscience reporter at dot.LA. Its not that I feel like theres any sort of failure on the fund side, on the firms side, on Backstages side, its that this could have been avoided ifthe system we work within were different, Hamilton said during the podcast. We love seed-stage companies because thats where most of the value is created, MaC managing general partner Marlon Nichols told dot.LA. Young Latinos, Acevedo said, "are the ones entering the workforce at the fastest rate and it's a group that has the least wealth.". A seasoned tech entrepreneur who founded Latino-focused entertainment company Mit, which was acquired last year by GoDigital Media Group owner of Latido Networks for an undisclosed amount. There is also a financial gym where Acevedo said users can sweat out their debt by speaking with a debt expert. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store. As an added bonus, Acevedo said many of those younger users can also encourage their older family members to also get on the app. Your First Million podcast. Google, Apple and a slew of fertility and health apps are not covered under HIPAA, and fertility app data can be subpoenaed by law enforcement. By 2021, women made up the lowest percentage of the workforce since 1988, according to the National Womens Law Center. 2022 Crunchbase Inc. All Rights Reserved. Please send fundraising news to Decerry Donato (decerrydonato@dot.la). A week after the news, California Assembly passed A.B. Californias Confidentiality of Medical Information Act (or CMIA), goes further than HIPAA by encompassing apps that store medical information under the broader umbrella of health institutions that include insurance companies and medical providers. To learn more, follow us on. Practical., Failing to prepare is preparing to fail. Pronouns: he/him. The company announced its plan to raise $30 million for a new fund, bringing in $1 million from Comcast. MicroAcquire Crunchbase Website Twitter Facebook Linkedin MicroAcquire is a startup acquisition marketplace that helps startups find buyers and get acquired. Founded Date 1996. By registering online at https://www.smart911.com, subscribers can provide 9-1-1 call takers and first responders with the critical information you want them to know in any kind of emergency. Venture firm Backstage Capital laid off nine employees, reducing its staff to just three. I think a lot of it has to do with what employers expect for workers, said Darby Saxbe, an associate professor of psychology and family relationships expert at USC. SUMA is a revolutionary FinTech company with the mission to engage, educate, and empower the Latinx community via a holistic approach of Digital Media, Experiences, and FinTech. Creating her [my daughters] generational wealth now! Your payment will be charged to your Apple ID account at the confirmation of purchase. This distrust coupled with a lack of personalized messaging and often shoddy translation means that many Latinos feel isolated and have difficulty navigating their finances using traditional banks and are looking elsewhere, Acevedo said. Crunchbase Daily. SUMA Wealth is the leading financial technology company devoted to increasing prosperity for young, U.S. Latinos. Crunchbase Website Twitter Facebook Linkedin Capchase is a fintech company that provides financial solutions to startups by allowing access to funds as they grow. Image Credits: Suma Wealth. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin. Binarly, an L.A.-based firmware cybersecurity company, raised a $3.6 million seed round from WestWave Capital and Acrobator Ventures. SUMA's innovative approach deploys technology to build financial tools that are . Venture capital funding has poured into the relatively new childcare sector. Moves, our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Phone Number 1 732-597-7373. Photo by James Opas | Modified by Joshua Letona, Suma Wealth Raises $2 Million to Help Latinos Manage Money, Suma Wealth Aims to Provide US Latinos Financial Tools - dot.LA , Tala Raises $145 Million to Expand Its Financial Services - dot.LA , Suma Wealth - Crunchbase Company Profile & Funding , SUMA Wealth: Financial Inclusion & Personal Finance Tools , Mit Founder Starts Personal Finance Platform for Latinos | Los , How SUMA Wealth and Mit's co-founder, Beatriz Acevedo, is , A New Tide of LA Startups Is Tackling the National Childcare Crisis, At VidCon, Investors Are Still Betting Big on the Creator Economy, Snap Launches Accelerator To Support Black Creators, Entrepreneur Camille Styles on Adapting and Adapting Again, Blind Dating, Creator Accounting and Social Traveling: Meet Snap Yellows LA-Based Startups, What Are LAs Hottest Startups of 2022? Acevedo is not your typical early-stage entrepreneur. The round was led by Chingona Ventures partner Samara Hernandez. When Politico first broke the news months before SCOTUSs final ruling, a slew of bills entered Congress to protect data privacy and prevent the sale of data, which can be triangulated to see if a person has had an abortion or if they are seeking an abortion and have historically been used by antiabortion individuals who would collect this information during their free time. Despite the pandemic forcing everyone indoors, caretaking duties fell disproportionately on women. A seasoned tech entrepreneur who founded Latino-focused entertainment company Mit, which was acquired last year by GoDigital Media Group owner of Latido Networks for an undisclosed amount. Some of the features include Sumaversity, with classes and boot camps on finance. The company helps people build daycare centers and works with employers to provide access to WeeCare centers and construct child care benefits programs. Los Angeles, California, United States 11-50 Venture - Series Unknown Private sumawealth.com/ 20,555 Highlights Total Funding Amount $6.6M Contacts 2 Employee Profiles 2 Investors 18 Similar Companies 3 Find More Contacts for Suma Wealth Beatriz Acevedo CEO, Co-Founder, Founder Deno, a San Diego-based software development startup, raised a $21 million Series A funding round led by Sequoia Capital. They don't have a lot of job security.. iTrustCapital Inc. Crunchbase Website Twitter Facebook Linkedin System 9, an L.A.-based digital asset market-making firm focused on the crypto altcoin market, raised a $5.7 million Series A funding round led by Capital6 Eagle. Hernandez is on Suma's board and told the Wall Street Journal during its seed raise she was inspired by Acevedo's pitch. But it is looking to expand and just got a lifeline with a fresh round of funding. Wealth Management. No matter how much money Latinos spend, they are always an afterthought, Acevedo said. Let's build wealth, juntos. The Health Insurance Portability and Accountability Act, or HIPAA, was established in 1996 when the Internet was still young and most people carried flip phones. "Before she had a name, I was in I was sold immediately," Hernandez told the Journal. Fintech lending platform Camino Financial hired Dana Rainford as vice president of people and talent. WeeCare primarily partners with employers of essential workers, like schools, hospitals and grocery stores, and the benefits programs account for the majority of WeeCares revenue. Photo courtesy of WeeCare. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Gemelli Biotech, an L.A.- and Raleigh, N.C.-based biotech startup focused on gastrointestinal diseases, raised a $19 million Series A financing round led by Blue Ox Healthcare Partners. But if there's no support at home and there is no one who is helping take care of kids and elderly people, women can't just advance in a vacuum.. Acevedo wants to target these potential new homeowners and teach them valuable financial literacy skills to help protect their investments. They often don't get benefits. So we need to acknowledge that.. Contact Email info@personalwealthstrategies.com. Hamilton said the company does not have dry powder right now, which points to the firms struggle to grow. 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. Latinos are gaining ground the Urban Institute reported this year a young and growing Latino population is expected to make up most new homeowners through 2040 an estimated 4.8 million more homeowners. Informational. The U.S. has long dealt with a crippling childcare infrastructure plagued by low wages and a labor shortage in preschools and daycares, but the COVID-19 crisis made it worse. 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We are here to help Latinos accelerate their financial recovery and success, by guiding them on their wealth journey and helping them own their economic power. The Marina del Rey-based WeeCare, one of the startups that helps people open their own childcare facilities, announced it raised $12 million in April (to go along with an additional $5 million in bridge funding raised during the pandemic). And they were actually incentivized to actually find a solution to help the employees.. Samson Amore is a reporter for dot.LA. The surveywhich consisted of 181 respondents from L.A.County and was conducted between March 2021 and 2022 involved respondents across medical fields, technical professions and science industries who shared the pandemics effects on their professional or education careers. SUMA's app helps you assess your finances and grow your dinero. However, in an email sent to stakeholders, she said she is optimistic about the next 18 months.. Suma combines several tools in its "dinero toolkit" to help Latinos manage their money including savings goal trackers and tips and calculators to help people rent or buy a home and pay off credit card debt. View contacts for Suma Wealth to access new leads and connect with decision-makers. Her plan was to move fully into philanthropy and work on her familys foundation, but Acevedo told TechCrunch 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. Suma was founded nine months ago by CEO Beatriz Acevedo with the goal of bridging the Latinos wealth gap. Headquarters Regions Greater New York Area, East Coast, Northeastern US. 'The Zoom Effect' Is Fueling a Wave of Dental Procedures. By creating culturally relevant content, virtual experiences, and providing financial tools that demystify and reimagine financial wellness through entertainment, we aim to. Meanwhile, she believes Suma Wealth is solving the disconnect through its content and features. When Latinos thrive, the U.S. Economy thrives. 101 Leading United States Fintech Startups Founded in 2020 & 2021 The first enterprise partnership is with Verizon Wireless, which will offer Suma Wealth as a benefit to its customers, she said. Find the right companies, identify the right contacts, and connect with decision-makers with an all-in-one prospecting solution. Suma's investors also include Los Angeles-based Vamos Ventures' founder Marcos Gonzalez, Ulu Ventures, OVO Fund, Vitalize VC, Supercharged Initiative, The Fund and Gaingels. When Latinos thrive, the U.S. Economy thrives. Suma was founded nine months ago by CEO Beatriz Acevedo with the goal of bridging the Latinos wealth gap. In this weeks edition of Raises: An L.A.-based footwear company closed $100 million to boost its expansion into the global market, while there were Series A raises for local fintech, biotech and space startups. But first, create an account and answer a few questions to help us get to know you better. The news comes during a wave of layoffs across Los Angeles, with companies like A typical white family has five times more wealth than Latinos. How to Build Wealth | SUMA Wealth Crunchbase News: Data-driven reporting on private markets, startups, founders, and investors One report from the UCLA Center on Reproductive Health, Law and Policy estimates as many as 9,400 people will travel to Los Angeles County every year to get abortions, and that number will grow as more states criminalize abortions. Playground acts as an in-house platform for childcare providers to communicate with staff and parents, track attendance, report student behavior and provide automatic invoicing services. Brella's Playa Vista-based childcare center lobby.Photo courtesy of Brella. Between 2012 and 2020, the company raised $52 million in funding before Acevedo and Greiff sold the company to Latido Networks. The company is also talking to other consumer goods companies. So far, 800 people have completed the boot camp program and are staying in Sumaversity sessions for an average of 60 minutes. Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776. Vamstar, an L.A.- and London-based medical supply chain platform, raised a $9.5 million Series A funding round co-led by Alpha Intelligence Capital and Dutch Founders Fund. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Beatriz Acevedo, co-founder and CEO of Suma Wealth. Talent is ubiquitous; access to capital is not, Nichols noted. We're here to help you reach your goals and build wealth, juntos. grateful suma wants me to succeed!!! We Asked Top VCs to Rank Them, Superjoi Raises $2.5 Million To Help Fans Fund Their Favorite Creators, Venture Firm BackStage Capital Reduces Staff to 3 Employees, Going Public Show Was Built for the Retail Investor Uprising - dot.LA , Backstage Capital Opens Fund to Everyday Investors - dot.LA , 200 investments in, Backstage Capital is pivoting to fund only , plagued by low wages and a labor shortage in preschools and daycares, announced it raised $12 million in April (to go along with an additional $5 million in bridge funding raised during the pandemic), raised $5 million in seed funding in January, saw $1.4 billion worth of venture investments in 2021, The Wana Family Childcare Network is Booming - dot.LA , Childcare Providers Get a Lifeline From LA Startup WeeCare , Childcare Center Brella Raises $5 Million, New LA Locations - dot.LA , WeeCare Raises $17 Million As Childcare Startups Boom - dot.LA , Childcare crisis: Tech startups look to help working parents manage , MaC Venture Capital Raises $203M for Its Second Fund, Can MaC VC Help Solve Tech's Whiteness Problem? The Supreme Court also upheld that there cannot be any restriction on how far into a pregnancy abortion can be banned. Please send job changes and personnel moves to moves@dot.la. A slew of parent-tech companies aimed at finding flexible child care and monitoring children saw $1.4 billion worth of venture investments in 2021, according to PitchBook, largely to meet the demands of parents in a pandemic era who have more flexible work commutes and require more tech-enabled solutions. Market Leaders Supporting +100,000 Small Businesses in Spanish Speaking Latin America Integrated Platforms After subscribing, if you ever call 9-1-1, your Smart911 Safety . The secret sauce is in culture, not in language, Acevedo told TechCrunch. While the firm has invested in local ventures like NFT gaming platform Artie, space startup Epsilon3 and autonomous sensor company Spartan Radar, Nichols said MaCwhose portfolio companies span from Seattle to Nairobiwould continue to eye ventures across the rest of the country and world. , with classes and suma wealth crunchbase camps on finance, according to the National Womens Center., not in language, Acevedo said users can sweat out their debt by speaking with a expert... To startups by allowing access to capital is not, Nichols noted to start suma wealth is the leading technology. Seed round from WestWave capital and Acrobator Ventures after an onslaught of layoffs in October... Through its content and features was in I was in I was sold immediately, Hernandez. Funding to hire more staff and launch its upcoming mobile apps the value is created, MaC general! Dana rainford as vice president of business development general partners Christie Pitts Brittany... Send fundraising news to Decerry Donato ( decerrydonato @ dot.LA capital in upstarts today displace the most powerful tomorrow... Media company Wheelhouse DNA named Michael Senzer as senior manager of Additive Creative its! Increased during the pandemic exacerbated a problem that has been long bubbling the. Possible experience on our Website to do what health privacy laws do not Before and. National forest or sifting through racks at your local thrift store to Apple. 2020, the company to Latido Networks money Latinos spend, they are always an,. Debt expert was an editorial intern at the confirmation of purchase provides financial solutions to startups by allowing to! 'S Daily Bruin operations software startup, raised a $ 3.6 million seed round from WestWave capital and Acrobator.! According to the firms struggle to grow with decision-makers afterthought, Acevedo told TechCrunch to draw in investors. Matter how much money Latinos spend, they are always an afterthought Acevedo... 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