A Recipe for Success: How Beatriz Acevedo Raised Millions for Two Startups

Ever felt like raising funds for your startup is just… an uphill battle? You’re not alone! Many entrepreneurs find themselves in that frustrating zone, especially when navigating the complexities of securing venture capital. But let me introduce you to Beatriz Acevedo — she’s done it twice, and in two totally different industries: digital media and fintech.

Meet Beatriz: A Trailblazer in Two Worlds

Beatriz Acevedo isn’t just another entrepreneur; she’s a powerhouse who co-founded:

• Mitú: A digital media network that strikes a chord with young Latinos, amassing over 2 billion video views each month. They raised a whopping $62 million before being acquired in 2020.

• SUMA Wealth: A fintech app designed to help young Latinos build wealth in a fun, culturally rich way. They just raised $2.2 million and already have over a million users.

She’s also got three Emmys under her belt. Talk about a go-getter!

Source: Tenor

So, what’s Beatriz’s secret sauce? Well, apart from her ‘Type A Virgo’ qualities, she generously shared three key strategies that got her ventures off the ground and soaring.

1. Focus on The Right Audience

From day one, Beatriz knew she wanted to create SUMA for the “200% generation” — young Latinos in the U.S.:

• 100% American: Born here, fluent in English, and culturally savvy.
• 100% Latino: Raised in Latino households with unique perspectives on money.
• Underrepresented in both the media and as customers.

This demographic represents a staggering $3.2 trillion in GDP and a massive $3.4 trillion in spending power—you can’t afford to overlook them!

But here’s the kicker: Many existing fintech products only focus on Spanish-speaking immigrants. Beatriz saw an opportunity to target a younger crowd who are tech-savvy and lead their families’ financial decisions.

“They manage up to three accounts for their fam, so the ROI isn’t just one-to-one; it’s one-to-many,” she noted.

2. Let Community Drive The Product

Now, you might think that media and fintech are miles apart, but Beatriz blended her experiences beautifully.

Her motto? Community first, product second. With Mitú, she learned that Latino youths crave a sense of belonging and respond well to pop culture. So, she harnessed an "edu-tainment" approach with SUMA by:

• Collaborating with Arizona State University to offer bootcamps in financial literacy.
• Creating engaging social content that resonates with young Latinos’ daily lives.
• Launching a newsletter that has over 200,000 engaged subscribers.

Through community engagement, Beatriz discovered that many youths were anxious about finances, especially regarding investing, saving, and credit improvement. So, SUMA’s app integrates cultural references and relatable content to demystify money matters—think using tortillas to explain hard vs. soft credit!

Source: Pew Research Center

3. Believe in Yourself and Your Vision

True, raising millions may seem glossed over in inspirational talks, but let’s be real; it’s a rough ride. Knowing your worth is vital.

“The first checks are really betting on you as the founder. Make sure what you’re doing feels personal and powerful—bigger than just money,” Beatriz advised.

Though some of her early investors didn’t understand her mission entirely, she adjusted her approach. By focusing on Latino investors and those aligned with her vision, she attracted partners who shared her passion for empowering young Latinos.

On top of that, Beatriz was determined to learn. With no background in finance, she dedicated herself to educated up — taking courses at Wharton, Harvard, and Stanford. This investment in her education not only boosted her confidence but also gave her the expertise to steer SUMA effectively.

“Starting SUMA when I turned 50 showed me it’s never too late to dive into something completely new,” she said. “It may be scary, but the rewards of reinvention are worth it.”

Ready to Elevate Your Business?

So, if you’re looking to create a standout online presence like Beatriz did, círculo back to those real struggles. Wouldn’t it be great to have a professional website that reflects your brand, meets your marketing goals, and even incorporates AI tools?

Here’s where Ericks Web Design can step in. Based right in the Valley, we understand the local business landscape. With expertise in Web Design, SEO, and Branding, we’re your neighbors who can help you shine online.

Statistics reveal that businesses with updated websites see up to 63% more leads (source: Forbes). So, what are you waiting for? Let’s revamp your digital presence and start attracting those clients you’ve been missing out on.

Are you ready to upgrade your online game? Let’s chat!

Source:
https://blog.hubspot.com/sales/3-lessons-from-a-founder-of-2-million-dollar-companies