Ronnie Green went from sleeping in a car to using the stock market to turn a few thousand dollars into over six figures. He is now using artificial intelligence to help others achieve financial transformation.
Green co-founded Dallas-based AlgoPear, a marketplace connecting investors with algorithmic trading strategies. The startup is in the midst of a $2 million seed fundraising effort, more than half of which has been secured, he says.
“Our mission is to empower the retail investor,” Green told Dallas Innovates. “We’re up about 20% month over month, so we want to add fuel to the fire.”
The platform aims to “democratize investing” by removing investment barriers to financial freedom for all income sectors.
New subscription model
Using a new subscription model, AlgoPear users receive a questionnaire to determine which algorithm best suits their goals and investment strategy. From there, investments are automated and linked to the users broker account.
In addition to helping individual retail traders, Green said the company is looking to help small and medium-sized businesses increase their revenue under management.
AlgoPear launched in 2019
Green founded AlgoPear with co-founders LaKeisha Turner, Ben Malena and Johnathon Albercrombie in 2019, partly based on his own experiences. Green, who lived in his car as a struggling student-athlete, later formed a group called the Young Millionaires Club to help others learn about trading. He eventually worked in investment for TD Ameritrade, which would later become a back-up broker for AlgoPear.
The experiences taught Green that the time it takes to understand and analyze the markets was a barrier for many.
He set out to solve this problem with AlgoPear.
“Our goal is to push the needle on wealth and provide more wealth opportunities for the everyday investor,” Green said.
AlgoPear was founded by people who faced the same issues most people face when building wealth: “Lack of time, money and not knowing what to do”.
AlgoPear is Impact Ventures’ first portfolio company
After launching the company, she raised $10,000 from friends and family in 2020. That year, the AlgoPear was selected to join the nonprofit Dallas Startup Accelerator Program Impact Ventures. The move would be instrumental in AlgoPear’s growth trajectory, as the company would become the first investment Impact Ventures would make from its recently launched Dallas Inclusive Capital Fund, injecting $100,000 into the company.
Since then, Green said AlgoPear has onboarded over 4,000 users, signed a partnership agreement with Alpaca as an API broker, and increased its monthly recurring revenue with a team of 15 people.
“We figured out the business model, we figured out how to reach retail investors…and we focused on that,” Green said. “Now we’re seeing this hypergrowth that any founder or investor would love to see right now.”
Remove the “financial burden roadblock”
Due to close next month, AlgoPear’s most recent funding is led by New York-based venture capital firm NOEMIS Ventures. With the money, the company plans to invest in marketing and customer acquisition with the goal of reaching 15,000 users. Green also said that AlgoPear also expects to expand the types of investments users can trade, such as cryptocurrencies, in addition to expanding its product offering to reach professional investors, adding that algorithmic trading can help people spread the risk.
Green says financial burdens can be a barrier for people. “Imagine if people didn’t have to worry about the financial part, and they could actually worry about creating and making a better society,” Green said. “We would have a lot more innovation in the world today.”
It’s a mission for Green, who believes “ordinary people can spread wealth.”
He sees opportunities for more creators, to “not have to work late nights but really focus on creating, because they have AlgoPear on their side.”
“[It’s] manage their finances and grow their wealth, not just sell them a dream or some other financial literacy advice,” according to the co-founder. “It actually pushes their current status and increases their class.”
Quincy Preston contributed to this report.
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