KIRKLAND, Wash., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Fiteo, a product discovery SaaS platform that helps brands increase sales through sponsored product placement on online marketplaces, was accepted into Newchip’s renowned global accelerator program. Designed to provide all the skills and tools founders need to rapidly fund, build and scale their companies, past accelerator cohorts averaged more than 17.5 times the average funding amount. The equity-free accelerator has helped over 2,500 founders from more than 50 countries and 250 cities raise over $2.2 billion in funding with an estimated portfolio of over $9B.
“Newchip evaluates a diverse number of companies across all industries from around the world, selecting a small percentage to join our accelerator,” says Brian Lee, Head of Product at Newchip. “This strict selection process makes us an ideal partner for investors looking for promising start-ups. Sponsored product discovery companies like Fiteo can scale quickly with proper funding and guidance. We are excited for Fiteo and believe they will do well at Newchip.”
“The sponsored product discovery is poised for a 60% growth in the next four years,” says Raghu Havaldar, CEO at Fiteo. “Being accepted into the Newchip Accelerator gives us access to investors and business advisors and positions Fiteo to become a major player in this growing market. Small brands struggle to sell on online marketplaces, as they lack the reach, brand awareness, and budgets of larger brands. Sponsored products are a reliable way for them to cut through the noise and get their product in front of shoppers.”
About Fiteo
Fiteo is a product discovery SaaS platform that helps brands increase sales through sponsored product placement on online marketplaces. Founded by eCommerce leaders and alumni from Amazon, Nordstrom, and Zulily, Fiteo blends sponsored content into product discovery experiences inspired by social platforms. For more information and to talk to our team, visit https://fiteo.co.
About Newchip
Newchip is an online, global startup accelerator led by a world-class team of entrepreneurs and investors. It was designed to provide founders with the tools needed to rapidly fund, build, and scale. Since its inception in 2019, the equity-free, remote accelerator has enabled over 2,500 startups from 50+ countries to raise over $2.2 billion in funding with an estimated $9B portfolio. It has three distinct six-month accelerator programs based on company stage: Pre-Seed, Seed, and Series A. Its vast network of global investors, strategic partners, and mentors guide companies from team building and prototype development to securing high-profile VC investment, corporate partnerships, and everything in-between. To learn more, visit https://launch.newchip.com/.
