data-moats
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The Fund That Bets on Boring: Predictive Hunts Data Moats in the Industries AI Forgot
While most AI money chases chatbots, Kevin Alvarez-Fung is writing seed checks into freight, factories and payments - and handing founders a rolodex of 500 corporations to prove it works.
Seth Berman
Seth Berman co-founded Susa Ventures in 2013 and has since backed 10 unicorns across roughly 100 seed-stage investments, including Robinhood, Flexport, and Expanse. He brings an unusual background to venture capital - nearly a decade as VP of Strategic Marketing at Richemont Group (Cartier, Net-A-Porter, Montblanc) - giving him a luxury-brand consumer lens that shaped Susa's focus on distribution, compounding moats, and founder-market fit. He has since launched Kivu Ventures, a Series A/B fund targeting vertical AI, healthcare, and logistics, with investment partners including Frame.io co-founder Emery Wells and Pinterest co-founder Paul Sciarra.