Stackwell, the digital investment platform created to address the racial wealth gap, recently announced the closing of a $3.5 million seed funding round that will “accelerate the company’s launch plan, allowing it to rapidly reach key product development and go-to-market milestones, as well as support the hiring of key personnel.”
The investment round was “led by Michael Gordon, President of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group.”
Stackwell Founder and CEO Trevor Rozier-Byrd said:
“We are excited to grow the ecosystem of support around Stackwell through this latest funding round as it will enable us to execute against strategic company objectives, scale our operations and drive impact in the Black community. At Stackwell, we believe that the racial wealth gap is the social justice issue of our time. With the support of our investors, we are on the path towards addressing this, and other systemic social issues, by enabling more people in the Black community to build equity by owning equity.”
Michael Gordon, President of Fenway Sports Group, added:
“Trevor and the Stackwell team have built a unique platform that provides tangible solutions to a pervasive problem. My co-investors and I have been thoroughly impressed by Trevor, his vision and strategy for tackling a tremendous market opportunity. I am honored to support him and the Stackwell team on this journey as they approach their initial launch and begin to scale up the business.”
Stackwell plans “to use the new capital from this round to support the imminent release of its initial product, a robo-investing app, this fall.”
The Stackwell app is “specifically designed to meet users where they are and promote accessibility, education and support throughout the investment process.”
Simple and “easy to use,” the app will provide Stackwell’s users with:
- automated investment portfolios, recommended based on user specific goals, to help users invest with confidence
- in-app educational content that demystifies investing so users can grow their knowledge and their wealth
- science-based nudges to help users stay committed, stay consistent, and achieve their long-term wealth building goals and objectives.
Jeremy Sclar, CEO and Chairman of WS Development, commented:
“Stackwell’s dynamic business model and mission create a meaningful opportunity to do well while doing good. Trevor and the Stackwell team have demonstrated a unique ability to execute their go-to-market strategy, and I am excited to help them rapidly scale through this next phase of their growth.”
As Stackwell uses the seed round funding “to accelerate its launch plan, it is simultaneously working on the execution of several strategic partnerships and anticipates completing a subsequent financing round later this year.”