Stackwell raises $3.5 million
Stackwell, a fintech company that has created a digital investment platform for the Black community, announced the closing of a $3.5 million seed funding round led by Michael Gordon, President of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group. The seed round also included participation from CMFG Ventures Discovery Fund, Shea Ventures, SSC Venture Partners, Shorehaven Wealth Partners,Former U.S. Senator William “Mo” Cowan, Chief Legal and External Affairs Officer of Devoted Health, Corey Thomas, Chairman and CEO of Rapid7, Damian Wilmot, Senior Vice President, Chief Risk and Compliance Officer of Vertex Pharmaceuticals, Terence Rozier-Byrd, Partner of Akin Gump Strauss Hauer & Feld LLP, Michael Fricklas, Chief Legal Officer and Corporate Secretary of Advance Publications; Sam Kennedy, CEO of the Boston Red Sox, Theo Epstein, Consultant to Major League Baseball, Louis Maiuri, President of State Street Corporation, and John Plansky, Executive Vice President of State Street Corporation, among others.
Founded in 2020, Stackwell plans to release its initial product, a robo-investing app, this fall. The app will offer automated investment portfolios, recommended based on user-specific goals, to help users “invest with confidence.”
“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.” – Stackwell Founder and CEO Trevor Rozier-Byr.