Stackwell, a digital investment solution looking to eliminate the racial wealth gap, has raised $3.5m from a seed funding round.
The seed funding round was led by president of Fenway Sports Group Michael Gordon and CEO and chairman of WS Development and The Kraft Group Jeremy Sclar.
The round also saw participation from CMFG Ventures Discovery Fund, Shea Ventures, Shorehaven Wealth Partners, SSC Venture Partners, former US Senator William Cowan and a number of other angel investors.
According to Stackwell, its robo-investing app is designed to meet users where they are and promote accessibility, education and support throughout the investment process.
It claims it will provide its users with automated investment portfolios that are recommended based on user specific goals, in-app educational content that demystifies investing so users can grow their knowledge and their wealth, and science-based nudges to help users stay committed, consistent and achieve their long-term wealth building goals and objectives.
Stackwell plans to use the new funding from this round to support the imminent release of its robo-investment app this fall.
Stackwell founder and CEO Trevor Rozier-Bryd 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.”
Cornerstone VC, which was born from the black-led angel group Cornerstone Partners, recently launched a £20m fund to invest in entrepreneurs in the UK from diverse backgrounds.
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