Stackwell Capital, a Boston, MA-based digital investment platform created to eliminate the racial wealth gap, closed a $3.5m seed funding round.
The funding round was led by Michael Gordon, President of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group. The seed 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.
The company intends to use the funds to accelerate launch plan, to reach key product development and go-to-market milestones, as well as support the hiring of key personnel.
Led by Founder and CEO Trevor Rozier-Byrd, Stackwell Capital is a fintech company that has created a digital investment platform for the Black community that is designed to eliminate the racial wealth gap in America. It provides the financial investment tools and guidance necessary to help build lasting wealth, equity, and equal opportunity. Stackwell, a member of the 2022 Financial Solutions Lab, and MassChallenge U.S. Early Stage accelerator programs, 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 app is specifically designed to meet users where they are and promote accessibility, education and support throughout the investment process.