Stackwell, the digital investment platform created to eliminate the racial wealth gap, announced the successful 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 funding round was led by Michael Gordon, President of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group.

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.

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.

Stackwell, the digital investment platform created to eliminate the racial wealth gap, announced the successful closing of a $3.5 million seed funding round. Congratulations to the entire team at Stackwell. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

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