August 8, 2022

Black-Owned Investing App Seeking To Close The Racial Wealth Gap Raises $3.5M

Digital investment platform, Stackwell Capital, has raised $3.5 million. The funding round was led by Michael Gordan, president of Fenway Sports Group, Jeremy Sclar, and The Kraft Group. Venture capital firm Shea Ventures, SSC Venture Partners, Shorehaven Wealth Partners, and Theo Epstein, a consultant to Major League Baseball, also participated in the funding round. 

Stackwell Capital, founded in 2021 by Trevor Rozier-Byrd, is a digital investment platform created to eliminate the racial wealth gap by empowering a new community of Black investors. In addition, the platform works to provide Black entrepreneurs with the financial investment tools and guidance needed to help them build lasting wealth, equity, and equal opportunity. 

“This financing round is critical in helping us bring our platform to market and empower and grow a new community of Black investors that can leverage the market to build equity by owning equity,” said Trevor Rozier-Byrd, founder of Stackwell, in an interview with AfroTech

“We are excited to have all of our investors officially join the Stackwell team, in particular, our lead investors Mike Gordon, Jeremy Sclar, and The Kraft Group. Beyond their capital, their business acumen, experience, and expertise will be crucial for us as we work to execute our strategy, scale our growth, and realize the tremendous market opportunity in front of us.” 

Stackwell will use the funds to support the release of its first product, a robo-investing app that promotes accessibility, education, and support throughout the investment process. 

Kumba Kpakima

Kumba Kpakima is a reporter at POCIT. A documentary about the knife crime epidemic in the UK got her a nomination for the UK's #30toWatch Young Journalists of the Year.