Stackwell Capital is working steadfastly to ensure Black Millennials and Generation Z Americans have the tools to create generational wealth.
As AfroTech previously told you, the novel application founded by Trevor Rozier-Byrd, will introduce users to educational resources and automated model portfolios. The platform is engineered to empower the community and eradicate misconceptions or fears surrounding wealth building. Rozier-Byrd last told AfroTech that Stackwell Capital was working to adopt new measures that would incorporate financial literacy into Black communities.
Stackwell Capital has stayed true to its word. The company has closed a $3.5 million funding round led by Michael Gordon, President of Fenway Sports Group; Jeremy Sclar, CEO and Chairman of WS Development; and The Kraft Group. CMFG Ventures Discovery Fund, Shea Ventures, SSC Venture Partners, Shorehaven Wealth Partners, and Theo Epstein, a consultant to Major League Baseball, also participated in the round, among many others.
“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. 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,” Rozier-Byrd told AfroTech exclusively.
“Trevor and the Stackwell team have built a unique platform that provides tangible solutions to a pervasive problem,” said Michael Gordon, President of Fenway Sports Group, according to a press release. “My co-investors and I have been thoroughly impressed by Trevor, his vision and strategy for tackling a tremendous market opportunity. I am honored to support him and the Stackwell team on this journey as they approach their initial launch and begin to scale up the business.”
The funding will support go-to-market milestones, the hiring of key personnel, and key product development. Stackwell can turn its attention toward the launch of its robo-investing app this fall.