Crypto robo-advisor Stacked raises $35 million from Fidelity International unit and others
Stacked, an SEC-registered crypto robo-advisor, has raised $35 million in a Series A funding round.
Alameda Research and Mirana Ventures co-led the round, with Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital also participating.
With fresh capital at hand, Chicago-based Stacked plans to grow its current team of 40 people to over 100 in the next year and go fully mobile within the next six months, said the firm.
Stacked is currently a web-based robo-advisor that allows users to automate their crypto investing experience through pre-built portfolios called "stacks." The firm says it has automated over $10 billion worth of transactions for tens of thousands of new investors in 2021.
Stacked also allows users to connect to multiple crypto exchange accounts and manage their portfolio in one place. The firm says over $100 million in user funds are connected to its portfolio management platform, and that it aims to have more than $1 billion in assets under management (AUM) in 2022.
Stacked has been an SEC-registered investment advisor since June of this year. "We registered with the SEC so that we could truly provide the easiest and safest way to have risk-appropriate investment exposure to crypto, in just a few minutes, with no prior experience," said Stephen Beavis, co-founder and COO of Stacked, in a statement.
Stacked was founded in 2019 and launched its platform in April last year. The Series A round brings the firm's total funding to about $40 million. It raised a $1 million seed round in September last year.Source