Chicago-based automated robo-advisor for cryptocurrencies and digital assets, Stacked, raised $35 M in a Series A funding stage. The fundraising was led by Alameda Research, established by crypto influencer Sam Bankman-Fried, and Mirana Ventures.
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Among other companies that took part were Fidelity International, DRW Venture Capital, and Jump Capital. According to a report by TechCrunch, with the recent round, the funding amount of Stacked is almost $40 M. The app was released in 2020, and attracted $1 M in its seed round.
Co-founder, and CEO of Stacked, Joel Birch said that the company intends to use the amount to expand its team, and user base, manage marketing and growth. Previously, the app didn't have proper marketing.
In addition, the platform is going to launch new features soon.Stacked offers portfolio management and investment tools based on leading strategies. In early June, the company got registered with the US SEC. Interest in crypto startups remains high. Recently, crypto payments company MoonPay attracted $555 M in Series A.
As per a report by the business analytics platform CB Insights, the fourth quarter of 2021 is the biggest for the crypto startup investments with over 6X growth. The global value of venture investments in the industry surged to $21.3 billion. In 2020, the amount stood at $3.1 billion.