Crypto Portfolio Tool Stacked Raises $35 Million
During the pandemic, retail investment platforms have seen huge spikes in interest. This has been evident in the “meme stock” revolution as well as the growing popularity of free trading apps. Meanwhile, interest and investment in cryptocurrencies have exploded as well, with many consumers even moving beyond bigger assets such as Bitcoin and exploring opportunities found in smaller coins. Now, a platform that helps crypto investors maximize their portfolios has raised a significant amount of money itself.
This week, Stacked announced that it had closed a $35 million funding round. The Series A was led by Alameda Research along with Mirana Ventures, while Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital also participated in the “oversubscribed” round. The raise follows a seed round for the startup in summer 2020 and brings their total funding to date up to $36.5 million.
Stacked is a crypto investment platform that puts an emphasis on managing your portfolio. Using the service, users can link their various accounts, set up automated crypto trading and rebalancing, and select pre-built crypto portfolios. These features have helped Stacked grow a sizeable userbase since launching in April of last year. According to the company, their “tens of thousands” of customers have automated more than $10 billion worth of transactions in 2021 so far.
Speaking to the evolution of the service, Stacked co-founder and CEO Joel Birch said in a statement, “We’re moving beyond just a ‘cool crypto portfolio manager’ to a true, regulated digital asset wealth advisor.” Birch went on to note the inspiration and need for the platform, saying “Trading crypto isn’t a great experience for the average person, and most people have no idea what to invest in. Imagine simply taking a risk assessment and having an automatically-managed portfolio created for you instantly. Investors need more passive tools, and Stacked is bringing that to them.”
As for what brought Alameda Research Ventures to invest in Stacked, the firm’s partner Brian Lee explained, “Since we began investing in Stacked over a year ago, the team has proven they have the ability to provide a unique and simple investment experience for retail investors. The ability to give users some guardrails when building a portfolio, while also allowing that user to custody funds on their preferred exchange is something investors really need. Now with this added focus on regulation, Stacked is in the best position to own the passive investment market in crypto.”
Looking at what Stacked has to offer, it’s easy to see why the startup was able to garner this impressive Series A. Given the popularity of crypto investing, it makes perfect sense that consumers would be looking for a tool that can help them manage their cryptocurrency portfolio in a manner similar to what roboadvisors offer for stocks and bonds. With a sleek-looking product and now $35 million in its coffers, it will be interesting to see what Stacked is able to accomplish in 2022 and beyond.