Stackwell, the digital investment platform created to eliminate the racial wealth gap, announced the successful closing of a $3.5 million seed funding round that will accelerate the company’s launch plan, allowing it to rapidly reach key product development and go-to-market milestones, as well as support the hiring of key personnel. The funding round was led by Michael Gordon, President of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group.

“We are excited to grow the ecosystem of support around Stackwell through this latest funding round as it will enable us to execute against strategic company objectives, scale our operations and drive impact in the Black community,” said Stackwell Founder and CEO Trevor Rozier-Byrd. “At Stackwell, we believe that the racial wealth gap is the social justice issue of our time. With the support of our investors, we are on the path towards addressing this, and other systemic social issues, by enabling more people in the Black community to build equity by owning equity.”

“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. “My co-investors and I have been thoroughly impressed by Trevor, his vision and strategy for tackling a tremendous market opportunity. I am honoured to support him and the Stackwell team on this journey as they approach their initial launch and begin to scale up the business.”

Stackwell plans to use the new capital from this round to support the imminent release of its initial product, a robo-investing app, this fall. The Stackwell app is specifically designed to meet users where they are and promote accessibility, education and support throughout the investment process.

The seed round also included participation from CMFG Ventures Discovery Fund; Shea Ventures; SSC Venture Partners; Shorehaven Wealth Partners; Former U.S. Senator William “Mo” Cowan, Chief Legal and External Affairs Officer of Devoted Health; Corey Thomas, Chairman and CEO of Rapid7; Damian Wilmot, Senior Vice President, Chief Risk and Compliance Officer of Vertex Pharmaceuticals; Terence Rozier-Byrd, Partner of Akin Gump Strauss Hauer & Feld LLP; Michael Fricklas, Chief Legal Officer and Corporate Secretary of Advance Publications; Sam Kennedy, CEO of the Boston Red Sox; Theo Epstein, Consultant to Major League Baseball; Louis Maiuri, President of State Street Corporation; and John Plansky, Executive Vice President of State Street Corporation, among others.