Stacked, a blockchain startup based in Chicago, has raised over $35 million in Series A funding to automate the management of crypto assets via pre-built portfolios and strategies.
The funding round was co-led by Alameda Research and Mirana Ventures, with participation from other investors like Fidelity International Strategic Ventures (FISV), DRW Venture Capital, Alumni Ventures, and Jump Capital. The capital brings the total funding raised by Stacked to $36.5 million, which will allow the startup to expand its team and accelerate its development efforts. Brian Lee, Partner at Alameda Research Ventures, referred to the round by stating:
“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.”
Founded in 2019, Stacked has recently become one of the only startups native to the crypto space that has received approval from the Securities and Exchange Commission to operate a Registered Investment Advisor (RIA). This has allowed the startup to automate over $10 billion worth of transactions, with more than $100 million in user funds being connected to its smart portfolio manager. Joel Birch, Stacked’s Co-Founder and CEO, said in this regard:
“We’re moving beyond just a ‘cool crypto portfolio manager’ to a true, regulated digital asset wealth advisor. 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.”
Regulation has become one of the major concerns around cryptocurrencies over the past months and one of the major reasons behind the latest crypto market crash, which has prompted investors to be wary of crypto. By providing its users with risk-appropriate investment exposure to crypto while also offering investors an easier investing experience with no prior experience.