Stacked, a cryptocurrency investment startup, announced Monday that it has raised $35 million in a Series A round led by Alameda Research and Mirana Ventures.
Investors in the oversubscribed round included Fidelity International Strategic Ventures (FISV), DRW Venture Capital, Alumni Ventures, and Jump Capital. Stacked launched in April 2020 with a total funding of $40 million.
Previous seed round lead Motivate Ventures, CoinFund, Starting Line, Avon Ventures, Linkpad Fund, Chicago Trading Capital, Hyde Park Angels, Bitstamp, Cadenza Ventures, Launch Code Capital, Brian Barnes, CEO and Founder of M1 Finance, and several other individual investors are also participating in the capital raise.
According to the company, Stacked is a retail-facing crypto investment and asset management platform that “regular people,” or non-accredited investors, can use to put their portfolio on autopilot. It connects cryptocurrency exchange accounts to provide users with access to pre-vetted trading strategies and investment portfolios.
“The crypto investment landscape has quickly evolved from cypherpunks to mainstream retail, and as a result, there is nearly limitless information available for investors to consume.” Sifting through all of that data has become nearly impossible,” Joel Birch, co-founder and CEO of Stacked, told Blockworks. “Aside from that, almost every tool and exchange is designed for traders, encouraging average investors to day trade and chase short-term gains.”
The platform currently gives investors access to pre-built stacks from hedge funds, indices, and asset managers in order to get investment advice, and it plans to release curated risk-adjusted portfolios for users in 2022. Although it is currently a web-based application, the company intends to make it mobile within the next six months.
“Investors want faster, more accurate data and information, and easier-to-use tools, and mobile is a huge opportunity in crypto right now.” Mobile-first experiences for both centralized and decentralized offerings will open the next set of doors for modern investors, according to Birch.
According to Stacked, it has automated over a million trades and traded over $10 billion in assets for tens of thousands of new investors. Over $100 million in assets are linked to the startup’s smart portfolio manager, and the company stated that it hopes to reach $1 billion in assets under management by 2022.
Separately, the US Securities and Exchange Commission approved Stacked to operate as a registered investment advisor, or RIA, making it one of the few crypto-native businesses to provide investment advice while being registered with a federal regulatory agency.
“The future for investors is on platforms like Stacked that not only make it easy to buy crypto, but also answer the question “what crypto should I buy” and do so in a regulated manner,” Birch said.