The Chicago-based company, which launched in April 2020, raised a $1 million seed round in September 2020. The latest round brings its total funding to “just shy of $40 million,” co-founder and CEO Joel Birch told TechCrunch in an interview.
It plans to use the funds to double its 40-person employee base in the next six to eight months and invest in user acquisition, growth and marketing. Until this fundraise, Stacked had grown its business with no formal marketing spend, he added.
Stacked has automated over $10 billion worth of transactions for tens of thousands of new investors in 2021, per the company. It also secured status as a registered investment advisor (RIA) with the US Securities & Exchange Commission (SEC) this summer in preparation to widen its product offerings, the company told TechCrunch.
“In the very near future, we’re going to continue to evolve our platform away from automating strategies and giving people this easy investment platform into actually offering structured products like risk-adjusted portfolios and giving curated investment advice to individuals based on their risk tolerance,” Birch said.