In Brief:
- Stacked raises $35 million in a Series A funding round led by Alameda Research.
- Mirana Ventures co-led the funding round along with Alameda Research.
- Stacked aims to double its 40-person workforce and spend on user acquisition, growth, and marketing via the newly raised funds.
Crypto trading app Stacked announced the raise of $35 million in a Series A funding round led by Alameda Research.
Bybit and BitDAO partner Mirana Ventures co-led the funding round along with Alameda Research.
Other investors included DRW Venture Capital, Fidelity International Strategic Ventures, Jump Capital, and Alumni Ventures.
Stacked is a web-based tool that allows users to access pre-built stacks that are designed after popular crypto indexes, hedge funds, and other investor portfolios to access verified trading methods and investment portfolios.
In the next six to eight months, it expects to double its 40-person workforce and spend on user acquisition, growth, and marketing via the newly raised funds.
Alameda Research Ventures partner Brian Lee stated that the firm began investing in Stacked over a year ago and is now confident in the company’s capacity to create a “unique and simple investment experience for retail customers.”
Co-founder and CEO of Stacked, Joel Birch, stated, “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.”
Users may manage portfolios across different crypto exchanges, auto-rebalance and compound their portfolios, and lend cryptocurrency through FTX’s exchange using Stacked’s core product, which is currently free to use.
Stacked’s product, according to Birch, is open to all retail investors, regardless of whether or not they are accredited, and allows consumers to keep custody of their digital assets.
Stacked’s chief revenue officer Alan Eschweiler commented on this funding led by Alameda, “It’s no accident that two of the largest exchanges in the crypto space co-lead this investment round. These exchanges, and others, have been key partners of ours since day one, introducing their users to more automated tools for investing.”
According to Birch, the firm expects to release a feature in the coming weeks that will allow customers to copy any stack as a template and customize it with direct changes.
A few days back 1inch network raised $175M in a funding round led by Amber group. Alameda Research also participated in the fundraising, which will be used to control the impact due to regulatory changes on the DeFi market.
