WNBA and NBA teams are helping youth score investment buckets
The GIST: WNBA and NBA teams are helping youth score investment buckets. On Wednesday, investment app Stackwell enlisted at least six teams — the Washington Mystics and Wizards, the Minnesota Lynx and Timberwolves, the Detroit Pistons and the New Orleans Pelicans — to encourage Black millennials and Gen Zers to grow their wealth. Count it.
The company: The robo-investing app helps build portfolios and provides educational content to users, and includes behavioral nudges to encourage good investment habits. Stackwell also announced that it raised $3.5 million in seed funding, led by Fenway Sports Group’s Mike Gordon and The Kraft Group CEO and chairman Jeremy Sclar.
The details: Teams will collaborate with Stackwell to create content and participate in events geared toward Black communities throughout the three-year agreement. Stackwell hopes to recruit 3.5K new users and contribute more than $250K to its audience during the partnership.
Zooming out: In an effort to create a level playing field, Black consumers have taken center stage in several recent sports partnerships. Jordan Brand teamed up with Howard University last month to increase the cultural impact of Historically Black Colleges and Universities (HBCUs), and CBS’ deal with streamer HBCU Go will boost teams’ visibility.
- The untapped market means there’s plenty of money on the table — a study valued the potential annual buying power of Black Americans at $300 billion if the market meets their needs. Talk about a smart investment.