StockSwap, a gamification app for stock market research, raised $225,000 from founders, friends, family and users.
Blake Berg, StockSwap CEO
“StockSwap is the DraftKings for the stock market where users enter into a contest with varying entry fees, payout structures and time frames. They pick five stocks and weight them, and they’re doing social research to find these stocks,” CEO and co-founder Blake Berg told the 4thEst8. “Then throughout the week, they’re competing with others to get a share of the prize pool.”
Picking stocks is a game of skill, or no one would have a stock broker. Berg says games of skill are not gambling and are allowed in all 50 states.
The startup launched in October 2020, is headquartered in St. Louis, Mo. and has five full time employees. Berg says some money raised will go to legal, but most will get poured into development. Note: today’s raise came mostly from FF&F but $25K came from users.
Berg says the app has two components in development: the social component and the gamification features. The full-stack social part of the product is in Alpha, in that it is being used by members of the team. Meanwhile the gamification features are being tested with users from outside the organization in a Beta. It is developed using the St. Louis no-code platform Adalo.
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