Tuesday, April 8, 2008

Covestor, a social networking company focused on personal investing, has raised $6.5 m

What Company Is Offering:
A real-trade sharing service for proven self-investors. To share your real investment decisions, gain recognition and earn fees by helping others.Where all data is private, normalized and anonymous, and membership is free.

How It Works:
To ensure that Covestor remains a source of high-quality analysis, membership is available only to qualifying participants who successfully manage their own investments.You will receive an e-mail with a link you can use to activate your membership. As a registered Member, you can immediately begin setting up your account and exploring the profiles and holdings of other Members.

Your real name is required so that they can verify your trade history, but it need never be revealed to others in the Covestor community. How much personal data you disclose on the site is completely up to you.

Create a Covestor identity, using your real name or by creating a screen name. You can also choose whether to share your investment record publicly on the web (recommended) or only with other Covestor members.

You have two options, to enter trades manually or to set up automatic data import.

If entering trades manually you will be required to enter trades as you execute them, using a 'trade entry' form, and to periodically upload your paper brokerage records for verification.

Using the secure import option simply provide the name of your brokerage plus the username and password you use to access your account. Your trade and holdings data will be automatically downloaded, at regular intervals, to update your Covestor account. This secure link operates using the same technology as online banking sites. No personal data (e.g. social security number) is available via this link. (View Privacy Policy).

How Much They Got From VCs:
Covestor, a social networking company focused on personal investing, has raised $6.5 million in Series A funding. Backers include Spark Capital, Union Square Ventures, Amadeus Capital, Howard Lindzon and John Borthwick.

More at:http://www.covestor.com/

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