Covestor

Covestor
Private
Industry Investment management
Founded 2006
Headquarters Boston, Massachusetts, U.S.
Key people
 Rikki Tahta, Founder
Perry Blacher, Founder
Simon Veingard, Founder
Asheesh Advani, Chief Executive Officer
Revenue N/A
Number of employees
 25-30
Website http://covestor.com

Covestor is an online investment management platform that allows you to mirror the real trades of successful individual or Professional Investors.[1] Launched in June 2007,[2] it provides everyday investors access to a managed account service, previously only available to those with millions of dollars invested with a wealth management firm.[3]

Over 500 million US dollars in securities are shared through the service, and the site has replicated 100 million US dollars' worth in trades.[4] Its members are located in more than 100 countries and hold positions in over 10,000 different securities.[5] All securities in mirroring accounts are purchased in the client's name and held in custody at an independent broker-dealer.

Funding

Covestor raised $6.5m in April 2008, in a round led by Union Square Ventures, Spark Capital, and Amadeus Capital Partners.[6] Other investors include private investors from the financial markets in New York and London, and Independent News & Media,[7] whose CEO Sir Anthony O'Reilly was formerly a board member of the NYSE.[8] In June 2013, Covestor raised an additional $12.75 million in a Series B financing round, bringing the total capital Covestor has raised to $28 million.

Press

Covestor has been widely covered in the press, including The Wall Street Journal,[9] Barron's,[10] Reuters [11] and Business Week.[12]

References

  1. ↑ Wall Street & Technology (10-11-07) New Online Investing Site Covestor Presents A Threat to Fund Managers. http://www.wallstreetandtech.com/blog/archives/2007/10/new_online_inve.html Retrieved 02-28-08.
  2. ↑ Malik, Om. (06-04-07) With Covestor, everyone is a money manager. GigaOm. http://gigaom.com/2007/06/04/covestor/. Retrieved 02-28-08.
  3. ↑ Janowski, Davis D. (09-10-07) Advisers find value in new investor-focused websites. InvestmentNews. http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20070910/FREE/70905005/1035/TECHNOLOGY Retrieved 02-28-08.
  4. ↑ Cutler, Kim-Mai (06-15-10) Social investing site Covestor moves $100 million worth in trades. VentureBeat. http://social.venturebeat.com/2010/06/15/covestor/. Retrieved 06-15-10
  5. ↑ (2007) Covestor Review. http://www.appappeal.com/app/covestor/ Retrieved 06-15-10.
  6. ↑ Schonfeld, Erik (04-07-08) Social Investing Site Covestor Raises $6.5 Million. Techcrunch. http://www.techcrunch.com/2008/04/07/social-investing-site-covester-raises-65-million-in-series-a/ Retrieved 04-11-08.
  7. ↑ Covestor website http://site.covestor.com/about-us Retrieved 02-28-08.
  8. ↑ Independent News & Media plc website. http://www.inmplc.com/main.php?menu=menu2&mb=mgt Retrieved 03-03-08.
  9. ↑ Kim, Jane J. (06-14-07) A Slew of New Web Sites Are Trying to Attract Young People By Combining Social Networking With Personal Finance. Wall Street Journal. http://online.wsj.com/article/SB118177906703834565.html. Retrieved 02-28-08.
  10. ↑ Carey, Theresa W. (06-26-07) Pick Your Own Online Stock Sherpa. Barron's. http://online.barrons.com/article/SB118197317426437759.html Retrieved 02-28-08.
  11. ↑ Reuters (07-02-07) Covestor creates stage for virtual money managers. http://www.reuters.com/article/2007/07/02/us-covestor-idUSN0238016820070702 Retrieved 04-29-12.
  12. ↑ Bogoslaw, David (11-13-07) Investing: The Net Wisdom of Peers. Business Week. http://www.businessweek.com/investor/content/nov2007/pi20071112_053010.htm Retrieved 02-28-08.

External links

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