Social Investing Site Covestor Gets $6.5 Million First Round

Covestor, a service for people to share their stock picks, has raised a $6.5 million first round led by Union Square Ventures and Spark Capital, along with Amadeus Capital Partners. The company previously raised a seed round from angel investors. The service lets users broadcast their stock picks, establish a reputation and then potentially profit by sharing your investing ideas. Other companies attempting similar things include UpDown.com and SocialPicks. USV has put up a post explaining the investment. Release. (.pdf)

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