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April 7, 2008

Bijan just posted about our latest investment (see below)

In 2006 I spent some time a Fidelity Investments and got a look at the gross inefficiencies in the mutual fund industry. Tackling some of these is a bear of a task, but the Covester team is working on some very innovative approaches to democratize investment management.

I’m also excited that my friend and classmate Amit Goyal is involved with the company. He was interested in starting something similar when we were at HBS, but when he heard about the great things that Rikki and his team were working on, he decided to join him instead.

bijan:

We have been obsessed about bring the power of social networks, community and data to the world of financial markets and personal finance.

And that is what Covestor is all about. I’m thrilled to announce that we recently invested in Series A of Covestor along with Union Square Ventures and Amadeus Capital as well as Howard Lindzon and John Borthwick.

With Covestor you can securely and easily link your Covestor profile to your brokerage account and have a public track record of your investments. And you can track others on the site as well and see how they are performing. Fred has a great post on Covestor today.

Right now there are several benefits for sharing your track record in a secure way. It’s fun, competitive and educational. And soon there will be even more reasons to do this.

So check out Covestor if you are an active public stock investor or just an aspiring one!

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