||This article appears to be written like an advertisement. (August 2010)|
|Headquarters||Boston, Massachusetts, U.S.|
|Key people||Rikki Tahta, Founder
Perry Blacher, Founder
Simon Veingard, Founder
Asheesh Advani, Chief Executive Officer
Tom Dorsky, Chief Operating Officer
Covestor is an American online investment management platform that allows you to mirror the real trades of successful individual or Professional Investors. Launched in June 2007, 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.
Over 500 million US dollars in securities are shared through the service, and the site has replicated 100 million US dollars' worth in trades. Its members are located in more than 100 countries and hold positions in over 10,000 different securities. All securities in mirroring accounts are purchased in the clients name and held in custody at an independent broker-dealer.
Covestor raised $6.5m in April 2008, in a round led by Union Square Ventures and Spark Capital who were also joined by Amadeus Capital Partners. Other investors include private investors from the financial markets in New York and London and Independent News & Media, whose CEO Sir Anthony O'Reilly was formerly a board member of the NYSE. 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. Covestor has been widely covered in the press, including The Wall Street Journal, Barron's, Reuters  and Business Week.
Covestor relocated from New York City to Boston’s financial district in November, 2012. Also in June 2013, the company announced the appointments of two new board members:
Independent Board Member Jamie Cornell, former President of Private Wealth Management at Fidelity and currently Managing Director of Bollard Group, a multi-family office.
Independent Board Member John Sinclair, former Director of Research at Fidelity and currently Managing Director at Infusion Global Partners, an alternative asset management firm.
- 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.
- Malik, Om. (06-04-07) With Covestor, everyone is a money manager. GigaOm. http://gigaom.com/2007/06/04/covestor/. Retrieved 02-28-08.
- 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.
- 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
- (2007) Covestor Review. http://www.appappeal.com/app/covestor/ Retrieved 06-15-10.
- 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.
- Covestor website http://site.covestor.com/about-us Retrieved 02-28-08.
- Independent News & Media plc website. http://www.inmplc.com/main.php?menu=menu2&mb=mgt Retrieved 03-03-08.
- 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.
- 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.
- 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.
- 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.