A social platform for ranking and recommending stock, Nvest landed $10 million in exchange for equity and stock, according to a filing with the U.S. Securities and Exchange Commission.
With Nvest, you can create a profile, track and recommend stocks, and share insights with others. It’s basically an interactive way to know what’s going on with the stocks you follow using crowdsourced data. Social-investing sites aren’t a new idea. Two sites already on the market are Motif and Covest. Motif enables people to interact on message boards and share portfolios and interests, while Covest enables investors to follow and mimic the investments of others. It’s not quite a saturated field, but there’s definitely competition.
Michael Sha, who’s listed as an executive on the company’s SEC filing, brings considerable experience to this project. He’s a co-founder of SigFig, an investment organizer that points out your costly mistakes, and portfolio manager Wikinvest. It’s not surprising that Sha, whose companies put an emphasis on interactivity, would want to create a social platform for investors.
The platform is currently in beta. Hopefully this funding will help make it a fully functioning site.
