Covestor, a Boston, MA-based online marketplace for investing, raised $12.75m in Series B financing.
The company intends to use the capital to accelerate its growth.
Founded in 2006 and led by CEO Asheesh Advani and recently appointed Chief Investment Officer Sanjoy Ghosh, who joined from PanAgora Asset Management where he was Director of Investments, Covestor operates a marketplace that allows users to compare and select money managers financial advisers, and experienced investors.
The company’s Portfolio Sync technology automatically replicates trades, providing clients “set and forget” functionality and the protection of its proprietary trade filtering.
Covestor, which also has offices in London, is an investment adviser registered with the US Securities and Exchange Commission under the Investment Advisers Act of 1940.