Commonstock, a San Francisco, CA-based broker-agnostic social platform that amplifies the best investing knowledge, raised $25m in Series A funding.
The round was led by Coatue, with participation from QED, Floodgate, Upside Ventures, Resolute Ventures, Abstract Ventures. In conjunction with the funding, Philippe Laffont, Bill Ackman, Ari Emanuel, and Michael Ovitz also joined the round as well as Li Jin of Atelier, Turner Novak of Banana Capital, and Jill Carlson.
The company intends to use the funds to continue to build out its platform.
Led by David McDonough, CEO and founder, Commonstock is a social network that amplifies the knowledge of the best investors, verified by actual track records for signal over noise. Community members can link their existing brokerage accounts and share their real-time portfolio, performance, and trades (by percent only, dollar amounts never shared).
Commonstock works by connecting users’ existing brokerage accounts to the app so that they can share their real-time portfolio by percentage (not dollar amount), performance, and trades. Users will get real-time alerts when friends buy or sell, so they can copy each other’s trades and invest together. They also have the opportunity to participate in discussions about investment theses and industry takedowns.