Covey, a NYC-based analyst-owned community created to find and reward the world’s next top money managers, closed a $2.5M seed funding round.
The round was led by Social Leverage and Portage Ventures with participation from Cue Ball and BoxOne.
The company intends to use the funds to continue building its platform, with an emphasis on its token launching this fall and copy trading launching in 2023, and expanding the engineering team, with plans to almost double its size by the end of the year.
Founded by Brooker Belcourt, Covey aims to empower anyone to create wealth by finding, rewarding, and training the next top investment managers —from any background—that anyone can copy, so everyone can win.
For the past year, Covey hosted over a hundred anonymized analysts on the blockchain-enabled platform, tracking their simulated stock picks on its leaderboard, with the users that have the best performing portfolios receiving monetary rewards. Going forward, the company will reward the best ideas with tokens, recognizing the members contributing the most to the community. Soon, Covey will award the top 10% of analysts with the opportunity to publish their investment ideas to users, who can then implement the analysts’ strategies for themselves through the platform.
Covey was an established investor who spent the last 7 years managing investments for Citadel, a Tiger Management Seeded Fund, and Coatue. Brooker built Covey as a personal tool to simulate and track his own portfolio strategies, but soon realized Covey could be a ubiquitous tool for the future of active management.
FinSMEs
22/07/2022