Social Leverage Portfolio Company Covey Raises $2.5M Seed Round
Covey (Fund IV) closed a $2.5M seed round, led by Social Leverage and Portage Ventures. Cue Ball and BoxOne also participated.
Covey was founded by Brooker Belcourt, an investor who spent seven years managing funds for Citadel, a Tiger Management seeded Fund, and Coatue. Initially built as a personal tool to simulate and track his own portfolio strategies, Brooker realized Covey could become the future of active management.
Covey’s analyst-owned community hosts hundreds of analysts–ranging from hobbyists to traditional finance industry vets, and everyone in between. It’s designed to find and reward the world’s next top money managers. Covey removes the traditional barriers to connect investors directly to proven top performing investment managers. The top 10% of analysts earn the option to become an investment manager on Covey’s Copy Trading app (launching 2023), offering unlimited earning potential as independent investors invest alongside them.
“I learned how hard it was to beat the market, but I also saw a small group of Analysts that consistently won. That talent can come from any background, we need an open platform to find the Analysts that can consistently beat the market and allocate money to them,” said Brooker Belcourt, Founder, and CEO of Covey.
Covey will use the funds to continue building its platform, with an emphasis on its token launching this fall and copy trading launching in 2023. Additionally, Covey is expanding the engineering team, with plans to almost double its size by the end of the year.
I invested in Covey because of the founding team which has a lot of experience building portfolios and passion about innovating in the do-it-yourself investing category. What continues to drive mine and Social Leverages’ investment in fintech is we believe the best investment analysts have yet to be found. Covey has built both a platform and community that will find and reward the next generation of great analysts. Active investing has been losing trillions to indexing and machines over the last decade, when Covey adds Copy trading it will offer a new generation of active managers the opportunity to practice their trade.
Check them out here.