Here’s an exclusive look at the 12-page pitch deck that Covey, a blockchain-based community for money managers, used to raise a $2.5 million seed round
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- Covey is a community of money managers that aims to democratize access to investing.
- It raised a $2.5 million seed round from investors like Social Leverage and Portage Ventures.
- Here is an exclusive look at their pitch deck Covey used to raise its seed round.
Covey, a social platform for money managers, raised $2.5 million in seed funding as it seeks to build out its product and release a token it will grant its top-performing stock pickers.
Social Leverage and Portage Ventures led the round with participation from Cue Ball and BoxOne.
The platform is open to all stock analysts globally – from hobbyists to professionals – to share their investing strategies and potentially earn monetary rewards. The company said in a statement that it hosts over a hundred analysts on the platform. Using blockchain technology, Covey tracks the stock picks of the top performing money managers and portfolios eligible to receive the Covey token.
The top 10% of performers are then invited to act as money managers in Covey’s copy trading fund, which essentially allows Covey to mirror the strategies of the platform’s top investors. The company said the investors also have the potential to earn from the returns of those using their approach.
Covey’s founder, Brooker Belcourt, said the new capital would not only help the company build out its platform, but also help it launch its own cryptocurrency token and its copy trading fund. He expects the token to debut this fall and the fund to begin operating in 2023. Covey is also planning to double its headcount by the end of the year.
Belcourt said the platform helps to democratize trading more and reveal the best analysts, no matter where they come from.
“Covey is allowing everyone the opportunity to test their strategies and those with the best performance can become money managers based purely on merit,” Belcourt said. “We’ve seen from recent events fueled by retail investors, that when smart, strategic investors work together, they can beat the market, and we’re excited about scaling this community.”
Check out the 12-page pitch deck Covey used to raise its seed round: