Covestor Raises New Money, But NOT $360 Million
Covestor, a social networking company focused on personal investing, today told the SEC that it recently raised $360 million in new equity financing. Yes, you read that correctly. No, whoever filled out the form did not do so correctly. Albert Wegner, a partner with Covestor backer Union Square Partners, tells me that while it is true the company recently raised new capital, it was nowhere close to $360 million (which, if true, would have been the largest Web 2.0 ramp-up in history). He declined to say whether the correct figure was $3.6 million, $360,000 or something else entirely.
5 March 2010•1 min read
