Online portfolio-sharing service Covestor has raised an additional $6.5 million in its Series A round of funding, led by Union Square Ventures and Spark Capital, along with Amadeus Capital Partners. Todd Dagres of Spark and Albert Wenger of USV will be joining Covestor's board. Having raised some seed funding last summer, the social stock picker has since taken steps towards launching its API in an effort to provide its tools for mashups and other applications.
Covestor's unique twist on the online, social aspect of trading sites is its monetary rewards given to users for making good decisions in the real stock market. And despite the current economy's downward turn and speculation from analysts that such sites would see a great deal of trouble as a result, Covestor and several other social trading sites have received a good amount of funding in the past four months.