Social Leverage Letter | Issue #47

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UPFRONT

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.

“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, and I 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," said Howard Lindzon, Founder and Managing Partner of Social Leverage. "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."

READING

A great piece of career advice is to just “follow your passion” right? Wrong! says Reid Hoffman. When crafting a great career, that’s not the whole picture. You need to account for skills that will differentiate you, and where they fit into the marketplace. Ben and Reid explain the “three gears” that underlie every world-class career: Assets, Aspirations, and Market Realities. When these three elements click together and turn in unison, you will unlock success.

WHAT ELSE WE'RE LISTENING TO

A few more podcasts you might like:

WATCHING

Howard talks about the market, investing, creating a network of brilliant people, and how to cultivate joy. Near the end, Howard lays out a powerful thesis for Web3 on where the trend might be headed.

DEAL FLOW

The latest venture funding from around the globe:

CRYPTO CORNER

News on Crypto/web3:

JOB BOARD

Explore openings at our portfolio companies:

Featured Jobs:

Check out all of our portfolio companies at Social Leverage.

© 2017-2021 All Rights Reserved, Social Leverage LLC.

Affiliate Disclosure: Social Leverage Group, LLC ("SLG"), Social Leverage Capital Fund I, LP ("SLC"), Social Leverage Capital Fund II, LP ("SLCII"), Social Leverage Capital Fund III, LP ("SLCIII") and Social Leverage Capital Fund IV, LP ("SLCIV") are all distinct entities from Social Leverage, LLC ("SL"). Social Leverage is not a registered investment advisor. SLC, SLCII, SLCIII, SLCIV, SLG and SL have used the logo and branding of Social Leverage with the permission of Social Leverage Group, LLC.