It's not often that you hear of a financial tech company leaving New York to set up shop in Boston, but that's what Covestor has done. The company announced this morning that it has raised $12.75 million, according to the BBJ. The new round was led by Union Square Ventures and Spark Capital.
We profiled Covestor last year, and basically the idea is that users of the platform can "follow" models created by professional money managers, thereby mirroring their trading strategies. Users pay a subscription fee, along with a fee based on trading activity, which is the split between the company and originator of the model used.
When I spoke to Covestor last year, a Boston office was in the works, and the team was split between here and New York. The company opened the Boston office in November, reports the BBJ, and that location serves as its headquarters.
Amadeus Capital Partners and Bay Partners participated in the round, bringing the company's total raised to $28 million.
