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Commonstock raises $25m for social investing platform

Commonstock raises $25m for social investing platform

Commonstock, a social platform that is bidding to help retail investors separate the signal from the noise by letting users share their real-time portfolios, and then amplifying the best performers, has raised $25 million in a Serie A round led by Coatue.

The Commonstock app acts a social layer on top of existing brokerages. Users link their brokerage accounts and share their real-time portfolio (by percent, not dollar amounts), performance, and trades.

Users get real-time alerts when friends buy or sell and can carry out discussions about investment theses and industry takedowns.

In the wake of the Reddit-led GameStop craze earlier this year, Commonstock is promising to use actual trading track records to amplify the knowledge of the best investors.

The firm came out of stealth in August 2020 and so far has seen more than a billion dollars in assets connected to its platform. It is hoping to grow this as it takes advantage of the surge in retail trading.

David McDonough, CEO, Commonstock, says: "It’s clear that as more and more people gain access to the promise of capital markets, they need a transparent space to share knowledge and ideate, which is exactly what we’ve built.

"Our goal is to amplify great knowledge and insights, drawing everyone from the most legendary investors to those wanting to bring their investing skills to the next level."

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