UpDown.com, the leading social platform for virtual investing, today announced a $1 million investment from Switzerland-based angel investor Joachim Schoss.
Dubbed by mainstream media outlets as "fantasy football meets the trading floor," UpDown.com was launched by three Harvard entrepreneurs in September 2007 and currently has more than 70,000 registered members. Today's investment, combined with previous funding, brings the company's total funding to over $2.2 million.
Previously named Switzerland's "Business Angel of the Year," Mr. Schoss has a history of founding successful companies, including TellSell Consulting and Telcare, which merged with Sykes Enterprises. In 2004 his latest company, Scout24, was acquired by T-Online for $221 million and he is currently the cornerstone investor of 6S Capital, a quantitative hedge fund firm.
"Joachim's investment in UpDown.com reflects a continuing interest from high profile investors who recognize the power of shared virtual investing to enhance real world returns," said Michael Reich, co-Founder and CEO. "His continued interest in UpDown.com is a reflection of our unique market position and the sustaining accelerated growth of the thriving UpDown.com community."
UpDown.com is the only free investment platform that allows members to earn money with zero risk of financial loss. The stock market game lets members learn the ins and outs of Wall Street by giving members $1,000,000 in virtual money to invest. UpDown.com provides a platform for investors to improve their skills through collaboration, competition and aggregated wisdom - including stock tips from other members.