SocialPicks is one of many community sites for stock market investors. (Other such sites include Cake Financial, Wikinvest, Zecco, and StockPickr.) Like some of its rivals, SocialPicks has been persevering with its vision for years, but now its efforts are starting to pay off.
The company has just raised $500,000 from Bay Partners, according to a regulatory filing.
With SocialPicks, you select companies you think will perform well, then track your stocks’ performance against other SocialPicks users — like choosing a fantasy sports team. SocialPicks gives you a score based on the accuracy of your “picks” as well as your average return.
But it’s not all about entertainment. You can get investment ideas by watching which SocialPicks investors and companies are performing the best. SocialPicks also searches the web for opinions from top investors and analysts so you can use this information while picking stocks.
To be fair, these social investing sites do take somewhat distinct approaches to creating communities of investors, even if they’re all basically doing the same thing. Mountain View, Calif.-based SocialPicks focuses on ranking and comparing its users with each other, whereas competitors like Wikinvest (our coverage) focus on getting users to collaboratively pool information about companies.
One of the closer competitors to SocialPicks is Cake Financial (our coverage). That company also focuses on comparing individuals, but syncs with brokerages so you can automatically see how your past performance compares against other investors.
4 Comments
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Stock Market For Beginners said:
There are quite a few of these types of social sites around now. I really don’t see the benefit unless you are a lonely investor. Maybe people need friends to invest with.
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ATTCellPhones said:
These kind of sites are great. You can get some good tips if you hang around the forums and chat rooms if they have one. I have made some money.
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Hedge Fund Blog said:
Yeah I love those sites, if nothing else they get you thinking by reading about other people’s positions and opinions.
- Richard
Hedge Fund Consulting Blog
http://richard-wilson.blogspot.com -
campton-stock market investing said:
social picks is a good community to develop our stock marketing.These kind of sites will help us to improve our marketing in a very short period.
5 Trackbacks
3:51 pm
Social Stock Gaining Acceptance: SocialPicks Gets Funding. said:
[...] the social network for investors, has raised $500,000 from Bay Partners, Venturebeat reports. The site that launched early last year has become one of many in a growing market for [...]
2:54 am
Kwiqq Blog » Social Network for investor raises $0.5M said:
[...] just raised $500K from Bay Partners as reported by Venture beat. SocialPicks allows you to pick stock and then compete with other SocialPick users. So its like [...]
8:48 am
Social Stock Gaining Acceptance: SocialPicks Gets Funding. — Parking Domains said:
[...] the social network for investors, has raised $500,000 from Bay Partners, Venturebeat reports. The site that launched early last year has become one of many in a growing market for [...]
3:12 pm
VentureBeat » UpDown investment community pays members to trade said:
[...] investment communities than the likes of Marketocracy, Covestor, and others (see coverage of others here, here, and here). Users invest a simulated portfolio starting with $1 million and are paid based on [...]
5:06 pm
Moonbats are such Boo Hockey « Looking for hekahotblogger! said:
[...] Like SocialPicks, an social networking site that lets a person pick stocks and then compare them to other people’s picks on the same site. The site generates a score and ranks users on smart choices. It is sites like this that people can learn from and form their own opinions other than what is told to them. [...]