Wikinvest, a finance startup that’s trying to challenge established sites like Yahoo Finance with more interactive, data-rich features, just announced that it will be launching a new product called SigFig.
So what does it actually do? Well, the site isn’t up yet, and it sounds like the site will only be placeholder until the service launches this summer. But Wikinvest says that SigFig will “provide personalized portfolio advice and investment analysis”.
On one level, that may sound like an incremental improvement to Wikinvest’s existing service, which already allows users to track stocks, especially their own portfolio. I suspect this is bigger, however. Not only is Wikinvest launching this under a new name, it has already recruited a number of new investors and advisors specifically for SigFig, including Owen Van Natta (former chief operating officer of Facebook and former chief executive at Myspace), Steve Schultz (former general manager of Yahoo Finance), Charlie Cheever (Quora co-founder and former lead with Facebook Platform), and several others. (The press release isn’t clear about who actually invested and who is just an advisor.)
WIkinvest previously raised $2.5 million from DCM.
[image from the 20th Century Fox film Wall Street]
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