Deals

Winklevoss twins sink $1M into social network for pro investors

Tyler and Cameron Winklevoss, the twins best known for their legal battle with Mark Zuckerberg over Facebook, are jumping back into the investment game with new funding for SumZero, reports the Wall Street Journal.

SumZero is a social network for professional investors from hedge funds, mutual funds, and private-equity firms. Analysts and Wall Street banks are barred from becoming members of the site. The site was founded by Divya Narendra and Aalap Mahadevia, the Winklevoss’ fellow alumni at Harvard Connect (the site the twins worked on prior to Facebook becoming a household name). SumZero sells access to outside investors for $129 per month after obtaining permission from the creators of each investment idea.

The site currently has about 7,500 members who are personally reviewed by the SumZero team, and 75 percent of people who apply for membership get denied. Tyler told the WSJ that this is similar to Facebook’s early days, when the site only allowed people to sign up if they had a .edu email address.

The Winklevoss twins (Winklevi?) are investing $1 million into SumZero and plan to work closely with the founders.

Photo via Digital Trends