New investor tool Nvest lands $10M

This article has been updated to correct an error in an earlier version that linked Nvest Inc. to the website Nvest.me

New start-up Nvest Inc. landed $10 million in exchange for equity and stock, according to a filing with the U.S. Securities and Exchange Commission.

Michael Sha, who’s listed as an executive on the company’s SEC filing, brings considerable experience to this project. He’s a co-founder of SigFig, an investment organizer that points out your costly mistakes, and portfolio manager Wikinvest. Sha’s companies put an emphasis on interactivity, so it’s possible he’d be interested in creating a social platform for investors.

But, social-investing sites aren’t a new idea. Two sites already on the market are Motif and Covest. Motif enables people to interact on message boards and share portfolios and interests, while Covest enables investors to follow and mimic the investments of others. It’s not quite a saturated field, but there’s definitely competition. And there’s already a company called Nvest that allows users to track and recommend stocks, and share insights with others — though it’s still in beta.

The directors listed on the filing are John Buttrick, a partner at Union Square Ventures, Jason Kirkorian, a partner at venture capital firm DCM, and Mark Britto, CEO of mobile payment app Boku.  For now we’re waiting to hear from Nvest, the company has not returned VentureBeat’s request for comment.