Social Networking - Tuesday, September 9, 2008
UpDown Update: Swiss Angel Puts In $1M More
Last year we covered angel funding for the stock investing site UpDown. At the time the site was in closed beta. Based in Boston, UpDown was founded by Harvard Business School MBA students.
Its strategy involves starting a hedge fund using community-based investment strategies derived from its web site member community. Founders include Michael Reich who was an associate at Boston Consulting Group and Managing Director at Spirit Link.
UpDown now says it raised $1M funding round from its angel investor Joachim Schoss, who also invested in prior rounds. He invested $750K in UpDown in January 2008. How do you get a Swiss angel to back your risky Web venture? One of the founders is also Swiss.
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