UpDown.com is a social network for virtual investing received $750,000 in funding

By admin at January 30, 2008 | 8:07 pm | Print

What Company Is Offering:
UpDown.com is a social network for virtual investing.

UpDown.com provides a platform for investors to improve their skills through collaboration, competition and aggregated wisdom. Described by major media outlets as “fantasy football meets the trading floor,” UpDown.com is the only free investment platform that allows members to earn money with zero risk of financial loss.It gives its members $1,000,000 in virtual money to invest.

How It Works;
UpDown.com pays real money every week to members who submit high quality stock analysis. UpDown.com also pays real money every month to members whose virtual portfolios outperform the S&P 500 over the full month.

Who Is Backing Them:
Founded by two Harvard Business School students and one Harvard College graduate, UpDown.com is a privately held, privately funded company headquartered in Cambridge, Massachusetts.
As UpDown.com’s Chairman, Mr. Reich oversees Sales, Marketing, and the development of the company’s investment strategies.

Mr. Reich is an MBA candidate at the Harvard Business School and holds BA degrees in Business Administration from the University of Reutlingen in Germany and the Ecole Supérieure de Commerce de Reims in France.

Mr. Reich has over six years of experience as an Internet entrepreneur. In 2002, he joined Spirit Link GmbH, a German IT consulting firm where he served as a Managing Director until 2006. He previously worked for The Boston Consulting Group.
Mr. Ludviksson is a board member and oversees Product Management activities at UpDown.com.

Mr. Ludviksson is an MBA candidate at the Harvard Business School and holds a BS degree in software engineering from the University of Iceland.

Mr. Ludviksson has over seven years of experience as an IT entrepreneur. In 1998 he co-founded Dimon Software, an Icelandic enterprise mobility company, which he helped guide to profitability as a major software provider to Nokia. From 2004 to 2006, he was the VP of Sales for Men & Mice, a provider of specialized network management software to many of the world’s largest organizations.

How Much They Got From VCs:

They have received $750,000 in additional funding from Swiss investor Joachim Schoss. With this lastest round of funding, UpDown has raised just under $1.2 million in total.

http://www.updown.com/

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