Covestor, an investing community site which targets both average investors and professional fund managers has raised $6.5 million in its first round of venture funding.The fund management platform (which Covestor offers) is what Chief Executive Rikki Tahta believes can allow the average user to make better decisions than the pros because, it is claimed that Covestor has ten times more ‘money managers’ then any single professional firm in the world including Goldman Sachs.

However, the business model is a little strange to say the least as they plan to let fund managers earn revenue by charging minimal fees to the investors who follow them. Which is just like real fund/hedge fund managers do while keeping a portion for themselves.

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