UpDown.com snags angel funding

Lisa van der Pool | September 8, 2008

UpDown.com, a social network for virtual investing, has received $1 million in funding from Switzerland-based angel investor Joachim Schoss, the company said on Monday

Launched by a trio of Harvard entrepreneurs in September 2007, Boston-based UpDown.com, which has more than 70,000 registered members, will use the cash to sustain its current growth rate.

The company has received a total of $2.2 million in funding.

UpDown.com is a virtual investing social network that works by giving members $1 million in virtual money to invest. The site provides a platform for investors to improve their skills through collaboration and competition.

The service, which is free, has been described by media outlets as “fantasy football meets the trading floor” according to UpDown.com.