Vesti – 2 March
Vesti is an innovative social network and messaging platform for retail investors. Their mobile app lets investors connect with friends to chat, research stocks and cryptocurrencies, and follow trades, portfolios and watchlists. The startup is building a network for millions of zoomers and millennials who are starting to prioritize investing and are looking for reliable reference points and peers.
Vesti’s goal is to help a younger generation of investors build financial confidence through the community. In recent years, apps like Robinhood have disrupted the norm with services like commission-free trading and a user-friendly interface. Vesti’s app takes this platform a step further by making investing social and allowing everyone to learn from their peers.
Social trading has grown exponentially on forums like Reddit’s WallStreetBets and StockTwits; these platforms, however, lack transparency and can be untrustworthy. Many users have been subject to market manipulation, such as “pump and dump” schemes where investors promote a security to artificially inflate the price of a stock. Vesti’s app will help change the culture of social trading by bringing transparency to these discussions.
Vesti is creating a platform that makes investing accessible to everyone. Vesti aims to cultivate trusted communities in which retail investors can chat with experienced investors to build confidence as they grow their portfolios.
Vesti’s app will be available in the App Store in June 2021. Their prototype has noteworthy features including the ability to link any major brokerage, track real-time performance and share advanced market and portfolio statistics. Vesti’s app contains the next generation of tools to connect social traders.
With the level of demand Vesti sees in the market, their biggest challenge will be the capital costs of scaling their cloud storage to handle high traffic, growing the development team and improving their market data offering.
A bootstrapped company until recently, Vesti is in its seed round and is meeting with strategic investors to raise $300,000. Vesti’s first round of financing will support the ongoing costs of running the app, growing the software development team and launching a marketing campaign.
Quinn Mitchell, Founder and CTO: Quinn Mitchell has extensive business experience in product design, growth and software development. Since a young age, Quinn was an avid innovator and entrepreneur founding two companies before graduating college. After studying computer science and English at Stanford University, Quinn worked in business development and sales for the notable securities law firm, Sullivan & Cromwell LLP, and market data provider, Statista.
Will Brokaw, CFA, Founder and COO/CMO: Will Brokaw is an investment specialist with a background in research, financial analysis and product management. After studying economics and business at Colorado College, Will worked for two Registered Investment Advisors (RIAs), Baker Street Advisors and ClearRock Capital (acquired by Mercer Advisors) in San Francisco, CA. During this time, Will earned his Chartered Financial Analyst (CFA) designation and FINRA Series 65 license.