Cameron and Tyler Winklevoss have put their hands into another social network, but this one doesn’t involve likes, pokes, or any photos of obscure friends’ babies. The Winklevii, best known for the part they played in the creation of Facebook and the years-long lawsuit that followed, have just invested $1 million into a four-year-old startup, SumZero.
SumZero bills itself as “the world’s largest community of hedge fund, mutual fund, and private equity professionals.” It’s a social network for investors, where they can share trading ideas and research. One of its big selling points is its exclusivity. According to the Wall Street Journal, the site currently boasts only 7,500 members.
According to the site’s cofounder, Divya Narendra, the application process is so selective that about 75% of them are ultimately rejected. And according to him, it’s still a personal thing. Apparently, Narendra reviews each application personally.
If the name Divya Narendra rings a bell, that’s because this isn’t the first time he’s been associated with the Winklevii. Narendra was part of the lawsuit against Mark Zuckerberg and Facebook, where the Winklevii claimed that the Facebook founder stole the idea for the site from them.
After years of appeals, the Winklevoss twins finally settled for $65 million ($20 million in cash, $45 million in stock).
The $1 million that the Winklevii are injecting into SumZero comes out of Winklevoss Capital, their personal venture capital firm that the two recently started.
Excited 2 have closed series A in @sumzero and working w/ their team 2 build an amazing company http://t.co/IB5ovVGc
Last month, we told you that the WInklevii had just purchased an $18 million, 8,000 sq ft mansion in Los Angeles. Apparently, that purchase signified an expansion of Winklevoss Capital to the west coast. As a result of this round of investment, SumZero will also move into the Winklevoss’ office space in NYC.
“My favorite toy as a kid was Legos. I loved building things, and that’s what we’re doing with @SumZero” #itstruehttp://t.co/6dZq464M