Published by Geektime
Microsoft Ventures in Israel graduated the sixth class from its accelerator Monday night. Here are Geektime’s picks for the four most interesting pitches
The sixth class of startups consisted of 11 companies chosen from a pool of 330 applicants. The companies chosen operate in the fields of e-commerce, marketing, fintech, cybersecurity, agritech, human resources, tourism and more. This class is considered to be one of the most successful with seven of the 11 companies having managed to raise or received offers of funding.
Eleven startups out of 330 applicants
This is not surprising since the companies chosen for this class were at a more mature stage, with working technology and market share. The program itself focused on business development, strategic considerations involved in opening an office abroad, advanced marketing, positioning and business law.
Almost all the companies that pitched last night presented creative solutions to real widespread problems. Nevertheless, here are the four that captured our imagination.
If you’ve ever transferred money abroad by bank wire transfer, it’s frightening to see how little cash is left after the banks take fees on both sides of the transaction and give you a poor conversion rate. Covercy’s service offers two distinct advantages. The first is transparency. You enter the amount you want to transfer and Covercy tells you exactly how much the other party will receive in local currency. The cost of the service is also lower than banks. We checked what would happen if we transferred 10,000 shekels to an account in Europe. If we use a bank, we would get 2,325 euros. If we used Covercy, it would be 2,355 Euros.
How do they do it? The company is an expert in Forex transactions. The company’s CEO, Doron Cohen, was one of the founders of Leverate, a rising star in forex services. When Geektime asked whether the service might provide an opportunity for money laundering or financing of criminals, Cohen said that this is an issue that is very important to the company and that the first thing they do when they enter a new market is get the approval of the local regulatory body. The company is already operating in Israel.