Tech Roundup Do You Pay Your Bank Too Much?

Startups young and young raise big money; Teva CEO gets his pay package.

Ruth Schuster
Ruth Schuster
Ruth Schuster
Ruth Schuster

This was a week marked by a lot of companies raising a little money and two companies raising a lot of money. Plus the shareholders agreed to the CEO pay package proposed by Teva Pharmaceutical Industries, which has meanwhile said no-thanks to co-developing a tumor-depressant drug.

Sucker-Meter maker Feex raises $3 million: At first glance its name doesn’t seem to mean anything. Once you realize that Feex was founded (in 2012 – another baby!) in order to reduce fees on financial services, you get it. On Wednesday the company completed its first funding round, raising $3 million from the Blumberg venture capital fund. One wonders how much it paid for the pleasure. The company will be hiring five more people, bringing its workforce to 20, and means to expand its Feex – that really should be a word – platform to additional areas such as insurance plans, mortgages, bank deposits and the like. So far it’s confined its attentions to Israel but plans to become big in New York with a platform it plans to call 401K.

So what does it do? Users send their financial paperwork in PDF or other form to the Feex website, which scans them, extracts relevant data and puts it into a database. After a few minutes, during which the user’s figures are compared with those of others users, Feex gives a Sucker Meter reading. Tech Roundup is charmed.

Year-old startup gets $100 million pricing

Israeli venture capital fund Pitango has placed a hefty $20 million into downloading technology maker Revizer, which is moving to kicky new offices on the most expensive street in Tel Aviv. This was the first financing round for Revizer, which was founded just a year ago and has 61 employees – and has just been priced about $100 million in this round. Not bad for a year-old baby. Revizer software enables code developers to augment free browser plugins with income by embedding advertising software into the code. It won’t say how much revenues it makes on the 15 models it offers so far. More models are under development.

Then there’s CredoRax, which is worth double that

True, CredoRax scored $40 million in a financing round at a company value of $200 million, twice that of Revizer. Nice, but then CredoRax – a kind of alternative bank – has been around for (count’em) five years. It was founded in 2008. The payment processing company raised the money from the U.S.-based investments fund FTV Capital, which has a taste for finance-sector startups. CredoRax has been licensed as a financial institution by the EU, for its services as a smart acquirer for online and mobile businesses.

Pitango also tosses money at Ubimo

A venture fund doesn’t put all its e-eggs in one basket and Pitango also put some money into Ubimo, which scored $2 million from the fund and others to pursue the development of location-based platforms. Ubimo, located in Tel Aviv, was founded by the guys from LabPixies, which Google bought in 2010 for $25 million.

Shareholders OK pay for CEO at Teva

It hadn’t been a shoo-in but Teva Pharmaceutical Industries investors met in Tel Aviv this week and voted in favor of the pay package for CEO Jeremy Levin. While Teva stock falters, the company agreed to pay Levin $1.2 million cash for 2012; $1.5 million for 2013; and a bonus this year that could reach $3 million, depending on performance targets.

Meanwhile, Teva has reportedly decided to forgo a Research and Exclusive License option to co-develop the preclinical tumor drug called RX-3117 with Rexahn Pharmaceuticals. Teva decided that the drug may have potential in various ways but doesn’t “align with Teva’s new Oncology strategy,” as Rexahn stated and as reported by FierceBiotech. Rexahn for its part will continue to develop the drug, which is supposed to inhibit synthesis of genetic material. As tumors grow by cell proliferation, the drug is supposed to depress tumor development.

Teva's factory in Hungary.Credit: Bloomberg



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