What’s New with OffLA?
We have kept quite busy since being awarded the first prize in the Merage 45+ competition 2014.
The mentoring we have received during the competition helped us focus our message and go-to-market strategy. We have now identified a particular market to target: Electronic Wallet (eWallet) providers. Our first product is going to be an application that integrates into the wallet and monitors its activity.
This new positioning has brought in our first customer: Cellarix – an Israeli eWallet provider. We have signed an MOU and are about to embark on a POC project.
We have used some of the prize money to set up a web site (www.off-la.com) promoting our offering. Then, after few additional presentations in conferences, we are getting in talks with few leaders in our potential market, with mobile technology leaders and integrators all over the world.
We have also succeeded in being accepted into the Citibank Financial Technology Accelerator Program, as one of thirteen companies selected out of scores that applied. The Selection process consisted of four stages, with the last one including 2 rounds of presentations to experts from Citibank US headquarters. Apart of further mentorship, the Citibank program introduces us to related groups and initiatives within the bank, opening the door for cooperation and possibly integration of our solution within Citibank systems. We are now trying to promote the idea of conducting a POC with real transaction data from Citi.
Another activity in Citi in which we take part is Citi Mobile Challenge. We have been elevated to the second stage there.
As for financing, we are actively seeking investors for our first round. Apart of Citi Ventures, we have met with many other potential investors and have advanced to terms negotiations with one group.