We set down with Doron Cohen - Co founder and CEO at Covercy for a short interview.
How did you come up with the idea for this startup?
We initially built Covercy to purely enable people and businesses to send money overseas (fast, easy, low-cost).
We were surprised to find out that most of our customers were commercial real estate investors – who funded their capital calls with us. Their investment managers then started using us for quarterly capital distributions. Then – they pushed us to give much more. An end to end investment management platform.
Tell us about your venture - what problem are you solving?
Commercial real estate investment operates like public trading did in the 50’s. All manual.
We bring simplicity and trust to CRE investors and investment management. An end to end platform that manages the capital raise, capital distributions and investor communications. Fully integrated into our mobile first Investor Portal.
What makes your solution better than others?
As a payment company – we make all capital movements easy & auto reconciled.
Most of our platform is free of charge, making it easy to start, and allowing investment managers to grow as they need.
What was your biggest stroke of luck since the launch of your startup?
Targeting generic payments, and finding real estate…
Describe the main challenge you are facing today.
As our customer base is growing – we have an endless list of product requirements raised by current and prospective clients. We’re working hard to set the right priorities and deliver fast.
What can we wish you for 2021?
Hit 5X ARR!
One great tip that you have for other entrepreneurs.
If you’re an industry outsider and have an early idea – 9 out of 10 people will tell you that it won’t work. Don’t give up. Instead – keep iterating (ideally with something visual) until you fine tune your idea.