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October 15, 2013 at 5:29 PM
Microsoft Ventures chooses its first startup to receive seed funds
Microsoft has chosen Tel Aviv-based SkyGiraffe, which helps businesses deploy mobile apps, as the first start-up to receive seed capital from the Microsoft Ventures program.
SkyGiraffe provides a platform that helps businesses deploy applications on mobile devices without needing to write code, according to Microsoft. It is currently in private beta.
Neither Microsoft nor SkyGiraffe disclosed terms of the deal, though a Microsoft spokesman said seed fund investments are generally in the $50,000 to $250,000 range.
Microsoft Ventures, formed in June, is the name and overarching umbrella under which Microsoft has grouped its efforts aimed at fostering tech startups. Some of those efforts predate the naming of the Ventures program.
The key components of Microsoft Ventures include the BizSpark program, which provides tools, technology and mentorship to to about 50,000 startups in communities worldwide; the Accelerator program, in which select startups are chosen for a 3- to 6-month immersive program; and the Seed Fund.
SkyGiraffe participated in all three stages of the Ventures programs.