Greenfield Partners Research
Investment Thesis
Greenfield Partners is a growth equity firm based in New York and Tel Aviv that invests in early growth stage technology and tech-enabled companies globally. Founded in 2016 as a TPG Growth investment platform focused on Israeli technology, the firm spun out to independent management in 2020 and has since built a top-decile track record.
Their core thesis centers on partnering with exceptional technology companies at the critical inflection point between product-market fit and global scale — a stage they call "Early Growth." Greenfield views this transitional period as a high-value gap in the market where the right operational expertise, combined with capital, can compress years of go-to-market development into months. They describe it as helping companies "break through the wall" between product-market fit and global scale.
The firm's differentiated value-add is their proprietary G2M ("Greenfield Growth Momentum") program, a post-investment methodology built around seven pillars of efficient growth: Strategy, Operational Framework, People, Pipeline, Sales Process, Partnerships, and Account Management. This hands-on engagement is led by Operating Partner Nir Goldstein (formerly VP Sales at Monday.com) and a dedicated team of GTM experts with backgrounds as CROs, CMOs, and operators from fast-scaling companies.
Stage Focus
Greenfield targets the Early Growth stage — primarily Series B and Series C investments. They focus on companies that have already achieved initial product-market fit, secured early customers, and are ready to build repeatable go-to-market infrastructure. This positions them between traditional seed funds and later-stage growth equity, filling the gap where companies transition from founder-led to team-led sales.
Sector Focus
The firm has developed deep expertise across six core verticals:
- AI Infrastructure — data platforms, AI-native tooling, MLOps, silicon photonics, and compute infrastructure
- Cybersecurity — identity security, endpoint protection, third-party risk management, hyperautomation for security teams
- Deep Tech — robotics, subsurface imaging, counter-unmanned systems, biotechnology, photonics
- Fintech — capital markets technology, insurance data platforms, equity management
- Vertical AI — AI applied to healthcare, freight logistics, mobile gaming and creative applications
- Internet / Digital Media — consumer technology companies at scale
Israeli technology is a core sourcing advantage — many portfolio companies originate from or have significant R&D in Israel, though Greenfield invests globally across the US, Europe, and Asia-Pacific.
Check Size
Greenfield's typical investment check is consistent with their Series B and C stage focus. They have led rounds including a $50M Series B for Patronus AI (2026), a $42M+ Series B expansion for Torq (2024), and have participated in rounds ranging from $30M to $105M+ across their portfolio. The firm manages over $1 billion in AUM across three funds as of February 2025.
Lead Tendency
Greenfield regularly leads early growth rounds and positions themselves as the lead or co-lead investor with deep operational involvement. Confirmed lead investments include VAST Data (Series B), DustPhotonics (Series B), Torq, Patronus AI (Series B), and Sett (Series B). Deep board-level engagement through the G2M program is a hallmark of their lead positions.
Recent Activity and Fund Status
In February 2025, Greenfield closed Fund III at $400 million — bringing total AUM above $1 billion and formally opening a New York City office. The fund is actively deploying into early growth stage technology companies globally. The capital was raised from institutional investors across the US, Europe, Israel, and Asia-Pacific.
Recent investments include:
- Patronus AI — led $50M Series B for AI agent training environment platform (July 2026)
- Sett — led Series B for AI creative performance platform for mobile gaming (April 2026)
- RobCo — invested in software-centric robotics company (February 2026)
- Dinamo Biotechnologies — invested in precision therapeutics for immunology (2026)
- Patronus AI — led Series B for AI simulation company (2026)
- Commcrete — invested in deep tech communications company (October 2025)
- GoodShip — invested in AI freight orchestration and procurement platform (August 2025)
- Exodigo — follow-on investment in subsurface imaging (July 2025)
- Regulus — invested in counter-unmanned systems / drone defense (2025)
- AAI — invested in Prof. Amnon Shashua's superintelligence startup (2025)
- Oligo Security — invested in AppSec platform (February 2025)
- Eleos Health — invested in AI healthcare / behavioral health AI platform (January 2025)
Portfolio Highlights
Greenfield has 27 portfolio companies across active and exited positions.
Flagship Active Companies:
- VAST Data — data platform company for AI era, recently valued at $30B+; Greenfield led the Series B in 2019 when the company emerged from stealth and has followed on multiple times
- Coralogix — observability and security platform; invested 2021
- Silverfort — identity security platform; invested 2022
- Torq — AI-native hyperautomation for security teams; invested 2023
- BigPanda — event correlation and automation (AIOps); invested 2017, unicorn at $1.2B valuation
- Capitolis — capital markets technology; invested 2022, unicorn
- Cynet — all-in-one cybersecurity platform; invested 2021
- Exodigo — non-intrusive subsurface imaging using AI; invested 2023
- Panorays — third-party cybersecurity risk management; invested 2021
Notable Exits:
- Guardicore — acquired by Akamai for approximately $600M (August 2021)
- Avanan — acquired by Check Point Software for $300M (July 2021; Check Point's largest acquisition in over a decade)
- DustPhotonics — acquired by Credo Technology for $1.2B (May 2026)
- Planck — acquired by Applied Systems for undisclosed amount
Team
Greenfield is led by an experienced investment and operating team with deep roots in Israeli technology and global growth equity:
- Shay Grinfeld — Managing Partner; co-leads the independent fund, focuses on investment strategy and portfolio development; LinkedIn: linkedin.com/in/shaygrinfeld
- Raz Mangel — General Partner; leads investments across deep tech, cybersecurity, and fintech; LinkedIn: linkedin.com/in/raz-mangel
- Itay Inbar — Partner (appointed October 2025); focuses on AI infrastructure and deep technology investing; LinkedIn: linkedin.com/in/itay-inbar-150639b1
- Avery Schwartz — Partner; cybersecurity specialist with deep expertise in Israel's enterprise security ecosystem; LinkedIn: linkedin.com/in/avery-e-schwartz
- Yuda Doron — Partner; one of the original partners from the TPG Growth era; LinkedIn: linkedin.com/in/yuda-doron-05491656
- Nir Goldstein — Operating Partner, Head of G2M Platform; former VP Sales at Monday.com; leads the firm's post-investment go-to-market acceleration program; LinkedIn: linkedin.com/in/goldsteinnir
- Meir Cohen — Principal; active investment team member focused on sourcing and due diligence
- Ortal Sasson-Hendin — Senior Associate; focuses on market intelligence and investment analysis
- Josh Trup — Associate; investment team member active in deal origination and portfolio support
- Olivia Levine — Associate; investment team member specializing in AI and software sectors
The platform team includes Lior Sulkin Levy (Head of Data), Ariella Taub (G2M Platform), Arielle Lubick (Data and AI Specialist), and David Ohana (VC Operations).
Decision Process and Founder Preferences
Greenfield operates as a partnership with a collegial investment process. Multiple partners are typically involved in deal evaluation, with the managing partner playing a coordinating role. Key selection criteria include:
- Founder profile: "Hungry, humble, smart" — motivated, self-aware, and capable founders who are open to deep operational partnership
- Stage fit: Company must have achieved product-market fit but not yet built fully repeatable go-to-market infrastructure
- Market: Large, defensible markets in technology sectors where Israel has deep engineering talent
- G2M readiness: Leadership team open to intensive operational engagement through the G2M program
Greenfield's brand is built on being deeply involved post-investment. They bring hands-on go-to-market expertise alongside capital.
Geographic Focus
Global, with particular emphasis on:
- Israeli technology companies and Israeli-founded startups (historical and continued core focus)
- United States market (New York office opened February 2025)
- European portfolio company expansion
- Asia-Pacific as a secondary investment geography
Competitive Positioning
Greenfield occupies a differentiated niche as an operationally-intensive growth equity firm with Israeli roots and global reach. Their G2M playbook for go-to-market excellence distinguishes them from pure capital providers. They position between seed and late-stage growth equity, filling the gap where companies scale from approximately $10M to $100M ARR. The fund has generated top-decile returns and counts VAST Data, Guardicore, Avanan, and DustPhotonics among its highest-profile outcomes.