iAngels Research
Investment Thesis
iAngels is a women-led venture capital firm and investment platform based in Tel Aviv, founded in 2014 by Shelly Hod Moyal and Mor Assia. The firm's mission is to be a gateway for accredited investors worldwide to access Israel's tech ecosystem, which it frames as historically a closed network of well-connected local investors. iAngels combines a proprietary, data-driven research and due-diligence process with a curated deal flow, positioning itself as a bridge between global capital and Israeli innovation. The firm describes its approach as transforming venture investing "from an intuition-driven art to a data-driven science," and its tagline, "Venture Beyond," reflects an ambition to back founders who go beyond conventional paths.
Sector Focus
iAngels invests broadly across the Israeli tech stack rather than a single vertical, with particular concentration in:
- Cybersecurity (Cato Networks, Pentera, Cyera, Guardz, Noma Security, Torq Security, CYE, SCADAfence, Ray Security, Lasso Security)
- Fintech and payments (eToro, BioCatch, GK8, Simplex, Capitolis, Payouts.com, ZooZ)
- Crypto and digital assets (ConsenSys, Chromia, Spacemesh, Bitmain, CoinMama, Anchorage Digital) — served by a dedicated iAngels Digital Assets fund
- Healthcare and life sciences AI (Hello Heart, Immunai, Theator, Antidote Health, Nest Genomics, Quris, Briya Labs)
- Enterprise software and AI tooling (Gong.io, PlainID, Mirato, Guidde, Qodo, AI21 Labs)
- Consumer, gaming and media (Overwolf, Volley, Beach Bum, Oddity Tech, Telegram, Kickstarter)
Stage Focus
iAngels invests primarily at Seed and Series A, functioning as an early institutional check-writer that also opens co-investment access to its individual accredited-investor base. The firm's institutional fund takes priority allocation in a deal, with the remainder syndicated to iAngels' registered investor network (minimum $10K per deal for individual investors).
Check Size
Per the firm's own published process, initial institutional ticket size ranges from $1M to $2M. Individual accredited investors on the platform can co-invest alongside the fund with a $10K minimum per deal.
Lead Tendency
Not clearly documented as a round-leading investor; the firm typically anchors a meaningful allocation and then syndicates the balance to its investor network, which is a distinct dynamic from a traditional lead-investor VC.
Recent Activity
iAngels closed its first institutional fund at $55.5M in 2021 (anchored by the European Investment Fund) and raised a $70M second institutional fund (iAngels Ventures) in February 2024, per CTech. The firm continues to publish market commentary through 2025 and 2026, including a mid-2025 review of the Israeli tech ecosystem's resilience and a June 2026 essay on Tel Aviv's innovation culture, alongside recorded LP/investor webinars (e.g., a November 2025 conversation with Sheryl Sandberg on capital for Israel's recovery).
Portfolio Highlights
With $543M+ AUM, 109 portfolio companies, and 27 profitable exits reported on its site, iAngels' portfolio includes multiple unicorns and notable exits: BioCatch (acquired by Permira for $1.3B), Applitools (acquired by Thoma Bravo for $250M), Skyline AI (acquired by JLL), GK8 (acquired by Galaxy Digital), First Digital (acquired by Fireblocks), SCADAfence (acquired by Honeywell), Indeni (acquired by BlueCat), and Voyage81 (acquired by IL MAKIAGE). Active portfolio highlights include eToro, Oddity Tech (Nasdaq: ODD), Gong.io, Cato Networks, Pentera, Cyera, Immunai, and Lightricks.
Team
- Mor Assia, Founding Partner & Co-CEO: GP of iAngels Ventures, votes on the investment committee, leads deal sourcing and diligence; ex-SAP, IBM, Amdocs, and IDF 8200; MBA from Columbia, Technion CS/Math degree.
- Shelly Hod Moyal, Founding Partner: Ex-Goldman Sachs investment banking associate, Avenue Capital research analyst, UBS financial advisor; Kellogg MBA; sits on numerous portfolio boards.
- David Assia, Chairman: Involved in shaping major investment decisions, including the firm's entry into BioCatch.
- Liat Sameach-Shaulov, CFO; Ayelet Cohen, VP Operations; Iddo Feinberg, Fund Manager, Digital Assets; Omer Levi, Head of Legal; Yoni Perry, Director of Investor Relations; Matan Amit, Director of Marketing; Ben Wattelman, Senior Associate; Maayan Kless Sasson, Director of Product.
Decision Process
Investment decisions run through a formal Investment Committee. A prospective deal first goes through an initial diligence phase (TAM, technology applicability, comparative analysis, and a founder leadership/psychological assessment), then is brought to the Investment Committee to approve continuation to deeper diligence (tech/market deep dives, channel checks, customer and reference calls, comps). Every General Partner must vote in favor before the firm commits capital.
Founder Preferences
iAngels looks for technologically differentiated founders with defensible IP, and explicitly evaluates founders' leadership and resilience via an outside business psychologist. The firm emphasizes long-term partnership rather than one-and-done capital, offering ongoing support with networking, marketing, fundraising, and business development.
Geographic Focus
iAngels is exclusively focused on Israeli technology companies — its self-description is "Israel's Leading Venture Investment Platform" and "Your Gateway to Investing in Israeli Innovation." Its investor base, by contrast, is global.
Fee Structure
As disclosed on the investor-facing site: 0% registration fee, 10% management fee, and 20% performance fee for platform investors.