Ibex Investors Research
Investment Thesis
Ibex Investors is a Denver, Colorado-headquartered alternative investment manager, founded in 2003, with an office in Tel Aviv and over $1 billion in assets under management. The firm runs a multi-strategy platform combining venture capital, secondary investments, and public equities, organized around two core theses: a geographic focus on Israel and a thematic focus on mobility. Founder & CEO Justin Borus has articulated a distinctive view that conflict accelerates innovation, telling the Jerusalem Post that "the biggest technological innovations in the history of mankind... always happen during war or conflict," and that Israel will be "among the best places in the world to invest over the next 10 years." Since launching its first dedicated Israel fund in 2012, Ibex has made roughly 40 early- and growth-stage investments in the country, and was reported as the second most active foreign fund in Israel during 2024 with 14 investment rounds.
Stage Focus
Ibex invests across the full company lifecycle, from seed through pre-IPO and public markets. Its early-stage venture activity concentrates on seed and early growth rounds, with the firm typically leading or co-leading. The multi-strategy platform also runs secondary transactions (a dedicated $40M secondary fund closed August 2026) and public equity positions, giving it exposure to companies well past the venture stage.
Check Size
Specific check-size ranges are not disclosed publicly. Observed seed checks in 2025-2026 (Viewz, LeanCon, Localbird, Offroad) ranged roughly $6M-$7.4M in total round size with Ibex in the lead position, consistent with a lead seed investor writing meaningful checks relative to round size rather than a passive participant.
Lead Tendency
Ibex consistently leads the rounds it discloses publicly. Its 2025-2026 seed investments in Offroad, Viewz, LeanCon, and Localbird were all led by Ibex, and its earlier $32M Series C into Blue dot was also a lead position (with Lutetia Technology Partners).
Recent Activity
Ibex has been highly active through 2025-2026:
- August 2026: Led the seed round for Offroad, an agentic identity-security platform.
- August 2026: Closed its first secondary fund, raising $40M to expand investments in Israel.
- March 2026: Led Viewz's $7M seed round (finance operations platform).
- December 2025: LeanCon closed a $6M seed round led by Ibex (AI-driven construction pre-planning).
- October 2025: Led Localbird's $7.4M seed round (digital concierge for short-term rentals).
- February 2024: Closed a $106M fourth Israel-focused fund.
Fund status: actively deploying, with multiple new seed leads in the trailing twelve months.
Portfolio Highlights
Ibex's Israel-focused venture book spans cybersecurity, fintech, climate tech, and AI infrastructure. Notable current and past portfolio companies include Weka (data platform infrastructure, reached unicorn status in 2024), Zimperium (mobile security, a successful Ibex exit), Cynet (cybersecurity), Appwrite (open-source developer platform), Cylus (railway cybersecurity), Blue dot (AI-driven tax compliance, formerly VATBox, clients include Amazon and Dell), Chemix (AI-designed battery technology), CarbonBlue (carbon capture), Visionary.ai (AI image signal processing), and DOGTV (pet media/entertainment). The firm's jobs board lists 43 active portfolio companies spanning AI, fintech, cybersecurity, mobility, and climate tech. Recent 2025-2026 additions include Offroad, Viewz, LeanCon, and Localbird.
Team
Ibex organizes its team across investing, investor relations, and operations functions:
- Justin Borus — Founder & CEO
- Cooper Stainbrook, CFA — Partner, Head of Public Investments
- Jeff Peters — Partner
- Adam Eisenberg — Partner
- Adi Dangot Zukovsky — Partner
- Aaron Rinberg — Partner
- Mike Donnelly — Partner
- Osnat Velingard — Vice President
- Brian Litvak — Principal
- Tom Springer — Associate
- Ben Savir — Investor, Israel
- Lian Swirsky — Investor, Israel
- Brice Yin — Senior Associate
- Lindsay Mason — Vice President, Investor Relations
- Adam Averbach — Chief Compliance Officer & General Counsel
- Laura Huff — Chief Operating Officer
- Stuart Schnabolk — Chief Financial Officer
The firm's public site does not publish individual bios, LinkedIn URLs, or emails for team members.
Decision Process
Given the partner-heavy structure (six named investment partners plus VP/Principal/Associate-level investors on both the US and Israel sides), decisions appear to run through a partnership process rather than a solo GP. The firm's dual-office structure (Denver + Tel Aviv) suggests deal sourcing and diligence happen locally in Israel with partnership-level sign-off.
Founder Preferences
Ibex's public commentary and portfolio pattern suggest a preference for Israeli technical founding teams building in AI-enabled security, infrastructure, fintech, and mobility, often at the earliest institutional round. The firm frequently backs founders building agentic/AI-native products (Offroad's "agentic identity security," LeanCon's AI-driven construction planning).
Geographic Focus
Primarily Israel (with an on-the-ground Tel Aviv office), alongside a broader mobility thematic mandate that is not geographically restricted. The firm is headquartered in Denver, Colorado.