ION Crossover Partners Research
Investment Thesis
ION Crossover Partners (ICP) is the growth-equity arm of ION Asset Management, an Israel-based, multi-strategy investment manager founded in 2006 with roughly $2 billion in firm-wide AUM across five separately-managed strategies (ION Long/Short Fund, ION Tech Fund, ION Crossover Partners, ION Macro Fund, and ION Private Equity). ICP was created to capitalize on the opportunity to invest in private, later-stage Israeli technology companies at global scale. The fund collaborates with founders who have growth aspirations and businesses positioned to capitalize on an untapped growth opportunity, aiming to help management teams scale the business and prepare for an eventual IPO or outright sale. ICP describes itself as a patient, long-term-horizon investor willing to wait for the right market opportunity rather than force an exit timeline.
Stage Focus
ICP invests at the growth/late stage, typically alongside or after a company's Series C+ rounds, and continues to back portfolio companies into pre-IPO rounds and IPOs. It is not a seed or early-stage investor.
Check Size
Public deal data shows a wide range: ICP has written checks from roughly $10M (as part of larger syndicates, e.g., the $20M At-Bay Series D extension) up to leading an $80M Series B (Guardio). Typical growth-stage participation appears to fall in the $10M-$80M range per round.
Lead Tendency
Mixed. ICP led Guardio's $80M Series B in November 2025, but has also joined as a non-lead participant in rounds led by others (e.g., At-Bay's 2021 Series D extension). Treat as "both."
Recent Activity
ICP remains active: it led Guardio's $80M Series B in November 2025 and returned as a participant in Guardio's $40M follow-on financing in September 2026 (which brought Guardio to a $1.1B valuation and included new investor Assaf Rappaport, co-founder of Wiz). On the realization side, 2025-2026 produced a strong run of liquidity events across the portfolio: Via Transportation IPO'd on the NYSE in September 2025 ($493M raised, $3.65B valuation), and At-Bay agreed to be acquired by Munich Re for $575M in August 2026.
Portfolio Highlights
ICP's two vehicles (ION Crossover Partners, 2019, and ION Crossover Partners II, 2021) manage a portfolio of roughly 20 growth-stage Israeli (and Israeli-founded, US-headquartered) technology companies. Notable names include SimilarWeb (NYSE: SMWB), Fiverr (NYSE: FVRR, exited), monday.com (NASDAQ: MNDY, exited), Amwell (NYSE: AMWL, exited), Taboola (NASDAQ: TBLA), Via (NYSE: VIA, IPO'd Sept. 2025), BlueVine, Aqua Security, Seeking Alpha, Lusha, Guardio, Cycode, Cato Networks, WSC Sports, and Eleos Health. Realized exits include At-Bay (acquired by Munich Re, $575M, 2026), Perimeter 81 (acquired by Check Point, $490M, 2023), Innovid (acquired by Mediaocean, ~$500M, closed 2025), and Infinidat (acquired by Lenovo).
Team
- Tal Fisch - Partner, ICP
- Gili Iohan - Partner, ICP
- Jonathan Kolodny - Partner, ICP
- Jonathan Half - Co-Founder and Portfolio Manager (ION Asset Management)
- Stephen Levey - Co-Founder and Portfolio Manager (ION Asset Management)
- Jonathan Kolber - Chairman (ION Asset Management)
ICP sits inside a firm of roughly 21 investment professionals with sector expertise, spanning research, operations, investor relations, and compliance functions shared across ION's five strategies.
Decision Process
ICP is run as a named partnership (three ICP-labeled partners), consistent with a partnership decision process rather than a solo-GP or large investment-committee structure, though ION's other strategies (e.g., ION Private Equity) do reference investment committees.
Founder Preferences
ICP looks for founders with clear growth aspirations running businesses with an identifiable, untapped growth opportunity, and management teams willing to work toward an eventual IPO or sale with a long-term-oriented investor at the table.
Geographic Focus
Deeply rooted in the Israeli tech ecosystem - ICP is headquartered in Herzliya, Israel (ION also maintains a New York office, ION Macro Management LLC) and leverages its local network to identify and back Israeli-founded companies scaling globally, including into the US market.