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. The firm manages two vehicles: ION Crossover Partners (2019) and ION Crossover Partners II (2021).
Check Size
Public deal data shows a wide range: ICP has written checks from roughly $10M (as part of larger syndicates, e.g., the At-Bay Series D extension) up to leading an $80M Series B (Guardio, November 2025). 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 or alongside other new investors (e.g., Guardio's September 2026 $40M follow-on, which included Wiz co-founder Assaf Rappaport as a new personal investor). 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. 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 (raising $493M, valued at $3.5B), and At-Bay agreed to be acquired by Munich Re for $575M (enterprise value) in August 2026, expected to close Q1 2027.
Portfolio Highlights
ICP's portfolio spans roughly 21 growth-stage Israeli (and Israeli-founded, globally headquartered) technology companies verified directly from the firm's site: SimilarWeb (NYSE: SMWB), Fiverr (NYSE: FVRR, exited), monday.com (NASDAQ: MNDY, exited), Amwell (NYSE: AMWL, exited), Taboola (NASDAQ: TBLA), BlueVine, Resident (acquired by Ashley Home), Aqua Security, Twill (formerly Happify Health, acquired by DarioHealth), Seeking Alpha, Infinidat (acquired by Lenovo), Perimeter81 (acquired by Check Point Software, exited), Lusha, At-Bay (acquired by Munich Re, 2026), Via (NYSE: VIA), Innovid (acquired by Mediaocean), WSC Sports, Eleos Health, Guardio, Cycode, and Cato Networks.
Team
- Tal Fisch - Partner, ION Crossover Partners
- Gili Iohan - Partner, ION Crossover Partners
- Jonathan Kolodny - Partner, ION Crossover Partners
- 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 on the team page), consistent with a partnership decision process rather than a solo-GP or large investment-committee structure.
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.