Pico Venture Partners Research
Investment Thesis
Pico Venture Partners (branded PICO) is a Jerusalem-founded, generalist early-stage venture fund whose stated thesis is simple: "We invest in people, ideas, community, and opportunity." The firm was founded in 2015 by Elie Wurtman and backs visionary Israeli entrepreneurs building disruptive technologies aimed at reshaping existing markets and future consumer experiences. Rather than a narrow vertical bet, PICO positions itself as a founder-first, generalist fund that leans on a large network of operating executives and repeat entrepreneurs to support companies well past the initial check.
Sector Focus
PICO is explicitly diversified. Its own site describes focus areas spanning "enterprise, automotive retail, e-commerce, finance, security, healthcare IT, telecommunications, and more." The realized portfolio backs this up: cybersecurity (Zero Networks, Sepio Systems, Salvador Technologies, Resec), fintech/BNPL (ChargeAfter), digital health and biotech AI (K Health, CytoReason, Patient21), HR tech (Gloat), automotive retail AI (Fullpath, formerly AutoLeadStar), computer vision for auto inspection (Ravin), foodtech/cultivated protein (Wanda Fish), and e-commerce/marketplaces (Vroom, Spotinst/Spot.io). There is a clear tilt toward AI-enabled software across these verticals.
Stage Focus
PICO describes itself as an "early-stage" investor and "launch-enabler," typically the first institutional check for founders it works with, though the fund also participates in later rounds of existing portfolio companies (e.g., Zero Networks' $20M Series B, Sepio's $22M Series B, Orion Security's $32M Series A in 2026). The center of gravity is Seed through Series A, with selective follow-on participation into Series B.
Check Size
Exact check sizes are not publicly disclosed on the firm's site or in press coverage. Given an $80M sophomore fund and a portfolio of 50+ companies since 2015, individual checks are likely in the low-to-mid six figures at the earliest stages, scaling with follow-on reserves for winners.
Lead Tendency
Mixed. Coverage of recent rounds (Orion Security's Series A, led by Norwest Venture Partners with IBM and PICO participating; Zero Networks' Series B) shows PICO frequently participating alongside larger or specialist lead investors, while its self-description as a "launch-enabler" and first institutional partner suggests it leads or co-leads at the earliest (pre-seed/seed) stage.
Recent Activity
The highest-signal recent event is the announced acquisition of portfolio company Fullpath (the automotive AI/CDP platform, formerly AutoLeadStar) by Cox Automotive for an estimated $500M+, announced April 23, 2026 — a major exit for the fund. In February 2026, PICO participated in Orion Security's $32M Series A (AI-driven data loss prevention), alongside IBM and lead investor Norwest Venture Partners. Fund status reads as actively deploying.
Portfolio Highlights
Notable names include Fullpath (exited to Cox Automotive, 2026), Vroom (Nasdaq: VRM), Spotinst/Spot.io (acquired by NetApp), IronSource, Gloat (HR tech unicorn-track, backed by Arianna Huffington as board member), K Health (AI health chatbot that has supported treatment for 3M+ patients), CytoReason (AI drug discovery, partnered with Sanofi and Pfizer), Zero Networks, Sepio Systems, ChargeAfter, Ravin (AI vehicle inspection, partnered with Hertz and Haifa Port), Patient21, Wanda Fish, and Salvador Technologies.
Team
- Elie Wurtman — Co-Founder & Managing Partner; serial Israeli tech entrepreneur and investor who founded PICO in 2015.
- Tal Yatsiv — General Partner.
- Keren Kenan — Partner, Finance & Operations.
- Tamir Carmi — Venture Partner.
- Hila Krainer — Principal.
- Rotem Malichi — Director of Finance and Operations.
- Zohar Frank — Legal Advisor.
The team page did not expose LinkedIn URLs or email addresses for individuals; only a general contact address ([email protected]) was visible.
Decision Process
PICO operates as a multi-partner team (Managing Partner, General Partner, Partner, Venture Partner, Principal) rather than a solo-GP shop, implying a partnership-style decision process.
Founder Preferences
The firm's "Values" page emphasizes vision, founder support, social responsibility, collaboration, and integrity, drawing explicitly on the founders' Jerusalem roots. PICO says it seeks entrepreneurs who value mentorship and strategic guidance beyond capital, and who can execute on product and go-to-market once backed.
Geographic Focus
Primarily Israel ("Startup Nation"), with offices in Jerusalem and Tel Aviv, plus a New York office described as a gateway to the US market. The firm also references a broader network reaching Europe and Asia, though the disclosed portfolio is overwhelmingly Israeli-founded.