Ibex Investors rocked by departure of key Israeli partners
Gal Gitter and Nicole Priel are departing Ibex Investors, just days after the fund unveiled a new $40 million secondary fund for Israeli companies, following a $106 million early-stage fundraise earlier this year.
Four days after Ibex Investors announced the raising of a new $40 million secondary fund, it was revealed that the fund’s two senior Israeli partners, Gal Gitter and Nicole Priel, are leaving the fund. It remains unclear whether the two will continue to serve on the boards of directors of the companies in which they have previously invested. Following their exit, Aaron Rinberg, who joined the fund less than a year ago, is now the sole Israeli partner remaining. The timing of Gitter and Priel's departure, so soon after the launch of the new secondary fund and less than 10 months after the announcement of a $106 million early-stage investment fund, raises questions.
Their departure and the fact that only one local partner remains—responsible for managing early-stage, growth, and secondary investments—cast uncertainty over the fund’s future operations in Israel. When asked about the reasons behind the two partners’ departure, Ibex declined to comment. The fund also refused to answer whether it had informed its investors about the circumstances of the departure or the potential implications. However, Ibex stated that it remains committed to its investments in Israel.
Ibex is an American investment fund with a significant focus on Israeli startups. Since launching its first fund in Israel in 2012, the fund has made 40 investments in both early-stage and growth-stage startups. Notable Israeli companies in Ibex’s portfolio include BeamUp, Appwrite, Honeycomb, Visionary.ai, and Weka.
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The fund's founder and Chief Investment Officer, Justin Borus, expressed his commitment to Israel in an interview with Calcalist in February. He explained the decision to increase investments in Israel even amidst challenging circumstances: "Rothschild said that the time to invest is 'when there is blood in the streets.' That is sad, but it's true. A large portion of investors are somewhat paralyzed, creating opportunities for us. In such situations, you need courage and capital, and people rarely have both."
