Blank-check Firm ION Begins Search For Israeli Tech Unicorn

“The IPO process has become cumbersome, expensive and complicated for some of these companies when they’re still relatively new,” Shany said in an interview.

“We believe SPAC will become even more attractive because it gives certainty of cash and certain pricing.”

Shany, a native of Israel and founder of tech-focused ION Crossover Partners venture fund, said his SPAC can stand out in competition with U.S. equivalents in a pandemic era. His previous investments include freelancer marketplace Fiverr International Ltd and telemedicine firm American Well Corp, which have both gone public in New York.

“Perceived being here, being local and working with companies for many years in building that trust is a huge factor for us to capitalize on the opportunities on SPACs,” said Shany. He also left open the possibility that his portfolio companies could merge with his SPAC.

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