The Elephant

What The Elephant does

The Elephant is an Israeli-headquartered digital secondary marketplace that facilitates liquidity for shares in late-stage private technology companies. Founded in 2015 in Tel Aviv and operating across Israel, the United States, Europe, Australia, Brazil, Singapore, and Hong Kong, the platform connects private shareholders — employees, founders, and early investors — with accredited and institutional investors seeking exposure to pre-IPO tech names. Since inception, the company reports having worked with more than 100 private companies, with a public-facing marketplace listing 40+ active names including Figure AI, Anthropic, Anduril, Ramp, Verkada, Shield AI, Island, Ultima Genomics, and Flexport. The platform is explicitly not registered as an Exchange or ATS with the US SEC; US securities transactions are facilitated through Emerson Equity LLC, a FINRA/SIPC-registered broker-dealer.

Core products include a Secondary Market Platform for direct share transactions, SPV Investment Programs (single and basket) for pooled capital exposure, Primary and Tender Round participation, structured Liquidity Programs for Israeli companies, and an Index-Based Fund launched in 2025 in partnership with Harel Finance — Israel's first index-based fund investing in the 20 largest private tech companies worldwide, benchmarked to the Morningstar PitchBook Unicorn Top 20 index. The Elephant serves as both initiator and professional fund manager for the fund. Underlying technology is a digital marketplace platform that supports discreet matching, transaction facilitation, and data/research services providing real-time private company pricing.

Revenue is generated via transaction fees charged to both sellers and buyers of securities on a pay-as-you-go basis, with no publicly disclosed pricing tiers. The GTM motion is marketplace-driven and horizontal, targeting late-stage high-tech companies that have raised at least $100M across two or more rounds. Distribution is digital self-serve via thelephant.io, supplemented by content marketing, a research blog, and thought leadership in Israeli tech media (Forbes Israel, Calcalist, Jerusalem Post). The company is founder-controlled, privately held, and operates with a lean 1-10 employee base. Leadership includes Founder and Chairman Sigalit Cohen, CEO Chaim Schiff (since 2016), CIO Oded Harniv (appointed November 2025), Managing Partner Itay Ben Ari, and Head of Research Tzach Kasuto.

Name

The Elephant

Legal name

The Elephant

Website

https://thelephant.io

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

The Elephant is an Israeli-headquartered digital secondary marketplace enabling accredited and institutional investors worldwide to buy shares in late-stage private technology companies from employees, founders, and early investors, complemented by an index-based fund of the 20 largest private tech firms.

Ownership category

akta.pro rank

Product category

Private Securities Secondary Market Platform

NAICS

Miscellaneous Intermediation (52391), Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Financial Vehicles (52599)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

akta.pro secondary industries

Investment & Wealth Introducers (RIA/Private Wealth Referrals) (FSAEAMAC), Managed Account / SMA Multi-Manager Platforms (FSANAGAL)

Keywords

• Secondary share trading
• Pre-IPO liquidity platform
• Private securities marketplace
• Secondary market transactions
• Shareholder liquidity programs

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Transaction Fees: The Elephant charges fees from sellers and buyers of securities. The platform facilitates direct secondary transactions between private shareholders and investors, with fees collected from both sides of transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

The Elephant operates a global digital secondary marketplace that connects private shareholders (employees, founders, and early investors) of late-stage technology companies with accredited and institutional investors seeking exposure to private tech leaders. The core offering centers on facilitating direct secondary share transactions, SPV-based pooled investment programs, access to primary and tender rounds, and structured liquidity programs designed for private companies. The platform also operates Israel's first index-based fund investing in the 20 largest private tech companies worldwide, in partnership with Harel Finance and benchmarked to the Morningstar PitchBook Unicorn Top 20 index.

Product overview

The Elephant operates a unified digital marketplace for private market liquidity and secondary share transactions in late-stage high-tech companies. The core platform enables direct secondary transactions between shareholders and investors, complemented by SPV investment programs for pooled capital exposure, access to primary and tender rounds, and structured liquidity programs for Israeli companies. The company also offers an Index-Based Fund in partnership with Harel Finance—the first of its kind in Israel—investing in the 20 largest private tech companies based on a Morningstar index. Data and research services provide market insights and real-time pricing across the platform.

Differentiator

Problem solved

Functional benefit

Brands

• Index-Based Fund: Israel's first index-based fund in partnership with Harel Finance, investing in the 20 largest private tech companies worldwide based on Morningstar/Pitchbook index.

Products and services

• Secondary Market Platform The Elephant's primary digital marketplace enabling private shareholders to buy and sell shares of late-stage private technology companies, facilitating secondary transactions with maximum control and discreet processing.
• Direct Secondary Transactions Identification and matching of sellers (mainly former employees and executives) with investors for direct share transactions in private companies.
• SPV Investment Programs (Single and Basket) Investment programs pooling capital from accredited investors to meet minimum thresholds, providing exposure to primary and secondary private market opportunities.
• Primary and Tender Rounds Participation Provides investors with access to primary and tender rounds led by major private technology companies.
• Liquidity Programs for Israeli Companies Structured liquidity programs designed in collaboration with company management, enabling organized employee and early investor share sales with end-to-end technology solutions.
• Index-Based Fund Israel's first index-based fund investing in the 20 largest private tech companies worldwide based on the Morningstar PitchBook Unicorn Top 20 index, offered in partnership with Harel Finance, giving investors diversified exposure with lower barriers to entry.
• Data and Research Market insights and analysis on private market trends, including target company data, real-time private company pricing, and access to secondary transaction data.

Quantifiable outcome

• Over 100 private companies served since 2015
• +1 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Harel FinancecoreStrategic or Co-development PartnerPartnership with Harel Finance to establish Israel's first index-based fund investing in the 20 largest private tech companies worldwide. Elephant serves as both initiator and professional fund manager of the fund, which offers investors diversified exposure to private markets with lower barriers to entry.
• MorningstarcoreTechnology or IntegrationLicensed the Morningstar PitchBook Unicorn Top 20 index for the index-based fund product. The innovative index tracks the 20 largest private tech companies globally, providing the benchmark-driven strategy for the fund.
• Emerson Equity LLCcoreImplementation/ SI/ Consulting PartnerSecurities transactions are facilitated through Emerson Equity LLC, a registered broker-dealer member of FINRA and SIPC. Available only in states where Emerson Equity LLC is registered. Individuals associated with the platform may be registered representatives of Emerson Equity LLC.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Secfi: Secfi offers secondary transactions, tender offers, and equity planning for startup employees, with partial overlap in The Elephant's shareholder liquidity use cases.

Direct peers

• Hiive: Hiive runs a private stock marketplace for accredited investors and late-stage company employees, offering secondary liquidity for tech shares — a direct competitor with overlapping issuer and investor profiles.
• Microventures: Microventures provides secondary market access and SPV-based pre-IPO investment opportunities, overlapping with The Elephant's SPV and secondary product suite.
• Forge Global: Forge Global operates the largest global marketplace for private company shares, directly competing with The Elephant across both direct secondary transactions and structured liquidity programs for late-stage tech issuers.
• Rainmaker Securities: Rainmaker Securities is a broker-dealer specializing in secondary private stock transactions for accredited investors and institutions, competing for the same buyer-seller flow as The Elephant.
• SharesPost: SharesPost operates an online private securities marketplace connecting buyers and sellers of pre-IPO shares, with comparable offerings to The Elephant including SPVs and research.
• EquityZen: EquityZen is a leading private investment platform that provides secondary market access and pre-IPO investment opportunities for accredited investors, closely mirroring The Elephant's buyer/seller matching model.

Broad incumbents

• Carta Secondary: Carta's secondary market functionality leverages its dominant cap table management platform, providing liquidity solutions for private companies alongside broader equity administration services.
• Marex (BCMS / secondary desk): Marex and similar diversified broker-dealers have built out private secondary trading desks serving institutional clients, representing incumbent competition for transaction flow.
• Nasdaq Private Market: Nasdaq Private Market, operated by Nasdaq, provides secondary trading and tender programs for private company shares, offering a regulated incumbent alternative with institutional scale and ATS infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/thelephant_
• YouTubeyoutube.com/@thelephant_io
• Facebookfacebook.com/thelephant.io
• LinkedInlinkedin.com/company/thelephant/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Elephant