Secondary Sale

In a secondary sale, existing shareholders — founders, early employees, or early investors — sell their shares to new buyers, rather than the company issuing new shares to raise capital. The money goes to the seller, not the company. Secondaries have grown sharply as Israeli startups stay private longer.

Why it matters. Secondaries are how liquidity now happens before an IPO or acquisition. Reading them tells you who is cashing out and at what implied valuation — often a clearer signal than the headline funding round.

See also: Unicorn · Mobileye · Institutional Capital