A venture capital fund dedicated to mental health, brain health and longevity is nearing the close of a $40 million raise, Calcalist has learned. Called Alma, the fund is being built by Esther Barak Landes, daughter of former Supreme Court President Aharon Barak, together with investment strategist Adi Ostry Matalon. If completed as planned, it will be the first for-profit venture fund in Israel built specifically around these fields, rather than a philanthropic or donor-driven initiative.
A Sector Shaped by Crisis and Neglect
Alma's formation is closely tied to its founders' work in trauma rehabilitation and mental health response following the October 7 attacks, an experience that exposed gaps in Israel's capacity to treat large-scale psychological harm. But the founders frame the opportunity more broadly, pointing to long-standing underinvestment in conditions that fall outside conventional medical priorities, including anxiety disorders, addiction, youth mental health, and cognitive decline. The argument is that these conditions are common, costly, and historically underfunded relative to their scale, a pattern reflected in research the founders have presented to investors suggesting roughly one in four people will face a mental or cognitive health issue during their lifetime.
That gap has started to close. Since 2024, hundreds of Israeli startups have entered the space, applying digital therapeutics, data-driven diagnostics, and new treatment models to problems that were once addressed almost exclusively through traditional clinical care or left largely untreated.
Capital From Abroad, Clinical Backing at Home
Alma's capital base comes primarily from Jewish investors in the United States, a detail that underscores both the international appetite for mental health innovation and the diaspora's financial engagement with Israeli health technology. Sheba Medical Center, one of Israel's largest hospital systems, will serve as Alma's strategic partner, a relationship expected to give portfolio companies access to clinical infrastructure, patient populations for trials, and medical credibility that early-stage startups often struggle to secure on their own.
The fund's intended scope spans suicide prevention, addiction treatment, youth mental health, digital therapeutics, brain health, dementia and longevity-focused technologies. That breadth reflects a thesis that these conditions, while clinically distinct, share common barriers: stigma, fragmented care systems, and a historic lack of investment capital willing to underwrite long development timelines in behavioral and neurological health.
The People Behind the Fund
Matalon brings more than 18 years of experience across finance, strategy and venture building, including senior roles at Bank Leumi and Mizrahi Tefahot Bank, a partnership at the J-Impact fund, and founding involvement in the Innovation Center for Resilience and Health in Sderot, a region directly affected by the October 7 attacks.
Barak Landes has more than 25 years in venture capital, with a track record that includes exits involving Playtika, Payoneer, Prolor, Orthospace, BioProtect and Storewize. She currently serves as CEO of the IMA fund, founded and leads the Nielsen Innovate fund, and has held external director roles on Migdal's Investment and Credit Committee as well as boards of other publicly traded companies.
Why a Dedicated Fund Matters
Mental and cognitive health ventures have historically struggled to attract specialized venture capital, often competing for attention and funding against better-understood categories like diagnostics or drug development. A fund built specifically around this thesis, with a hospital partner and international capital, signals growing confidence that mental health, brain health and longevity can mature into a distinct, investable category rather than a peripheral concern within broader health technology portfolios.