Goodbye cybersecurity, hello CalmTech: How Israeli tech is transforming mental wellness

Despite all the advancements in tech and productivity tools created to make our lives easier, most of us still find ourselves not having enough leisure time and peace of mind. The reality is that these time-saving tools provide us with “free time” we then feel obliged to fill with additional work and extra stressors. Add to that a global pandemic and political unrest, and you’ve got the greater portion of a population on edge and searching for an escape.

The good news? This need for “escape,” perhaps once seen as a narcissistic endeavor, is increasingly becoming understood as a responsible form of contemporary self-care necessary for overall healthy living. In today’s world, as the discussion of mental health moves from taboo to mainstream (think: Prince Harry’s recent Oprah interview), consumers are starting to look for ways to relieve stress and improve wellbeing in their daily life, prioritizing ‘mental fitness’ as much as they do running on the treadmill.

Miri Polachek CEO of Joy Ventures Photo: Eastside Studio

If in the past, consumers may have been hesitant to seek mental health help due to stigma, the current cultural zeitgeist coupled with the accessibility of tech makes these barriers almost obsolete. Recent surveys show that mental wellbeing is the top priority amongst consumers in the U.S. and that since Covid-19, 51% of consumers have increased their focus on mental wellbeing and stress-relieving activities. When speaking to a psychologist is only a tap away on an app, and the likes of celebrities and social media emphasize its importance, mental wellbeing becomes an attainable “need” rather than a superfluous “want.”

This creates a fertile ground for direct-to-consumer startups building solutions in the mental wellbeing space. Headspace and Calm, for example, are mindfulness apps that were founded in 2010 and 2012 respectively, and paved the way for the wellness tech landscape we know today. Most recently, Calm reached unicorn status, a watershed moment proving the ongoing market demand for wellness tech.

A record year of investments and market opportunities

Mental wellbeing may have been perceived as a more niche segment in the past – but today we’re seeing increasing interest from institutional investors, with 2020 being a record year for startup investments according to Pitchbook data. At the current rate, mental wellbeing tech funding is forecasted to reach nearly $3B by year-end (CB Insights). In parallel, this past pandemic year has also given rise to the era of ‘employee wellbeing,’ as employers are increasingly focusing on providing comprehensive wellness benefits to improve employee satisfaction and retention, catering to employees who are concerned with work-life balance and might choose a job based on how an employer supports the wellbeing of their staff. As a result, we’re seeing many wellness companies jump on the B2B2C model as a key opportunity to scale and supercharge their growth.

Calm-Up Nation

Startups around the world and particularly in Israel are addressing the ever-growing demand for wellness and have developed tech tools that offer solutions to alleviate pressure from life’s stressors. Current global market leaders with Israeli roots include Happify, BetterHelp, and Talkspace, all of whom offer remote mental health services and treatments.

As our name suggests, at Joy Ventures, we’re committed to advancing the science and tech of everyday joy and wellbeing, and we invest in founders that share this abiding passion. Here are some of the consumer companies that are making the world a better, more emotionally supported place and unlocking new pathways to wellbeing:

Reflect Innovation is a startup that has created an entirely new consumer experience by delivering the therapeutic power of biofeedback through their first product, the Reflect Orb, which is a soft textile wrapped device. The Orb measures and analyzes users’ stress through their fingers by tracking changes in physiological signals – and displays users’ emotional state in real-time through changing LED light. The result is a calming experience that also provides measurable insight into your wellbeing.