JOY Ventures – a new Israeli venture fund – has launched a $50-million vehicle focussed on the emerging field of neuro-wellness.
The fund is an outgrowth of the Israeli-Japanese Corundum Open Innovation Fund.
Visionsense founder Avi Yaron and Beer Sheva-based Incubit Technology Ventures’ Idan Katz are leading the new fund.
According to its website, the firm will “invest in developments offering scientifically validated consumer products, offering stress relief and mood alternation – neuro wellness solutions, throughout the entire product development cycle.”
Adopting a two-track approach, Joy Ventures will focus on startup companies, technological incubators for entrepreneurs and grants for academic research in the emerging field.
This will see it funding research grants of at least $1.2 million per annum, in addition to launching an incubator.
In a statement, Yaron said, “Many years of being involved in the development of brain surgery technologies, made me realise the human need for joyful and relaxed moments and how critical they are for our health. Many neuro researches show that the modern life intensity contributes to prolonged hostile emotions of sadness, anger, anxiety, guilt and more. These emotions, in turn, generate stress and collect a heavy toll from our health.”
In an October 2016 release, data compiled by the Global Wellness Institute (GWI) noted that the global wellness market grew 10.6 per cent in the last two years.
From a $3.36 trillion market in 2013, it grew to $3.72 trillion in 2015. The latest data on the ten markets that comprise the global wellness “cluster” suggests that wellness continues to be aomng the world’s largest, fastest growing, and most resilient markets.
From 2013-2015, the global wellness sector registered double-digit growth, while the global economy/GDP shrank by -3.6 per cent – a “growth gap” of nearly 15%. As at October 2016, the wellness industry now represents 5.1 per cent of global economic output, with wellness expenditures nearly half as large as total global health expenditures ($7.6 trillion).
For the 2013-2015 period, the fastest growing segments were preventative/personalised medicine & public health (+23.5%) and fitness & mind-body (+21.4%).