Tel Aviv-based venture capital firm Aleph has announced the launch of Aleph V, its fifth fund since the firm's founding in 2013.
The announcement, shared across Aleph's company channels, signals continuity rather than reinvention for one of Israel's most established early-stage investors, messaging the firm itself has described simply as "more of the same."
That "same" has amounted to a firm managing roughly $850 million in assets prior to the new fund, built through a track record that includes Lemonade, Melio, and Freightos, and cementing Aleph's place among the most active venture capital investors in Israeli startups.
A Firm Built for the Long Game
Aleph was founded in 2013 by Michael Eisenberg and Eden Shochat, who set out to partner with Israeli entrepreneurs building large, globally significant technology companies.
The firm has since grown into a four-partner team, with Yael Elad and Tomer Diari joining Eisenberg and Shochat at the helm.
Eisenberg brings experience from his time as a partner at Benchmark Capital in San Francisco. Shochat co-founded facial recognition startup Face.com before moving into venture. Together, the partnership has structured Aleph deliberately: no principals, no associates, no analysts.
Every portfolio company works directly with partners, an approach the firm has maintained across four funds and over a decade of investing.
From Fund I to Fund V
Aleph's fund history traces a steady climb in scale:
- Fund I (2013): $140 million
- Fund II (2016): $180 million
- Fund III (2019): $200 million
- Fund IV (2021): $300 million, reported at the time by The Times of Israel
That progression brought total assets under management to approximately $850 million heading into Aleph V.
Fund size and first-close details for the new fund have not yet been independently confirmed in press coverage, with the announcement sourced directly from Aleph's own channels as of this writing.
Where Aleph Places Its Bets
Aleph invests at the early stage in Israeli-founded technology companies, with a portfolio spanning insurtech, fintech, healthtech, AI, logistics, and energy infrastructure. Portfolio companies include Lemonade, Melio, Healthy.io, SparkBeyond, JoyTunes, Fabric, Freightos, Bringg, and Voltify. The firm counts Lemonade and Freightos among its notable exits.
Beyond capital, Aleph runs Ampliphy, an in-house venture-support unit designed to help portfolio companies scale globally by tapping into the firm's people, network, and software resources, an extension of the high-touch, partner-led model Aleph has built its reputation on.
Aleph's launch comes amid a wave of activity from other Israeli-focused firms, including Team8 Capital, which closed its third fund despite a challenging local fundraising environment, and newer entrants like Deep33 Ventures, which emerged from stealth earlier this year targeting the US-Israel infrastructure corridor.
The Takeaway
With Aleph V, the firm is betting that its founder-first, partner-only model still has room to run. For a firm built on backing ambitious founders with long-term conviction, the message behind Fund V is less about a new direction and more about doing what's worked, again.
Learn more: aleph.vc
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